Gold prices scaled a fresh all-time high above $5,250 per ounce on Wednesday, while silver surged to ₹4 lakh per kilogram in Indian markets, driven by a sharp decline in the US dollar and mounting economic uncertainty. Spot gold on Comex touched $5,258, gaining over 3 per cent, while MCX gold climbed to ₹1,62,500. Silver rallied 8.5 per cent to $113.6 per ounce globally, with MCX silver jumping 6.8 per cent to ₹3,57,500.
The dollar fell to its weakest level in four years after President Donald Trump downplayed concerns about currency strength. “The value of the dollar was ‘great’,” Trump said when asked whether he thought it had declined too much. US consumer confidence fell to its lowest level in over 11 years in January, reflecting growing concerns over a slowing labor market and elevated prices.
Market analysts attribute the bullion rally to multiple factors including safe-haven demand amid geopolitical tensions and trade uncertainty. The US implementation risk of a 25 per cent tariff on South Korea has intensified concerns around global trade stability. Investors also remained cautious ahead of a January 30 government funding deadline and the Federal Reserve’s monetary policy decision.
Ponmudi R, CEO of Enrich Money, noted that “the broader uptrend remains firmly intact” with gold’s ₹1,57,000-₹1,59,000 zone “acting as a strong dynamic support base.” He added that “a sustained breakout above the ₹1,65,000-₹1,67,500 band can quickly open the path toward ₹1,70,000-₹1,73,000 in the coming sessions.”
For silver, Ponmudi highlighted that “demand from solar, EVs, AI/data centres, and electronics remains exceptionally strong.” Central bank accumulation and steady ETF inflows have helped gold gain nearly 20 per cent this year, with silver rising even faster.
Rahul Kalantri of Mehta Equities noted gold “has support at $5155-5105 while resistance at $5225-5270,” while Jateen Trivedi of LKP Securities placed MCX gold “resistance…near ₹1,62,500, while strong support is placed around ₹1,55,000.”
Published on January 28, 2026
