On Wednesday, silver surged to $91.48 before slipping below $90. At 1230 hours IST, silver ruled at $89.82 an ounce
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The precious metal complex continued to sparkle with silver heading towards a historic ₹3 lakh per kg, and gold towards ₹1.5 lakh per 10 gm as prices in the global market continued to soar.
On Wednesday, silver surged to $91.48 before slipping below $90. At 1230 hours IST, silver ruled at $89.82 an ounce. In the futures market, February silver contracts were quoted at $89.86.
In India, the Mumbai spot market price zoomed to a new high of ₹2,77,175 a kg at the opening. On MCX, silver rose to a high of ₹2,87,990 a kg before paring gains to ₹2,84,501.
Gold was up a per cent to $4,634.79 an ounce, and February gold futures ruled at $4,642 an ounce. In the Mumbai spot market, gold opened at ₹1,42,512 per 10 gm. On MCX, February futures were quoted at ₹1,43,220 per 10 gm.
Other precious metals too gain
Other precious metals, platinum and palladium, surged in tandem with the yellow and white precious metals. Platinum surged to $2,430 an ounce before it pared gains to $2,403. Palladium was up at $1,917 an ounce.
Since the beginning of 2026, gold has gained over 7 per cent, silver 26 per cent, platinum 16 per cent and palladium 16 per cent.
On Wednesday, the precious metals complex gained as US inflation moderated, giving rise to speculation of more US Fed rate cuts to spur the economy.
Precious metals are in demand as a haven asset due to the current geopolitical crisis, in view of the Iranian unrest, the US dispute with Europe over Greenland.
Published on January 14, 2026
