'A breakout above 158,000 to 160,000 could trigger the next leg higher toward 165,000 to 170,000.'
The bull-market in gold is not yet over and prices can rise to $6,200 an ounce (oz) by mid-2026, up nearly 25 per cent from current levels, according to UBS.
Precious metal prices, particularly gold and silver, experienced a significant surge in the national capital as investors sought safe-haven assets amid escalating hostilities in the Middle East.
Analysts predict a surge in gold and silver prices as investors seek safe-haven assets due to escalating tensions in the Middle East. The impact on domestic prices will depend on the conflict's duration, with geopolitical factors and macroeconomic data also playing a role.
Gold prices are expected to remain volatile next week as investors track geopolitical developments in the Middle East and key macroeconomic data releases that could shape the sentiment in the domestic market, analysts said.
Gold prices surged in futures trading due to escalating US-Iran tensions, driving demand for the safe-haven asset.
Precious metal prices surged in futures trading, with silver hitting Rs 2.93 lakh per kg and gold nearing Rs 1.68 lakh per 10 grams, driven by safe-haven demand following US-Israel strikes in Iran and retaliatory attacks.
This translates into an annual return of 40 per cent, suggests a recent note by the World Gold Council.
The RBI has flagged concerns over rising volatility in gold prices and advised lenders to exercise caution in the gold loan segment.
Silver and gold prices snapped a two-day rebound and declined sharply up to 10 per cent in the futures trade on Thursday amid weak trends in the international markets and a strong US dollar.
The highlight in January, with no surprise, has been flows into gold and silver ETFs.
The gold loan portfolio across the system has nearly doubled to Rs 15.6 lakh crore in two years to November 2025, as a spike in prices of the precious commodity encouraged lenders to increase their exposures to the safer segment, a report said on Wednesday.
A lower risk appetite among investors has driven gold, traditionally a safe-haven asset, to record highs so far this year. Fuelled by geopolitical tensions in West Asia, robust demand from central banks - particularly in Asia - and US President Donald Trump's tariff volleys, spot gold touched an all-time high of $2,956 per ounce on February 24 in the international markets.
Gold prices fell by Rs 400 to Rs 1.6 lakh per 10 grams in the national capital on Thursday amid weak global trends and receding expectations of an interest rate cut by the US Federal Reserve.
Gold prices are likely to trade firm next week as traders await key economic data, including US inflation numbers, for fresh cues on interest rate outlook, while silver may remain volatile amid shifting risk sentiment and speculative activity, analysts said.
The recent correction suggests that while precious metals hedge geopolitical tension and inflation, they are not immune to sharp short-term corrections and profit-booking.
Silver and gold prices declined sharply in the futures trade on Friday as traders booked profits at elevated levels after a record-breaking rally, tracking a bearish sentiment in global markets and a rebound in the US dollar.
ilver continues to outperform the yellow metal, with the gold-to-silver price ratio declining to its lowest level since 2013. The ratio fell to around 57 on Wednesday in the international market, from a five-year high of 100.8 at the end of April 2025.
Domestic gold exchange-traded funds (ETFs) saw their holdings jump 65 per cent to 95 tonnes in 2025, elevating Indian ETFs to sixth place globally, going by holdings of the yellow metal. At the end of 2024, they ranked eighth with 57.5 tonnes of holding, according to an analysis of data from the World Gold Council (WGC).
'If gold's recent surge has increased its allocation beyond 15 per cent in your portfolio, now may be a good time to rebalance.'
Gold and silver prices are poised to maintain their record-setting rally in the coming week as investors focus on global inflation data and key macroeconomic indicators that shape central bank policy paths, analysts said.
Gold prices surged by Rs 4,000 to touch an all-time high of Rs 1,37,600 per 10 grams in the national capital on Monday, tracking firm global cues, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity had closed at Rs 1,33,600 per 10 grams on Friday.
Gold imports climbed 349.22 per cent to $12.07 billion in January, while silver imports rose 127 per cent to $2 billion.
From Rs 73k to over Rs 1.2L between January-December 2025 -- is buying gold in 2026 still sensible?
Gold ETFs attracted around Rs 11,700 crore, the highest in a calendar month.
'People become guided by emotions, fear of missing out, and greed. They tend to invest in booming sectors that may prove exceptionally expensive.' 'Typically, that represents the peak, and subsequently, they lose substantially.'
Shares of gold finance companies Muthoot Finance and Manappuram Finance hit their respective all-time highs, gaining on the BSE during Wednesday on expectation of healthy earnings. In comparison, the benchmark BSE Sensex was down 0.14 per cent, closing at 85,408.
Gold extended its record-breaking run to breach the Rs 1.5 lakh per 10-gram mark in futures trade on Tuesday, while silver surged to a lifetime high of Rs 3.27 lakh per kg as investors rushed to safe-haven assets amid mounting global tensions. On the Multi Commodity Exchange (MCX), gold futures for February delivery climbed Rs 6,861, or 4.7 per cent, to record Rs 1,52,500 per 10 grams after settling at Rs 1,45,639 per 10 grams in the previous session.
Jewellery makers are set to post strong revenue growth in the 2025-26 (FY26) October-December quarter (Q3), supported by a robust wedding season and rising value growth, even as volumes decline.
Gold has emerged as the most stable asset during episodes of geopolitical stress, and crude oil has been more sensitive than others when it comes to regional conflicts and sanctions, according to a report in the Reserve Bank of India's (RBI's) monthly bulletin. Silver and the United States Treasury have showed moderate reactions.
'We expect modest returns in 2026 versus the steep gains seen over the past few years.'
'A price of $6,600/oz is now a reasonable target for gold.'
'The pace of gold's ascent is striking, with prices rising from $3,500/oz to $4,000/oz in just 36 days -- far quicker than the historical average of 1,036 days taken to achieve similar $500/oz gains.'
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Gold prices could hit the $3500 an ounce (oz) mark in the next 18 months - up around 13 per cent from the current levels - given the global uncertainties and aided by investment demand, said analysts at BofA Securities in a recent note. Uncertainty around Trump Administration trade policies, BofA said, could continue to push the US dollar (USD) lower, further supporting gold prices near-term.
Gold and silver prices plunged up to 9 per cent in futures trade on Sunday, hitting their lower circuit levels ahead of the Union Budget for 2026-27, as investors extended profit booking after the recent record-breaking rally.
Silver prices on Thursday breached the record Rs 4 lakh per kilogram mark in futures trade, while gold touched a lifetime high of Rs 1.8 lakh per 10 grams, riding on strong investor demand and record gains in the international markets.
New investors should not allow themselves to fall prey to FOMO and rush headlong into gold.
Investing in gold trumped most other asset classes in terms of compounded annualised returns over the long term, suggests a report by FundsIndia.
The total reserves increased to $701.3 billion on the back of a rise in foreign currency assets which increased by $9.6 billion to $560 billion during the reported week.
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