Kamal Ghorui
Gold price today: Gold prices on Wednesday surged to a record while silver continued trading just marginally below its all-time high. This rally in the precious metals came as investors rushed towards safe-haven assets amid the ongoing geopolitical and trade related uncertainity.The surge in precious metals came after the US Supreme Court delayed the decision on the legality of Donald Trump’s trade tariffs. The development revived demand for precious metals, while tensions also remained high after Trump issued tariff threats to European countries, regarding his bid to take over Greenland. In the domestic market, MCX gold futures expiring on February 5, 2026, surged Rs 3,266, or 2%, to Rs 1,53,831 per 10 grams. MCX silver futures for March 5, 2026, delivery also moved higher, rising Rs 2,098, or 0.6%, to Rs 3,25,900 per kg. Internationally, gold prices crossed the $4,800 per ounce mark to hit a fresh lifetime high, supported by strong safe-haven buying and a weaker dollar. Silver prices, however, retreated from record levels, with spot silver slipping 1% to $93.59 per ounce after touching an all-time high of $95.30 in the previous session.
The safety net assets
Safe-haven demand for the metals intensified after Trump imposed tariffs on eight European countries and reiterated his ambition regarding Greenland, prompting panic selling in riskier assets. Additional support for bullion prices came as US 10-year bond yields touched four-month highs, driven by selling pressure in Japanese bonds. Weakness in the rupee further contributed to gains in domestic gold and silver prices.
Here’s what expert says
Manoj Kumar Jain of Prithvi Finmart told ET that both gold and silver are witnessing increased volatility. He said silver is expected to maintain support at $84 per troy ounce, while gold could sustain above $ 4,440 per troy ounce on a closing basis. Jain added that prices are likely to remain volatile during the week, influenced by movements in the dollar index, the US President’s speech and ongoing geopolitical developments. On the domestic front, Jain said MCX gold has support levels at Rs 1,48,800–1,46,600, with resistance seen at Rs 1,52,500–1,55,000. For MCX silver, he placed support at Rs 3,16,000–3,08,500 and resistance at Rs 3,30,000–3,38,000. He advised traders to strictly avoid short selling in both metals and follow a buy-on-dips strategy as long as gold remains above Rs 1,44,000 and silver stays above Rs 3,03,000. Based on this strategy, he expects gold to move towards Rs 1,55,000 and silver towards Rs 3,38,000.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
