Gold and silver prices witnessed a historic surge on Wednesday, January 28, 2026, creating fresh records across global and domestic markets. Driven by global economic uncertainty, geopolitical tensions, and a weaker US dollar, precious metals rallied sharply, with gold touching unprecedented levels both internationally and on the MCX.
Gold and silver prices once again registered a historic rally today. From the global bullion market to India’s Multi Commodity Exchange (MCX), both precious metals scaled new all-time highs.
On Wednesday, January 28, gold prices in the international market crossed the $5,200 per ounce mark for the first time ever, while silver prices surged by over 7%. On MCX, gold jumped 2.08% to reach ₹160,975 per 10 grams, while silver soared 5.53% to ₹375,999 per kilogram.
Amid rising economic and geopolitical uncertainties, strong safe-haven demand pushed precious metals higher.
Spot gold rose 0.6% to $5,219.97 per ounce, after touching an all-time high of $5,224.95 per ounce during the session.
Since the beginning of the year, gold has gained over 20%.
US gold futures (February delivery) jumped 2.6% to $5,216.80 per ounce.
Silver prices also witnessed a historic surge in the international market.
Silver futures jumped 7.3% to $113.66 per ounce.
Spot silver rose 1.41% to $113.71 per ounce.
So far this year, silver has rallied by more than 50%, outperforming most asset classes.
The sharp rise in gold and silver was supported by a weakening US dollar.
The US dollar slipped to a nearly four-year low after President Donald Trump stated that he was not concerned about the dollar’s decline. On Tuesday, the Dollar Index fell 1.1%, marking its biggest single-day fall since April.
The domestic market mirrored the global rally.
On Wednesday morning at 9:27 AM, MCX gold surged 2.08% to hit a fresh all-time high of ₹160,975 per 10 grams.
MCX silver (March delivery) jumped over 5% to reach an all-time high of ₹375,999 per kilogram, surprising investors.
According to bullion market data:
24-carat gold rose by ₹2,900 to trade at ₹161,360 per 10 grams.
Silver prices jumped by ₹14,240, trading at ₹371,030 per kilogram in the retail market.
The ongoing rally in gold and silver prices is being driven by:
Weakness in the US dollar
Rising geopolitical tensions
Strong global demand for safe-haven assets
This historic rally is being closely watched by investors, with market participants now focusing on upcoming global economic cues for further direction.