Gold Hits ₹1.60 Lakh, Silver Crosses ₹3.75 Lakh on MCX

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 Create History Across Global and Domestic Markets

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.

International Gold Prices Hit Fresh Record

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 Witness Historic Rally Globally

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.

Weak US Dollar Provides Strong Support

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.

MCX Gold and Silver Prices Touch Record Highs

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.

Retail Gold and Silver Prices Also Rise Sharply

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.

Key Reasons Behind the Rally

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.