There is no slowing down by precious metals as they hit fresh high after fresh high. Silver outperformed gold last week too. Silver ($103.4/ounce) surged nearly 15 per cent whereas gold ($4,988/ounce) rallied about 9 per cent.
In the domestic market, silver futures (₹3,34,699/kg) and gold futures (₹1,56,037/10 gm) rose 16.3 per cent and 9.5 per cent respectively.
MCX-Gold (₹1,56,037)
Gold futures (February) eased past ₹1,50,000-mark and it hit a fresh high of ₹1,59,226 on Friday. The bulls appear unfazed, keeping the chances for further rally high.
At this rate, gold futures can soon rise to ₹1,70,000. That said, if the contract declines from the current level, it can find support at ₹1,50,000 and ₹1,44,000. Given the prevailing momentum, the contract is unlikely to slip below ₹1,50,000.
Trade strategy: Go long on gold futures (February) now at ₹1,56,000 and accumulate at ₹1,51,000. Place initial stop-loss at ₹1,47,500. When the price goes up to ₹1,62,000, raise the stop-loss to ₹1,59,000. Book profits at ₹1,65,000.
MCX-Silver (₹3,34,699)
Silver futures (March) surpassed the important ₹3,00,000-mark early last week. The uptrend extended and it marked a record high of ₹3,39,927 on Friday.
There are no signs in the price action about the rally losing traction. As it stands, silver futures can soon hit ₹3,60,000.
In case the contract falls from the current level, it can find support at ₹3,18,800. Subsequent support is at ₹3,05,000.
Trade strategy: Go long on silver futures (March) now at ₹3,34,699 and on a dip to ₹3,15,000. Place stop-loss at ₹3,05,000. When the contract rises to ₹3,50,000, alter the stop-loss to ₹3,38,000. Book profits at ₹3,60,000.
Traders should note that the trades on gold futures and silver futures carry higher risk.
Published on January 24, 2026
