Gold and silver prices witnessed a record-breaking rally on Tuesday, but slipped during late trading hours, triggering speculation over the near-term trend of precious metals. Despite the correction, prices remain close to all-time highs, supported by strong global and domestic factors.
On the Multi Commodity Exchange (MCX), gold futures (February contract) surged to a record ₹158,293 per 10 grams during the day, while silver prices jumped by over ₹29,000 per kilogram. However, profit booking in evening trade led to a pullback.
Gold ended ₹33 lower at ₹157,666 per 10 grams, while silver declined ₹479 to close at ₹355,800 per kilogram.
Will Gold and Silver Prices Move Up or Down Today?
On Wednesday, January 28, 2026, gold and silver prices are showing a mixed trend following Tuesday’s sharp gains. Market experts indicate that mild profit booking could lead to temporary weakness or consolidation, even though prices remain near peak levels.
Gold may see a correction of ₹500–₹800 per 10 grams as investors lock in profits.
Silver, which witnessed a steep rally on Tuesday, could remain more volatile, with a possible correction of ₹2,000–₹5,000 per kilogram. However, buying interest is expected to emerge at lower levels due to strong industrial demand.
Key Factors to Watch
Profit Booking:
After a sharp rally over the last 10 days, gold and silver have become significantly expensive. Large investors, including FIIs and institutions, may book profits, putting short-term pressure on prices.
Budget 2026 Uncertainty:
With the Union Budget scheduled for February 1, markets remain cautious over a possible cut in import duty on gold and silver. Until clarity emerges, fresh buying is likely to stay limited.
Global Cues:
The US Federal Reserve’s two-day policy meeting begins today. Ahead of the interest rate decision, global investors are adopting a wait-and-watch approach. A slightly stronger US dollar has also weighed marginally on global gold demand.
