According to market experts, safe-haven demand has strengthened as investors are shifting away from riskier assets. File
| Photo Credit: Getty Images/iStockphoto
Gold futures soared by ₹7,774 to scale an all-time high of ₹1,58,339 per 10 grams on Wednesday (January 21, 2026), as global prices breached the ₹$4,800 per ounce-level amid sustained demand for the safe-haven assets.
Rallying for the third straight day, the yellow metal futures for February delivery climbed by ₹7,774, or 5.16%, to touch a record of ₹1,58,339 per 10 grams on the Multi Commodity Exchange (MCX).
On Tuesday (January 20, 2026), the yellow metal extended its record-breaking run, breaching the ₹1.5 lakh per 10-gram mark in futures trade. Over the last three sessions, gold prices climbed by ₹15,822, or 11.10%, from ₹1,42,517 per 10 grams on January 16.
Silver, too, extended its upward march for the third consecutive day and hit yet another record on the MCX. The white metal futures for the March contract soared by ₹11,849, or 3.66%, to ₹3,35,521 per kilogram.
“Gold and silver prices extended their rally to fresh record highs, driven by heightened global uncertainty amid escalating trade war tensions,” Rahul Kalantri, Vice-President of Commodities, Mehta Equities Ltd, said.
According to market experts, safe-haven demand has strengthened as investors are shifting away from riskier assets.
In the international market, gold futures on the Comex breached the $4,800-per-ounce level for the first time. The yellow metal for February delivery appreciated by $113.4, or 2.4%, to $4,880.9 per ounce.
Comex silver futures for the March contract were trading 0.17% higher at $94.79 per ounce, after hitting a record of $95.53 per ounce in the previous session.
Mr. Kalantri said the sharp rise in bullion prices was driven by sell-offs in global equity markets and renewed geopolitical concerns, including U.S. ambitions toward Greenland, prompting investors to shift toward safe-haven assets.
He added that the U.S. Supreme Court’s decision to defer its verdict on the legality of Trump-era tariffs further heightened uncertainty in financial markets, while the rupee’s weakness added to domestic price gains.
The depreciation of the Indian rupee against the U.S. dollar makes gold imports costlier, pushing up local prices.
“The ongoing rally is being underpinned by strong macroeconomic drivers, including expectations of monetary policy easing by the U.S. Federal Reserve, falling bond yields and global geopolitical concerns,” an expert said.
Published – January 21, 2026 12:49 pm IST
