Gold Rates In Mind-Blowing Rally On Jan-28: MCX Gold Breach Rs 1.7 Lakh, Silver Above Rs 3.8 Lakh For 1st Time

Gold rates in India witnessed a mind-boggling record rally on January 28, continuing their rising spree at MCX. That being said, MCX gold has crossed Rs 1.72 lakh mark, and MCX silver breached above the Rs 3.77 lakh level for the first time ever in their history. The precious metals are rising due to strong demand for safe haven assets fueled after the dollar weakened to its lowest level in four years.

Apart from this, policy uncertainties in USA, geopolitical and trade risks, along with US President Donald Trump's attack on Federal Reserve's chair Jerome Powell added to investors appetite for gold and silver.

US President Donald Trump said that he is not concerned about the dollar's recent drop as it sinks to its lowest level in four years, signaling that the administration is comfortable with a weaker greenback to support export competitiveness. Policy uncertainties in Washington, including Trump's tariff threats against other nations and attacks on the Federal Reserve's independence, further underpinned the rally in precious metals. Meanwhile, the Fed is widely expected to hold interest rates steady on Wednesday, with markets focused on any guidance regarding the timing of the next rate cut, as per Trading Economics.

Gold Rates In India:

MCX Gold Price:

MCX gold futures with April 2026 expiry, touched a new all-time high of Rs 1,72,949 per 10 grams in the opening bell of January 28. At the time of writing, MCX gold traded at Rs 1,71,866 per 10 grams, registering an upside of a whopping RS 3,945 or 2.35%.

Notably, MCX gold with February 2026 expiry, hit a new all-time high of Rs 1,62,429 per 10 grams. While MCX gold with March 2026 expiry, rallied to hit new record of Rs 1,69,130 per 10 grams. Currently, these two gold futures are trading higher by 2% to 3%.

MCX Silver Price:

Silver outperformed gold on MCX. Silver futures with February 2026 expiry, claimed a new record high of Rs 3,82,913 per 1Kg. At the time of writing, this silver traded at Rs 3,82,606 per 1Kg, up by Rs 20,423 or 5.6%.

Meanwhile, MCX silver with March 2026 expiry also hit new historic high of Rs 3,77,655 per 1Kg. Currently, this precious metal is up nearly 6%.

According to Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, the U.S. implementation risk of a 25% tariff on South Korea has intensified concerns around global trade stability, reinforcing safe-haven demand in bullion. With rising uncertainty in world trade dynamics, gold continues to attract allocation flows.

Gold & Silver Prices Outlook:

"We expect new highs over the next couple of quarters followed by prices tapering off and stabilising at higher levels further out. Our base case calls for the gold bull cycle to start to mature later in the year as the Fed nears the end of its easing cycle. However, we see rising upside risks, with gold potentially averaging as high as US$5200/oz in 2026," said Joni Teves, Precious Metals Strategist at UBS Global Research.

Meanwhile, Kedia Advisory expects MCX gold to find support around Rs 156800-155905-154395 and resistance around Rs 159205-160715-161610.

For silver, the brokerage believes support would be around Rs 342460-328645-317465 and resistance around Rs 367455-378635-392450.

In spot gold case, resistance could be around $5251.8-5313.36-5332.3 in comex gold and around 116.53-120.04-120.39 in spot silver.

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.