New Delhi | January 7, 2026
Gold and silver prices witnessed sharp volatility on Wednesday, with silver touching an all-time high before retreating amid aggressive profit-taking and caution ahead of key US economic data.
In the bullion market, silver futures surged to a historic ₹2,59,692 per kilogram during early trade, marking the highest level ever recorded. However, the rally proved short-lived as traders locked in gains, triggering a sharp pullback later in the session.
MCX Silver Price Movement
On the Multi Commodity Exchange (MCX), the March delivery silver contract snapped a four-day winning streak, settling lower by ₹4,161, or 1.61%, at ₹2,54,650 per kilogram. Earlier in the day, silver had risen by ₹881, or 0.34%, to its record peak.
The correction followed an exceptional rally on Tuesday, when silver prices jumped ₹13,167, or 5.35%, to ₹2,59,322 per kilogram, before closing at ₹2,58,811.
Gold Prices Also Face Pressure
Gold prices mirrored silver’s weakness, trading in a narrow range with mild downside pressure. The February gold contract on MCX slipped ₹633, or 0.46%, to ₹1,38,450 per 10 grams, signaling profit-taking after recent gains.
International markets showed a similar trend. On COMEX, silver futures dropped $1.41, or 1.74%, to $79.63 per ounce after nearing the record $82.58 mark earlier in the session. Gold futures declined $21, or 0.47%, to $4,475.10 per ounce.
Expert Views on Market Direction
Manish Verma, owner of Shree Shyam Jewellers, said investors have shifted focus from geopolitical risks to upcoming US economic data, leading to a pause in the two-day rally in precious metals.
Market participants are closely watching the US jobs report for December, scheduled for release on Friday, which is expected to play a crucial role in shaping the Federal Reserve’s future interest rate outlook.
Impact of Interest Rates and Geopolitical Tensions
International investment consultant Ratnam Chandra noted that rising unemployment could strengthen expectations of interest rate cuts later this year, with traders currently pricing in at least two rate reductions.
Despite the recent pullback, geopolitical tensions continue to provide downside support to bullion prices. Heightened global risks—including the US action against Venezuelan President Nicolás Maduro and rising tensions between China and Japan following Beijing’s export controls on military-use items—are sustaining safe-haven demand.
Chandra added that while profit-taking at record levels reflects trader caution, persistent global uncertainty may limit any major downside in gold and silver prices.
