Gold and silver hit new highs on Friday, their latest gains in the face of geopolitical tensions, a weaker US dollar and concerns of Federal Reserve rate cuts at its January 27 meeting. The news of US President Donald Trump claiming to have permanently granted US access to Greenland prompted even more market uncertainty, though the details of the deal are still unclear, and Denmark did not want to contest its sovereignty.

 

Author: Akshita Jain | EQMint | Market News

 

Gold and silver prices have hit new highs and extended gains from the previous sessions amid ongoing geopolitical tensions, a weaker US dollar and Fed interest rate cuts in the next meeting beginning on January 27.

The deal with NATO, whose head said the U.S. allies would have to increase their Arctic security to deter Russia and China, had secured U.S. access to Greenland permanently and fully. But no agreement was clear on the details, and Denmark argued that it did not want to debate sovereignty over the island.

 

Gold, Silver Hit Record Highs on Strong Global Demand

MCX‍‌‍‍‌‍‌‍‍‌ Gold futures for delivery on 5th Feb 2026, rose by Rs 2,885 or 2% at Rs 1,59,226 per 10 grams at the highest. On the other hand, silver futures for the delivery of March 5, 2026, went up by Rs 12,638 or 3.8% at Rs 3,39,927 per kg.

In the overseas market, spot gold was slightly up by 0.5% at $4,961.57 per ounce, as of 0057 GMT, after hitting an all-time high of $4,966.59 earlier in the day. February U.S. gold futures rose by 1.1% to $4,964.60 an ounce. Spot silver also gained 0.9% to $97.01 an ounce, after reaching a record level of $97.44 earlier.

 

Regarding Gold, Goldman Sachs has increased its target price for the yellow metal at the end of 2026 to $5,400 per ounce, from the previous forecast of $4,900, according to Reuters. The rise is an indication that the brokerage has seen a structural change in demand, making private investors and central banks in emerging markets, who are gradually moving away from traditional reserve assets, the main drivers.

 

Gold, which is generally regarded as a safe haven for value during times of economic and political turmoil, soared 64% in 2025 and has gained 11% in 2026 to ‍‌‍‍‌‍‌‍‍‌date.

 

How‍‌‍‍‌‍‌‍‍‌ to Trade Gold?

Manoj Kumar Jain of Prithvi Finmart mentioned, “The price volatility of precious metals is getting intense. We can expect silver prices to continue holding their support at $84 per troy ounce. Similarly, gold prices are likely to keep their support level of $4,555 per troy ounce on a weekly closing basis.”

 

Gold and silver would most likely display unstable behavior along with today’s session as well. Besides that, it will also be influenced by the dollar index changes and the upcoming Bank of Japan policy meeting as well as the continuing geopolitical tensions that will take place. Today, gold has its support around the range of $4,890-4,834 and faces resistance at $4,955-5,000 per troy ounce, whereas silver has its support at $94.60-92.20 and resistance at $98.40-100.00 per troy ounce.

 

On the MCX, gold gets its support level between Rs 1,54,400-1,52,800 and its resistance level between Rs 1,58,500-1,62,000, whereas silver has its support levels at Rs 3,24,000-3,16,600 and resistance at Rs 3,35,000-3,44,000. 

We suggest purchasing gold every time it dips if it maintains the 1,50,000 level on a closing basis, with an upside target of Rs 1,62,000-1,70,000. Similarly, the silver-as-a-buy-on-dips strategy is recommended while it holds Rs 3,04,000 on a closing basis, with upside targets of Rs ‍‌‍‍‌‍‌‍‍‌3,35,000-3,44,000-3,50,000.

 

Gold Rates in Physical Markets

Gold Price today in Delhi

 

Standard 22 carat gold prices in Delhi are Rs 1,13,272/8 grams, and 24 carat pure gold prices are Rs 1,23,560/8 grams.

 

Gold Price today in Mumbai

 

In Mumbai, standard 22 carat gold prices are Rs 1,13,152/8 grams and 24 carat pure gold prices are Rs 1,23,440/8 grams.

Gold Price today in Chennai

Standard 22 carat gold prices in Chennai are Rs 1,13,592/8 grams, and 24 carat pure gold prices are Rs 1,23,920/8 grams.

 

Gold Price today in Hyderabad

 

Standard 22 carat gold prices in Hyderabad are Rs 1,13,152/8 grams, whereas 24 carat pure gold is Rs 1,23,440/8 grams.

 

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Resource Link : ET