New Delhi (TIP)- Gold and silver are once again powering ahead on the Multi-Commodity Exchange (MCX), with buyers jumping in at every small dip and momentum showing no signs of cooling.
While the domestic trend remains sharply bullish, experts say understanding the broader backdrop can help investors think about why the rally is persisting and what it could mean for portfolios this year.
Ponmudi R, CEO of Enrich Money, notes that MCX gold continues to trade in a strong rising channel, with the Rs 1,57,000–1,58,000 zone acting as reliable support.
Every decline in gold is being absorbed swiftly, signaling dominance by buyers. Ponmudi says a sustained breakout above Rs 1,59,000–1,60,500 could accelerate the rally toward Rs 1,63,000–Rs 1,65,000. The overall structure, he adds, remains “strongly bullish” with momentum clearly on the upside.
MCX silver has been even more energetic, maintaining firm ground above Rs 3,40,000. Its rising channel is steeper and the 20-day EMA near Rs 3,24,000 is providing solid dynamic support.
Ponmudi sees immediate upside for silver toward Rs 3,50,000–Rs 3,60,000, with potential for further extension to Rs 3,70,000–Rs 3,75,000 in the months ahead. Even a pullback to Rs 3,28,000–Rs 3,20,000 is being viewed by some traders as a strong accumulation zone rather than a breakdown.
Analysts tracking the broader precious metals cycle say this kind of rally reflects more than just short-term positioning.
In 2025, both gold and silver delivered some of their strongest annual returns in decades, with silver in particular seeing historic gains as it crossed the Rs 3,00,000 per kg mark domestically.
That run has continued into 2026, driven in part by investors seeking alternatives when equities have appeared less attractive at certain points, and by robust industrial demand for silver in sectors like solar energy, electric vehicles and electronics that have surged even when traditional markets have softened.
Some market watchers see silver as carrying a higher beta profile compared with gold, meaning it tends to swing more sharply on both upside and downside.
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