Gold prices surged 3% on January 28, 2026, breaching ₹1.62 lakh per 10g on MCX, while silver hit ₹3,77,655/kg. Check latest gold & silver rates, expert advice, and support-resistance levels.
Gold prices witnessed a sharp uptick on Wednesday, January 28, 2026, as rates jumped 3% on the MCX, breaching the ₹1.62 lakh per 10 grams mark for the first time. MCX gold February futures soared by ₹4,700, or 3%, reaching a record high of ₹1,62,429 per 10 grams. Similarly, MCX silver March futures jumped about ₹21,400, or 6%, hitting a new peak of ₹3,77,655 per kilogram.
Factors Driving the Surge
The surge in gold prices comes amid growing global uncertainties, including geopolitical tensions, a weakening US dollar, and strong domestic demand. The dollar index fell by around 0.30%, making gold cheaper for overseas buyers. The US dollar touched a four-year low against a basket of major currencies on Tuesday, further fueling the rally.
Global trade uncertainties and fears regarding economic growth, including US trade policies under the Trump administration, have added pressure on precious metals. Investors are also closely monitoring the outcome of the US Federal Reserve’s policy meeting on January 28, as signs of weakening US consumer confidence and expectations of rate cuts have emerged.
Expert Advice: Is It the Right Time to Buy Gold?
Analysts suggest buying gold on dips, as the ongoing global uncertainties are expected to sustain the rally. Manoj Kumar Jain of Prithvifinmart Commodity Research recommends:
also read:- Gold Price Today: Gold Surges Higher, Silver Also Sees Strong Gains – Check Latest Rates
“Investors should consider buying gold on every dip until it holds ₹1,56,000 on a closing basis, targeting ₹1,65,000. Silver can be bought until it holds ₹3,44,000, with targets of ₹3,70,000 and ₹3,84,000.”
For short-term traders, understanding key support and resistance levels is crucial. According to Jain, gold has support at $5,084 and $5,055, with resistance at $5,174 and $5,220 per troy ounce. Silver’s support stands at $102.40 and $98, while resistance is at $112 and $118 per troy ounce.
In the domestic market, gold has MCX support at ₹1,56,600 and ₹1,55,000, with resistance at ₹1,59,800 and ₹1,62,000. Silver’s support is at ₹3,50,000 and ₹3,44,000, with resistance at ₹3,65,000 and ₹3,78,000. Rahul Kalantri, VP of commodities at Mehta Equities, also confirmed similar levels, noting gold’s resistance at ₹1,61,950 and silver’s resistance at ₹3,65,470.
City-wise Gold Prices (24K per 10g)
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Delhi: ₹1,62,429
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Mumbai: ₹1,61,940
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Chennai: ₹1,61,940
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Kolkata: ₹1,61,940
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Bengaluru: ₹1,61,940
Silver Price Today
Silver futures also hit record highs, with MCX silver March contracts trading at ₹3,77,655 per kg. The global demand for industrial and investment purposes is supporting this surge.
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