Gold and silver continue their remarkable bull run this year. Both precious metals have delivered stellar returns, driven by powerful factors that push them to new heights.
Record-Breaking Prices on MCX
On Tuesday, January 19, MCX gold prices jumped to a fresh record high of ₹1,46,328 per 10 grams. Meanwhile, MCX silver rates surged to an unprecedented ₹3,19,949 per kg. These figures mark significant milestones for investors tracking precious metals.
Gold Price Outlook
Ponmudi R, CEO of Enrich Money, explains that MCX Gold mirrors global strength. A relatively stable USD/INR in the 90.90–91.00 zone supports this trend. The rising channel structure remains intact, with the ₹1,43,000– ₹1,45,000 zone acting as solid dynamic support.
"Every dip is being bought aggressively, reinforcing the strength of the prevailing trend," Ponmudi said. "A clear and sustained breakout above ₹1,45,000– ₹1,45,500 can quickly open upside targets toward ₹1,48,000– ₹1,50,000. Overall, the bias stays strongly bullish."
Silver Price Outlook
On silver, Ponmudi added that MCX Silver shows strong breakout performance. It absorbs every minor correction with ease, demonstrating high-beta outperformance. The rising channel remains very steep and firmly intact.
The 20-day EMA near ₹2,95,000 acts as strong dynamic support. Sustained trade above ₹3,10,000 keeps the momentum extremely bullish. Next major upside targets are placed at ₹3,20,000– ₹3,25,000 in the near term.
"There is scope to extend toward ₹3,35,000– ₹3,50,000 over the next few months," he noted. "Any dip toward ₹3,05,000– ₹3,08,000 should be viewed as a strong buying opportunity."
HDFC Securities' Precious Metal ETF Picks
Amid soaring metal prices, HDFC Securities maintains a long-term bullish view. The brokerage firm's 'Precious Metal Outlook -2026' report suggests the trend still has potential to deliver extraordinary returns in 2026.
The firm anticipates possible pressure if the government reduces import duties on gold and silver in the upcoming budget. Such a move could act as a short-term headwind for domestic prices.
HDFC Securities recommends investors allocate up to 10% of their portfolio to precious metals. They suggest increasing exposure based on individual risk appetite gradually.
"Our bullish view on precious metals can be captured by taking exposure in this asset class by accumulating available ETFs on the exchange," the firm added.
Top ETF Recommendations
- SBI Gold Exchange Traded Scheme: Buy range: ₹117-119 | Target: ₹136. The ETF shows higher tops and higher bottoms on weekly charts. It sits above all key moving averages, indicating an uptrend across all time frames. Weekly RSI sustains above 50, supporting continued upward movement. MACD positions above signal and zero lines on both weekly and monthly charts. Price increases come with healthy volume.
- HDFC Gold Exchange Traded Fund: Buy range: ₹117-119 | Target: ₹136. This ETF also forms higher tops and higher bottoms on weekly and monthly charts. It remains above all key moving averages, confirming the uptrend. Weekly RSI stays above 50, indicating sustained momentum. MACD sits above signal and zero lines on weekly and monthly charts. Volume accompanies price rises.
- ICICI Prudential Silver ETF: Buy range: ₹240-246 | Target: ₹285-300. The ETF demonstrates higher tops and higher bottoms on weekly charts. It positions above all key moving averages, showing uptrend characteristics. Weekly RSI sustains above 50. MACD remains above signal and zero lines on weekly and monthly charts. Short-term moving averages exceed long-term moving averages. Volume supports price appreciation.
- HDFC Silver ETF: Buy range: ₹231-236 | Target: ₹274-290. This ETF forms higher tops and higher bottoms on weekly charts. It stays above all key moving averages, indicating consistent uptrend. Weekly RSI holds above 50. MACD positions above signal and zero lines on both weekly and monthly charts. Short-term moving averages surpass long-term moving averages. Volume growth accompanies price increases.
Disclaimer: This story serves educational purposes only. The views and recommendations above belong to individual analysts or broking companies, not Mint. We advise investors to consult certified experts before making any investment decisions.
