Precious metals opened the trading session on Monday, January 5, 2026, on a positive note, with both gold and silver recording gains on the Multi Commodity Exchange (MCX). The uptick follows a mixed global trend, providing a fresh impetus to domestic bullion markets across major Indian cities.
MCX Trading Session: Gold and Silver See Firm Opening
On the MCX, the February 2026 gold futures contract started strong. The price was seen trading higher by 0.32 percent, or Rs 200, at Rs 62,900 per 10 grams. This upward movement mirrored a cautious optimism among traders at the opening bell.
Similarly, silver futures demonstrated notable strength. The March 2026 silver contract on MCX climbed significantly by 0.69 percent, adding Rs 550 to trade at Rs 80,150 per kilogram. This robust performance in silver outpaced the gains seen in gold during the early hours of trading.
City-Wise Gold Rates: 24-Carat and 22-Carat Prices on January 5
The domestic physical market across India reflected the bullish sentiment from the futures exchange. Here is a detailed look at the gold prices in key metropolitan cities as of today:
In the national capital, Delhi, the price for 24-carat gold was reported at Rs 6,450 per gram. The popular 22-carat gold variant was trading at Rs 5,910 per gram.
The financial hub, Mumbai, saw 24-carat gold priced at Rs 6,420 per gram, while 22-carat gold was available for Rs 5,885 per gram.
Chennai, a traditional stronghold for gold demand, recorded the highest rates among the major cities. Here, 24-carat gold was quoted at Rs 6,580 per gram, and 22-carat gold was selling for Rs 6,030 per gram.
Other cities also showed firm pricing. In Kolkata, 24-carat gold was at Rs 6,450 per gram, and in Bangalore, it was Rs 6,440 per gram. The rates for 22-carat gold in these cities stood at Rs 5,910 and Rs 5,905 per gram, respectively.
Global Cues and Market Drivers
The domestic market took direction from international benchmarks. On the Comex division of the New York Mercantile Exchange (NYMEX), gold futures were trading marginally lower. The most active February 2026 gold contract on Comex was down by 0.09 percent at $2,383.10 per ounce.
Conversely, silver on the international platform showed strength. The March 2026 silver contract on Comex was trading 0.47 percent higher at $29.235 per ounce. This divergence between gold and silver on the global front contributed to the sharper rise in silver prices on the MCX.
Market analysts point to several factors influencing the precious metals complex at the start of the new year. These include fluctuations in the US dollar index, geopolitical tensions, and anticipations regarding central bank monetary policies, particularly from the US Federal Reserve. The domestic prices are also sensitive to the rupee-dollar exchange rate, which affects the landed cost of imported gold and silver.
Outlook for Investors and Consumers
The positive opening on January 5, 2026, indicates sustained investor interest in bullion as a hedge against economic uncertainty. For retail consumers and jewellery buyers, the city-wise rates provide a crucial benchmark. The price difference between cities, notably Chennai's premium, is typically attributed to varying state-level taxes, transportation costs, and local demand-supply dynamics.
Experts advise market participants to monitor the upcoming US economic data releases and Federal Reserve commentary for further directional cues. The resilience in silver prices suggests strong industrial demand outlook alongside its investment appeal. As the trading week progresses, the momentum in MCX gold and silver futures will be key in determining the short-term trend for physical market prices across India.
