The prices of gold and silver witnessed a sharp upswing in early trade on Monday, January 5, 2026, as investors sought safe-haven assets amidst a sudden escalation in global geopolitical tensions. The trigger was the news over the weekend that the United States had captured Venezuelan President Nicolas Maduro.
MCX Futures Lead the Surge
On the Multi Commodity Exchange of India (MCX), the benchmark for domestic prices, gold futures for February delivery opened stronger and climbed 1.5% to ₹1,37,750 per 10 grams around 9:05 am. Similarly, silver March futures outperformed, rallying by a substantial 4.3% to ₹2,46,380 per kilogram.
This rally, however, comes with a note of context for the year. Despite the significant jump, both precious metals are still trading below their all-time peaks recorded just a month prior in December 2025. Gold's record high stands at ₹1,40,465 per 10 grams, while silver had touched ₹2,54,174 per kg.
City-Wise Gold Rates Reflect National Trend
The bullish sentiment in the international and futures markets immediately filtered down to physical bullion markets across major Indian cities. Here is a snapshot of the 24-karat gold prices per 10 grams on January 5:
- Chennai: ₹1,37,720 (up ₹1,390)
- Ahmedabad: ₹1,37,580 (up ₹1,460)
- Hyderabad: ₹1,37,650 (up ₹1,500)
- Mumbai: ₹1,37,440 (up ₹1,500)
- Bangalore: ₹1,37,430 (up ₹1,380)
- Kolkata: ₹1,37,250 (up ₹1,490)
- Delhi: ₹1,37,080 (up ₹1,380)
Corresponding increases were also seen in the prices of 22-karat and 18-karat gold across all these metropolitan hubs, confirming a broad-based demand for the yellow metal.
Geopolitics as the Key Driver
The primary catalyst for this price movement is clearly the dramatic geopolitical development involving Venezuela and the United States. Such events typically drive investors towards traditional safe-haven assets like gold and silver, as they seek to hedge against uncertainty and potential market volatility.
The market's reaction underscores how sensitive commodity prices, especially precious metals, are to global political shocks. Analysts will be closely watching the unfolding situation for its further impact on risk sentiment and its implications for the Indian stock market and currency.
Disclaimer: The views and recommendations mentioned are those of individual analysts or broking companies. Investors are advised to consult certified experts before making any investment decisions.
