Daijiworld Media Network - New Delhi
New Delhi, Jan 23: Gold and silver prices soared to unprecedented levels on Friday, driven by a weakening US dollar and rising geopolitical unease following fresh warnings of potential US military action against Iran.
On the domestic commodities exchange, MCX gold February futures climbed 1.23 per cent to trade at Rs 1,58,261 per 10 grams by around 11.25 am. MCX silver March futures witnessed an even sharper rally, surging 2.63 per cent to Rs 3,35,900 per kg.
Global markets mirrored the bullish momentum. Gold hovered near record territory, trading close to the $4,951 level after touching a new all-time high of $4,967. Market analysts noted that the earlier resistance range of $4,900–$4,940 has now turned into a strong support zone, reinforcing a positive outlook for the yellow metal. Persistent buying by central banks and expectations of easier global liquidity conditions continue to underpin prices.
Silver on the COMEX exchange also scaled fresh lifetime highs, briefly touching $98.92 before settling into a consolidation range of $98.30–$98.70 amid mild profit-taking.
Investor sentiment was further shaped by geopolitical developments. US President Donald Trump said an American “armada” was moving towards Iran, while expressing hope that military action would not be necessary. He reiterated warnings to Tehran against reviving its nuclear programme. Reports suggest that the USS Abraham Lincoln aircraft carrier, along with several guided-missile destroyers, is expected to reach the Middle East in the coming days.
Precious metals also gained support after indications that some European countries may look to reduce their exposure to US Treasuries, adding to demand for alternative safe-haven assets.
From a technical perspective, Rahul Kalantri, VP (Commodities) at Mehta Equities Ltd, said gold has immediate support in the Rs 1,54,650–Rs 1,52,310 range, with resistance seen between Rs 1,58,850 and Rs 1,60,150. For silver, support lies at Rs 3,20,810–Rs 3,10,170, while resistance is placed between Rs 3,31,810 and Rs 3,37,470.
Meanwhile, a report by Motilal Oswal Financial Services Ltd (MOFSL) highlighted that silver’s spectacular rally of over 200 per cent in the past year — far outpacing gold’s 80 per cent rise — may now tilt near-term momentum in favour of gold.
The report noted that silver’s steep climb from around Rs 60,000 to Rs 3,20,000 could trigger a period of consolidation at higher levels, as market participants reassess positions and rebalance portfolios after the extraordinary surge.