Silver and gold prices extended their rally for the second consecutive day in futures trade on Wednesday, following a steep correction last week, amid strong gains in global markets and a weak US dollar.
According to the Multi Commodity Exchange (MCX), silver for March delivery jumped by ₹16,853, or 6.29%, to ₹2,84,868 per kilogram.
The white metal snapped its three-day losing streak on Tuesday, soaring ₹31,754, or 13.4%, to close at ₹2,68,015 per kg.
1 January 2026
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Gold futures also registered robust gains on the commodities bourse. The yellow metal for the April contract appreciated by ₹5,868, or 3.82%, to ₹1,59,677 per 10 grams.
In the previous session, the metal had jumped ₹9,818, or nearly 7%, to settle at ₹1,53,809 per 10 grams.
“Gold and silver rebounded sharply after the steep sell-off of the past few sessions, supported by a weaker dollar, though gains in domestic markets were capped by a softer $/₹,” said Manav Modi, Commodities Analyst at Motilal Oswal Financial Services Ltd.
He added that investor interest returned after gold corrected nearly 15% over the last three trading days, prompting value buying and short covering.
In the international market, COMEX silver futures for March delivery gained $6.73, or 8.08%, to $90.03 per ounce, while gold for the April contract climbed $169.5, or 3.43%, to $5,104.5 per ounce.
“Gold jumped to trade above $5,000, while silver surged over 8%, outperforming as a broader risk-on tone lifted sentiment across markets,” Modi said.
Renisha Chainani, Head of Research at Augmont, said gold has recovered nearly 15% from recent lows, while silver has rebounded about 25%, as forced liquidations eased and dip buyers stepped in to capitalise on sharply lower prices.
She added that geopolitical tensions also supported safe-haven demand after the United States Navy shot down an Iranian drone in the Arabian Sea, even as investors awaited a fresh round of nuclear talks scheduled for Friday.
Meanwhile, US President Donald Trump signed a spending deal restoring funding for key federal agencies, ending the partial government shutdown and extending Homeland Security funding until February 13, buying time for further negotiations.
“The US Nonfarm Payrolls report will not be released on Friday; however, the ADP private-sector employment data due later in the day will offer key insights into labour market conditions,” Chainani said.
