Gold at record high: Prices top $5,000/oz; silver scales fresh peak too: What lies ahead?

Gold prices surged to a record high above $5,000 per ounce on Monday, extending their historic rally as investors flocked to the safe-haven asset amid rising geopolitical uncertainties.

At the time of writing, spot gold was up 1.79% at $5,071.96 per ounce, after hitting an intraday high of $5,085.50. Meanwhile, US gold futures for February delivery climbed 1.79% to $5,068.70 per ounce.

Spot silver jumped 4.57% to $107.65 per ounce after touching a record high of $108.60.

According to reports, gold prices have surged 64% in 2025, supported by sustained safe-haven demand, U.S. monetary policy easing, robust central bank buying—including China extending its gold-buying spree for a fourteenth consecutive month in December—and record inflows into exchange-traded funds. Prices have already gained more than 17% in 2026.

The Indian commodity exchange (MCX) is closed on Monday on account of Republic Day.

What lies ahead?

Gold and silver prices are expected to stay firm this week as traders brace for the US Supreme Court's hearing on trade tariffs and the Federal Reserve's upcoming interest rate decision, analysts said.

The focus will also shift to the Union Budget 2026, to be presented by Finance Minister Nirmala Sitharaman on February 1, which could influence domestic bullion sentiment through changes in import duties and fiscal measures, they added.

"The bullion prices are expected to continue their positive momentum, and corrective moves should be a buying opportunity, as focus again will remain on the US Supreme Court hearing in Trump's trade tariffs case," Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd, said.

Investors will closely watch inflation numbers from the US, India, and Germany, along with trade and investment figures from China and key commentary from Federal Reserve officials, he added.

On the Multi Commodity Exchange (MCX), gold futures surged ₹13,520, or 9.5%, over the past week. It hit an all-time high of ₹1,59,226 per 10 grams on Friday.

Meanwhile, silver registered a steeper rally, soaring by ₹46,937, or 16.3%, during the week to breach the ₹3 lakh per kilogram mark for the first time ever.