Gold and silver have been on a bull run since last year and have continued their upward trend this year as well. Both precious metals – gold and silver – have given stellar returns, driven by a confluence of powerful factors, pushing them to unprecedented levels.
On the other hand, Silver experienced a historic price rally in 2025, driven by a supportive macroeconomic backdrop that included strong industrial demand, tightening supply conditions, dovish monetary policy expectations, and robust safe-haven and investment inflows.
On Tuesday, January 19, MCX gold prices jumped to a new record high of ₹1,46,328 per 10 grams; meanwhile, MCX silver rate today surged to a fresh high of ₹3,19,949 per kg.
Gold and silver prices outlook
According to Ponmudi R, CEO of Enrich Money, MCX Gold continues to mirror global strength, aided by a relatively stable USD/INR in the 90.90–91.00 zone. The rising channel structure remains intact, with the ₹1,43,000– ₹1,45,000 zone acting as solid dynamic support.
“Every dip is being bought aggressively, reinforcing the strength of the prevailing trend. A clear and sustained breakout above ₹1,45,000– ₹1,45,500 can quickly open upside targets toward ₹1,48,000– ₹1,50,000. Overall, the bias stays strongly bullish,” Ponmudi said.
Meanwhile, on the silver price outlook, he added that MCX Silver has staged a strong breakout and continues to show high-beta outperformance, absorbing every minor correction with ease.
“The rising channel remains very steep and firmly intact, with the 20-day EMA near ₹2,95,000 acting as strong dynamic support. Sustained trade above ₹3,10,000 keeps the momentum extremely bullish. Next major upside targets are placed at ₹3,20,000– ₹3,25,000 in the near term, with scope to extend toward ₹3,35,000– ₹3,50,000 over the next few months. Any dip toward ₹3,05,000– ₹3,08,000 should be viewed as a strong buying opportunity,” he said.
HDFC Securities’ top precious metal ETF picks for long-term
Amid soaring metal prices, the long-term bullish trend seems intact and still has the potential to deliver extraordinary returns in the year 2026, said brokerage firm HDFC Securities in its ‘Precious Metal Outlook -2026’ report.
The firm further anticipates that both precious metals could come under pressure if the government announces a reduction in import duties on both gold and silver in the upcoming budget.
“ However, if the government reduces import duties on gold and silver in the upcoming budget, domestic prices could come under pressure and could act as a short-term headwind for domestic prices,” the brokerage firm said.
HDFC Securities further recommended investors to allocate up to 10% of their portfolio to precious metals – gold and silver, with the option to increase exposure based on individual risk appetite gradually.
“Our bullish view on precious metals can be captured by taking exposure in this asset class by accumulating available ETFs on the exchange,” it added.
1] SBI Gold Exchange Traded Scheme: Buy: ₹117-119 | Target: ₹136
ETF has been forming higher tops and higher bottoms on the weekly charts. Higher tops and higher bottoms on the weekly and monthly charts. ETF is placed above all key moving averages, indicating an uptrend on all time frames. Weekly RSI is sustaining above 50, indicating a sustained uptrend for the underlying. MACD is placed above the signal and zero line on both weekly and monthly charts. Price rise is accompanied by healthy volume
2] HDFC Gold Exchange Traded Fund: Buy: ₹117-119 | Target: ₹136
ETF has been forming higher tops and higher bottoms on the weekly charts. Higher tops and higher bottoms on the weekly and monthly charts. ETF is placed above all key moving averages, indicating an uptrend on all time frames. Weekly RSI is sustaining above 50, indicating a sustained uptrend for the underlying. MACD is placed above the signal and zero line on both weekly and monthly charts. Price rise is accompanied by healthy volumes.
3] ICICI Prudential Silver ETF: Buy: ₹240 -246 | Target: ₹285-300
ETF has been forming higher tops and higher bottoms on the weekly charts. Higher tops and higher bottoms on the weekly and monthly charts. ETF is placed above all key moving averages, indicating an uptrend on all time frames. Weekly RSI is sustaining above 50, indicating a sustained uptrend for the underlying. MACD is placed above the signal and zero line on both weekly and monthly charts. Price rise is accompanied by healthy volumes. Short-term moving averages are placed above long-term moving averages.
4] HDFC Silver ETF: Buy: ₹231-236 | Target: ₹274-290
ETF has been forming higher tops and higher bottoms on the weekly charts. Higher tops and higher bottoms on the weekly and monthly charts. ETF is placed above all key moving averages, indicating an uptrend on all time frames. Weekly RSI is sustaining above 50, indicating a sustained uptrend for the underlying. MACD is placed above the signal and zero line on both weekly and monthly charts. Price rise is accompanied by healthy volumes. Short-term moving averages are placed above long-term moving averages.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
