NEW DELHI, India — Gold prices surged past the $5,000-an-ounce mark on Monday, hitting a fresh record as heightened global uncertainty fueled strong demand for safe-haven assets.
The precious metal climbed to as high as $5,026 an ounce in trading, while silver also reached a milestone, touching $102 an ounce for the first time. By comparison, gold was trading just above $2,000 an ounce in January 2024, underscoring the scale of the rally.
Analysts said precious metals remain firmly in a structurally strong bull market as 2026 progresses, with momentum largely intact despite intermittent corrections and elevated price levels. They described the current phase as one of healthy consolidation rather than exhaustion, with long-term fundamentals outweighing short-term volatility.
Persistent safe-haven demand, continued accumulation by central banks, and expectations of accommodative global monetary conditions are providing strong support to prices. Former resistance levels have now turned into areas of sustained demand, limiting downside risks and reinforcing the broader uptrend.
“Importantly, downside remains limited as former resistance zones have now turned into reliable demand areas, reinforcing the strength of the broader trend,” said Ponmudi R, CEO of Enrich Money, a SEBI-registered online trading and wealthtech firm.
Silver has continued to outperform gold, with COMEX silver breaking above the $100 mark to register fresh lifetime highs. Market watchers said the metal’s strength reflects its dual role as both a monetary hedge and an industrial commodity, with demand coming from both investment and manufacturing sectors.
The rally in precious metals is being driven by fundamentals rather than speculative activity, analysts said, pointing to tight supply conditions and sustained demand.
Looking ahead to the remainder of the first quarter of 2026 and beyond, analysts remain decisively bullish on precious metals.
“Tight supply, dual demand engines, and supportive global liquidity conditions favour continued medium-to-long-term upside. Near-term pullbacks, driven by overbought conditions or temporary dollar strength, are likely to remain shallow and should attract fresh accumulation,” analysts said.
Silver is expected to retain strong relative performance potential, while gold continues to be viewed as the most reliable hedge against macroeconomic uncertainty.
Both metals have benefited from a combination of global factors, including sustained central bank buying, currency volatility, and ongoing geopolitical risks. (Source: IANS)
