New Delhi: In a dramatic rally, the gold prices have surpassed $5,000 an ounce, hitting another record high amid heightened global uncertainties. 

The safe-haven metal reached $5,026 an ounce in trading, as silver reached $102 an ounce for the first time. In January 2024, Gold stood at just above $2,000 an ounce.

Precious metals continue to trade in a structurally strong bull market as we move deeper into 2026, with momentum firmly intact despite intermittent corrections and elevated price levels.

The current phase reflects healthy consolidation rather than exhaustion, with long-term fundamentals continuing to dominate short-term volatility, according to analysts.

Persistent safe-haven demand, steady central-bank accumulation, and expectations of accommodative global monetary conditions continue to underpin prices. 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 continues to outperform decisively. COMEX Silver has surged beyond the $100 mark, registering fresh lifetime highs and highlighting the unique dual nature of the metal — part monetary hedge, part industrial commodity.

The relative strength of silver over gold reflects this powerful convergence of investment and industrial demand, said market watchers. This rally remains fundamentally driven rather than speculative, they added.

Looking ahead into the remainder of Q1 2026 and beyond, the outlook for precious metals stays decisively bullish.

“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, said analysts.

Silver, in particular, retains strong relative-performance potential, while gold continues to serve as the most reliable hedge against macro uncertainty.

Gold and silver have benefited from a combination of global factors, including sustained central bank demand, currency volatility and persistent geopolitical uncertainty.