The new trading year of 2026 began with a glittering performance for precious metals in India, as gold and silver futures posted significant gains on the first day of January. The rally was powered by firm global trends and a shift of investor capital towards traditional safe-haven assets, amid growing anticipation of lower interest rates in the United States.
MCX Sees Robust Gains for Bullion
On the Multi Commodity Exchange (MCX), the most active gold contract witnessed a sharp uptick. Gold futures for February delivery climbed by Rs 948, or 0.7%, to reach Rs 1,36,752 per 10 grams. The trading activity was robust, with a turnover of 15,639 lots. This build-up came after the contract had settled at Rs 1,35,804 per 10 grams in the previous session on Thursday, which was itself a gain of Rs 357 from Wednesday's close. It is noteworthy that MCX operated only a day session on Thursday and remained shut in the evening for the New Year holiday.
The rally in silver was even more pronounced. Silver futures for March delivery soared by Rs 7,107, marking a sharp gain of 3.01%, to settle at Rs 2,42,980 per kilogram. This transaction occurred across 13,397 lots. In the previous session on Thursday, silver had closed at Rs 2,35,873 per kg.
Global Markets Set the Pace
The strong domestic opening was mirrored in international markets, where bullion commenced the year on a firm footing. On the Comex, gold futures for February delivery rose by $46.10, or 1.06%, to trade at $4,387.20 per ounce. This recovery followed a 1% decline in the final trading session of 2025, where it had ended at $4,341.10 per ounce.
Silver staged a remarkable comeback on the global stage. Comex silver futures for March delivery surged by $2.4, or 3.4%, to hit $73 per ounce. This impressive jump came after a steep fall of $7.32 (or 9.39%) just a day earlier on Wednesday, when it had settled at $70.6 per ounce.
City-Wise Gold Rates in India
The bullish sentiment in futures markets filtered down to spot prices across major Indian cities on Friday. Here is a snapshot of the prevailing rates:
Ahmedabad: 24K gold was priced at Rs 13,625 per gram. The 22K variant sold for Rs 12,490 per gram, while 18K gold cost Rs 10,220 per gram.
Delhi: In the national capital, 24K gold traded at Rs 13,635 per gram, 22K at Rs 12,500, and 18K at Rs 10,230. Compared to the previous day, prices here saw notable increases: Rs 114 for 24K, Rs 105 for 22K, and Rs 86 for 18K gold.
Hyderabad: Rates here were Rs 13,620 per gram for 24K gold. 22K gold was available at Rs 12,485, and 18K at Rs 10,215 per gram.
Mumbai: The financial hub quoted 24K gold at Rs 13,620 per gram. The 22K variant was priced at Rs 12,485 per gram, and 18K gold retailed at Rs 10,215 per gram.
Kolkata: Prices in Kolkata remained aligned with Mumbai and Hyderabad, with 24K at Rs 13,620, 22K at Rs 12,485, and 18K at Rs 10,215 per gram.
Chennai: The city continued to command a premium, with 24K gold trading at Rs 13,724 per gram. The 22K gold rate stood at Rs 12,580, while 18K gold was priced at Rs 10,490 per gram.
Bengaluru: In Bengaluru, 24K gold was priced at Rs 13,620 per gram. The 22K gold rate was Rs 12,485 per gram, and 18K gold was retailing at Rs 10,215 per gram.
The strong opening for precious metals in 2026 underscores their continued appeal as a hedge amid shifting global monetary policy expectations. Investors are closely watching signals from the US Federal Reserve, with any concrete moves towards rate cuts likely to provide further impetus to gold and silver prices in the coming sessions.
