Gold and Silver Prices Today: January 23, 2026 — After yesterday’s dip, precious metals are making a strong comeback today. Silver and gold prices have surged significantly as Friday trading begins, giving investors renewed optimism heading into the weekend.
Today’s Big Moves
The rally started right at the opening bell. Silver jumped over ₹12,000 on the MCX exchange, while gold climbed more than ₹2,800 per 10 grams. These aren’t small movements—this is the kind of action that gets traders’ attention.
Silver for March 5 delivery, which closed yesterday at ₹3,27,289 per kilogram, opened today at ₹3,33,333. By mid-morning, it had already touched ₹3,39,927. As of 10:26 AM, silver was trading at ₹3,34,879—up ₹7,590 or 2.32%. That’s an impressive intraday gain of ₹12,638.
Gold wasn’t far behind. February 5 delivery gold closed yesterday at ₹1,56,341 per 10 grams and opened today at ₹1,58,889. During early trading, it hit a high of ₹1,59,226 and a low of ₹1,57,011. By 10:30 AM, gold was trading at ₹1,58,101—up ₹1,760 or 1.13%, marking an intraday increase of ₹2,885.
What’s Driving These Price Increases?
The global picture tells an interesting story. Gold recently crossed $4,900 per ounce for the first time ever, while silver breached $98.50 per ounce. Silver alone has surged 38% this month—a remarkable run by any measure.
Market watchers believe we could see silver hit $100 and gold reach $5,000 per ounce in the coming days. Three main factors are fueling this rally:
Geopolitical tensions continue to make investors nervous, driving them toward safe-haven assets. The weakening US dollar makes dollar-denominated commodities like gold and silver more attractive. Interest rate cut expectations from the Federal Reserve are boosting metal prices, with many anticipating a rate cut at the Fed meeting starting January 27.
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Expert Outlook
Goldman Sachs recently raised its year-end 2026 target for gold to $5,400 per ounce, up from their previous estimate of $4,900. Their analysts point to gold’s traditional role as a hedge during economic and political uncertainty.
The numbers back up this bullish sentiment. Gold surged an impressive 64% last year, and it’s already up 11% so far in 2026. With ongoing global uncertainties and central bank policies remaining accommodative, precious metals continue to attract both investors and traders.
What This Means for Investors
For anyone watching the commodities market, today’s moves reinforce the ongoing strength in precious metals. Whether you’re a long-term investor looking for portfolio diversification or a trader capitalizing on volatility, gold and silver are clearly in focus.
The question now is whether this momentum can sustain itself through the weekend and into next week, especially with the Federal Reserve meeting on the horizon.
Prices mentioned are from MCX (Multi Commodity Exchange of India) as of morning trading hours on January 23, 2026.
Disclaimer: Investment Risk Notice: This article is for informational and educational purposes only and should not be considered as financial or investment advice. Commodity markets, including gold and silver, are highly volatile and involve substantial risk of loss. Past performance does not guarantee future results.
Yogesh Kolhe is a business and market news writer covering the share market, company earnings, and gold and silver price movements, with a strong focus on the automobile sector. A Mechanical Engineering graduate with 5 years of share market experience, he provides data-driven, reliable insights into market and industry trends.
