Gold Opens 2026 Firm in India as Silver Pulls Back From Record Run

Fed policy signals, plus Chinese silver export curbs, look set to guide bullion in early 2026.

Overview

Retail gold in the national capital rose to Rs 1,38,340 per 10 grams, while retail silver eased to Rs 2,37,400 per kilogram, according to the All India Sarafa Association.
On MCX, February gold edged up to Rs 1,35,566 per 10 grams as March silver slipped to Rs 2,35,251 per kilogram in light, range-bound trade.
Overseas benchmarks cooled from late-December peaks, with Comex gold settling near $4,332 and Comex silver near $70.89 after records of $4,584 and $82.67 per ounce.
The strong 2025 rally left gold up about 73% for the year and silver up roughly 164%, setting the stage for early-2026 consolidation.
Analysts flag dollar moves, central-bank and ETF flows, and China’s newly imposed curbs on silver exports as near-term drivers for price direction.