Gold Starts 2026 Firm as Silver Pulls Back After Record Run

With U.S. markets closed, traders focus on Fed-rate signals alongside new Chinese curbs on silver exports.

Overview

Retail prices in New Delhi rose as the All India Sarafa Association pegged gold at Rs 1,38,340 per 10 grams, up Rs 640, while silver fell Rs 1,600 to Rs 2,37,400 per kilogram.
On MCX, February gold futures traded at Rs 1,35,566 per 10 grams, up Rs 119, as the March silver contract eased to Rs 2,35,251 per kilogram.
Comex February gold settled at $4,332.10 on Wednesday, down $25, after touching a record $4,584 on December 26; silver closed at $70.89 after a December 29 peak of $82.67.
U.S. New Year’s Day holiday closures limited fresh global cues for bullion at the start of trading in 2026.
Analysts cite interest-rate expectations, dollar moves, central-bank buying, ETF flows, and China’s new silver export restrictions as the key near-term drivers.