Gold Rates Rally After 2 Days Crash; Will 24K, 22K, 18K Gold Prices Hit New High Soon? Buy MCX Gold, Silver?

Gold rates in India are nearing their record high on January 9, with 24 carat gold neared Rs 1,39 lakh per 10 grams mark which is close to its peak level of Rs 1,42,420 per 10 grams. Precious metals find support from high tensions in global trade and geopolitical dynamics involving the US. However, silver rates continued to crash for second consecutive day in India. At MCX, silver price, though, rallied by over 1.2% and MCX gold recorded marginal upside. As per expert, continued safe-haven demand, sustained central bank buying, and expectations of a more accommodative global monetary policy environment remain key bullish drivers.

Gold Rates In India:

On January 9, 10 grams gold surged by Rs 710 to Rs 1,38,710 and 100 grams gold rose by Rs 7,100 to Rs 13,87,100 in 24 carat. Further, 10 grams and 100 grams gold price rallied by Rs 650 and Rs 6,500 to Rs 1,27,150 and Rs 12,71,500 in 22 carat. Meanwhile, 18 carat gold price stood at Rs 1,04,030 per 10 grams which was up by Rs 530, and at Rs 10,40,300 per 100 grams which was up by Rs 5,300.

Silver Rates In India:

Unlike gold, silver prices in India continued to fall for second day in a row. On January 9, 1Kg silver price tumbled by Rs 3,000 to Rs 2,49,000, while 100 grams and 10 grams silver stood at Rs 24,900 and Rs 2,490 respectively. Yesterday, 1Kg silver dropped by Rs 5,000.

MCX Gold Price + MCX Silver Price:

At the time of writing, MCX silver with February 2026 expiry, traded at Rs 2,49,100 per 1Kg, up by Rs 3,113 or 1.3% after hitting an intraday high of Rs 2,50,248 per 1Kg.

Meanwhile, MCX gold price stood at Rs 1,38,270 per 10 grams, up by Rs 528 or 0.4%. The bullion is near its day's high of Rs 1,38,320 per 10 grams.

Buy Gold & Silver?

According to analysts at Nirmal Bang, MCX gold prices are expected to pullback. One can sell at 138800 with a stop loss of 139500. Prices are expected to test 138000-136500. One can also buy from 136500 with a stop loss of 136000.

Further, analysts said, MCX silver prices are expected to correct. One can sell at 251000 with a stop loss of 255000 for the target 245000-238000.

Gold & Silver Prices Prediction:

As per Ponmudi R, CEO of Enrich Money, here's how gold and silver prices will perform in coming days.

Spot Gold Price Outlook

COMEX Gold is consolidating near $4,470 following a healthy pullback, while continuing to trade well above its rising trendline and the 20-day EMA near $4,400. The earlier resistance band of $4,400-$4,420 has now turned into a strong support base, reinforcing the strength of the prevailing uptrend. The recent consolidation appears to reflect disciplined profit-taking rather than trend exhaustion, thereby offering structured entry opportunities.

Continued safe-haven demand, sustained central bank buying, and expectations of a more accommodative global monetary policy environment remain key bullish drivers. A sustained breakout above $4,500 could quickly extend gains toward $4,550-$4,600. The $4,400-$4,420 zone remains an attractive accumulation area, with higher time frame charts showing no signs of trend reversal.

MCX Gold Price Outlook:

MCX Gold is trading around ₹1,38,000, maintaining a clear higher-high and higher-low structure within a rising channel. The 20-day EMA near ₹136,000 continues to act as reliable dynamic support, with dips consistently attracting fresh buying interest. A sustained move above ₹1,38,500-₹1,39,000 could open the path toward ₹1,40,000-₹1,42,000 in the near term. The preferred accumulation zone remains ₹1,37,000-₹1,38,000, keeping the broader strategy firmly biased toward buy-on-dips.

Spot Silver Price Outlook

COMEX Silver is holding firm near $76-$77, comfortably above its short- and medium-term moving averages following a consolidation breakout. Momentum remains buyer-driven, supported by rising industrial demand from solar, EVs, and AI-linked applications, alongside ongoing safe-haven flows. The $80-$83 zone may invite intermittent profit-booking; however, a sustained breakout above $83 would likely trigger the next medium-term leg toward $85-$90. Strong demand is visible in the $75-$77 support zone.

MCX Silver Price Outlook

MCX Silver continues to trade near ₹2,45,000, firmly entrenched in a bullish channel. Dips are being absorbed aggressively, highlighting strong underlying demand and positioning silver as a high-beta outperformer within the precious metals space. Sustained strength above ₹2,48,000-₹2,50,000 keeps the upside momentum intact. A breakout beyond ₹2,52,000-₹2,55,000 could accelerate gains toward ₹2,60,000-₹2,70,000. On the downside, a break below ₹2,44,000 would expose supports in the ₹2,43,000-₹2,38,000 zone, where fresh buying interest is likely to emerge.

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