Gold and Silver: After the year 2025, the record-breaking rise in the prices of gold and silver continues in the year 2026 also. Meanwhile, on Tuesday, gold and silver prices set a new rising record. In Delhi’s bullion market today, silver prices rose by Rs 40,500 (12.3 percent) to a new record high of Rs 3,70,000 per kg. Last week on Friday, the price of silver closed at Rs 3,29,500 per kg. Never before had silver prices risen by Rs 40,500 in a single day nor had its prices reached the magic figure of Rs 3,70,000 per kg.

Gold price reached Rs 1,66,000 in bullion market
Apart from silver, gold of 99.9 per cent purity also rose by Rs 7,300 (4.6 per cent) to hit an all-time high of Rs 1,66,000 per 10 grams in the bullion market in Delhi today. Last week on Friday, gold closed at Rs 1,58,700 per 10 grams. Experts believe that due to strong demand from investors and global rally amid increasing geopolitical and trade tensions, both precious metals have reached record highs with record-breaking gains. Ajay Kedia, the country’s well-known bullion market expert and director of Kedia Advisory, shared special information regarding the expected future fluctuations in gold and silver prices.

Risk-reward not attractive for new investing
Ajay Kedia said, “Looking to 2026, the outlook for gold and silver remains broadly bullish, but technically risky. Importantly, 2026 is likely to be a cyclical bullish phase within a larger structural uptrend, and not a new long-term buying opportunity. At current levels, predicting further upside mostly becomes a numbers game, as the risk-reward is not attractive for fresh investments. From here, bullion should be viewed as a trading opportunity, not an investment theme. Long-term investing requires stability in valuations and good entry zones and after the excellent returns of the last two years, both of these are gone.

How far can gold prices reach?
He further said, “Technically, the next big Fibonacci extension for gold is near $5900 with resistance in between around $5360. With momentum indicators like RSI near 92, mean reversion is confirmed. If there is any softening in geopolitical or liquidity factors, gold may initially correct towards $ 4150 and perhaps fall further towards the baseline of $ 3600.” Regarding the Indian market, he said that this year gold prices can reach Rs 1.86 lakh per 10 grams. According to Ajay Kedia, if there is a correction in the price of gold, it may get support around Rs 1.30 lakh per 10 grams. If the prices fall even lower than this, it can go up to Rs 1.16 lakh per 10 grams.

Upside target of $136 still possible in silver
Ajay Kedia said on silver, “Silver continues to be highly volatile due to supply shortage, ETF inflows and its growing role as a financial asset among family offices and mutual funds, which has been further strengthened by the gold-silver ratio falling from 90 to 48. After doubling from $50 to $110, upside targets of $116 and $136 are still possible in silver. However, 50% retracement indicates $72 as a fair-value zone, in which even in the worst-case scenario, the breakout level of $52 can be tested.” Regarding the outlook of silver on MCX, Ajay Kedia, Director of Kedia Advisory, said that this year the price of silver can even reach Rs 4.30 lakh per kg. However, he also said that when there is a correction in its prices, it may get support at the level of Rs 2.25 lakh. If the prices go below this then it can even reach Rs 1.65 lakh per kg.

Experts said that in 2026, commodities will no longer be just assets but strategic instruments. The trend remains upward, but disciplined risk management amid supply shortages and selling on strength is more important than chasing momentum.