Precious metals are on a high! On Tuesday, silver skyrocketed by another Rs.6,000, hitting a mind-boggling lifetime high of Rs.2,71,000 per kg. This marks a massive 8.4% gain in just three days. Gold isn’t sitting out the rally, either. It nudged up to a fresh peak of Rs.1,45,000 per 10 grams, fueled by global jitters and a scramble for safety.

Analysts point to: Geopolitical Flares: Escalating tensions involving Iran. Central Bank Drama: Questions about the US Fed’s independence. Momentum: Technical strength and a favorable dollar. Analysts said sustained investment demand, technical strength and a supportive dollar environment continued to lend support to bullion prices, with investors now awaiting key US inflation data for further cues on monetary policy and near-term price direction

The immediate sentiment for gold futures remains strongly bullish, though technical indicators suggest a period of consolidation or “profit-taking” could trigger brief pullbacks.

Price Targets: US Gold Futures for February delivery recently steadied near $4,612 per ounce after touching record highs. Major global banks, including Citigroup and UBS, have set short-term targets of $5,000 per ounce within the next three months.Domestic Impact (India): Gold has already crossed Rs.1,45,000 per 10 grams. Analysts from Kotak Securities and others project that domestic prices could climb toward the Rs.1.50 lakh to Rs.1.75 lakh range by the end of 2026 if current momentum holds.

In the immediate future, silver is expected to remain in a high-volatility, “buy-on-dips” phase as it tests the psychological resistance near the Rs.2,80,000 to Rs.3,00,000 per kg mark. While technical indicators suggest the metal is currently in overbought territory after its rapid 13.4% climb, the momentum is heavily supported by a combination of industrial scarcity and a structural supply deficit.

 Investors are keeping a close watch on upcoming US inflation data and Federal Reserve policy cues, which could determine if the rally continues or if a brief period of profit-taking occurs. However, with persistent geopolitical tensions in the Middle East and the massive demand for silver in green energy and AI infrastructure, any near-term price corrections are likely to be met with aggressive buying, keeping the overall forecast cautiously bullish.