Robust fundamentals to propel bullion’s bull run through 2026

New Delhi: In a dramatic rally, the gold prices have surpassed $5,000 an ounce, hitting another record high amid heightened global uncertainties. In the international market, gold gained $234.7, or nearly 5 per cent, over the past week on the Comex, recovering to $5,000 per ounce from a low of $4,400 per ounce. During the past week, gold futures climbed Rs 7,698, or 5.2 per cent, while silver slumped Rs 15,760 or nearly 6 per cent on the Multi Commodity Exchange.In January 2024, Gold stood at just above $2,000 an ounce.

Precious metals continue to trade in a structurally strong bull market as we move deeper into 2026, with momentum firmly intact despite intermittent corrections and elevated price levels. The current phase reflects healthy consolidation rather than exhaustion, with long-term fundamentals continuing to dominate short-term volatility, according to analysts.

Persistent safe-haven demand, steady central-bank accumulation, and expectations of accommodative global monetary conditions continue to underpin prices. Importantly, downside remains limited as former resistance zones have now turned into reliable demand areas, reinforcing the strength of the broader trend, said Ponmudi R, CEO of Enrich Money, a SEBI-registered online trading and wealthtech firm.

Silver continues to outperform decisively. COMEX Silver has surged beyond the $100 mark, registering fresh lifetime highs and highlighting the unique dual nature of the metal — part monetary hedge, part industrial commodity. The relative strength of silver over gold reflects this powerful convergence of investment and industrial demand, said market watchers. This rally remains fundamentally driven rather than speculative, they added. Looking ahead into the remainder of Q1 2026 and beyond, the outlook for precious metals stays decisively bullish.