US Stock Market Today: Gold nears $5,600 before pullback, Silver peaks at $121.75 then slides

Tesla also contributed to market weakness, falling 2.3%. The electric-vehicle maker reported higher quarterly profits than expected but below last year’s results, prompting investor concern over declining car sales despite CEO Elon Musk’s push to emphasize robotaxis and robotics ventures.

The US stock market pulled back from record highs Thursday, led by a steep drop in Microsoft shares. The S&P 500 fell 0.7%, the Dow Jones Industrial Average declined 101 points (0.2%), and the Nasdaq Composite slid 1.4% by 1:29 p.m. Eastern time.

Microsoft plunged 12.1% despite beating Wall Street expectations for the latest quarter, dragging down more than two-thirds of the S&P 500’s losses.

ServiceNow shares dropped 12% despite reporting better-than-expected Q4 earnings and revenue.

Oracle shares fell 4% and Salesforce shares declined 7%.

iShares Expanded Tech-Software Sector ETF (IGV) fell 5% in a single day, entering bear market territory, 22% below its recent high.

Caterpillar shares rose more than 1% after reporting Q4 results that exceeded analyst expectations.

Microsoft shares dropped nearly 12% to around $425 following earnings.

The decline led losses on both the Dow Jones Industrial Average and the Nasdaq.

The sell-off erased approximately $424 billion in Microsoft’s market value.

Earnings revealed record spending on artificial intelligence. Growth at Microsoft’s key cloud unit slowed, contributing to the stock drop.

The earnings report was released after market close on Wednesday.

Copper climbed to an all-time high early Thursday.

March copper futures surged to $6.45 per pound, marking an 8% increase.

Shares of Meta surged more than 9% on Thursday, reaching year-to-date highs.

Meta’s fourth-quarter earnings beat Wall Street estimates across multiple metrics.

Investors credited the company’s artificial intelligence initiatives for its strong performance.

Meta was the only stock among the Magnificent 7 (Meta, Apple, Microsoft, Amazon, Nvidia, Alphabet, Tesla) showing gains.

Other big tech struggles: Nvidia, Alphabet, Microsoft, Amazon, and Tesla were mostly sliding, while Apple posted only small gains.

Bitcoin was trading around $85,000, down from an overnight high above $89,300.

The cryptocurrency fell more than 5% on Thursday, hitting its lowest level since Dec. 1.

The low for the day was $84,221.89, compared with $83,830 on Dec. 1.

Bitcoin’s decline followed broader losses in risk assets, including equities.

Year-to-date, Bitcoin is down 3.4%.

Over the past 12 months, Bitcoin has dropped 19%.

Silver futures climbed above $121.75 an ounce before reversing.

Currently, silver is trading down 1% at $112.

The metal showed volatility after reaching intraday highs.

This movement comes amid the broader safe-haven metals rally.

Safe-haven gold continued rising Thursday before pulling back slightly.

Gold briefly surged to nearly $5,600 an ounce, following a previous record above $5,300.

Spot gold fell more than 4% during midday trading after hitting the intraday high.

Despite earlier gains, gold settled around $5,300, showing retreat from its peak.

Multi-Commodity Exchange (MCX) data showed that the silver prices were trading 3.14% or ₹12,092/kg higher at ₹397,458/kg as of 23:17 p.m. (IST), compared to ₹385,366/kg at the previous market close.

Gold prices for the February 2026 futures contract are trading 4.07% or ₹7,209 per 10 grams, higher at ₹184,362 per 10 grams as of 23:17 p.m. (IST), compared to ₹177,153 per 10 grams at the previous commodity market close, according to MCX data.

Investors looking to track the latest gold price movement can do so on Livemint’s page on Gold Price today.

People who want to track the latest silver price movement can check the details for the same on Livemint’s Silver Price today page.

You can also track the gold and silver futures prices from the Multi-Commodity Exchange (MCX) official website.

WhiteOak Capital MF said that gold and silver prices are essential insurance and highlighted that investors don’t buy more insurance after the house has already been saved.

“Gold and silver are essential insurance, but we don’t buy more insurance after the house has already been saved. The ‘screaming’ in the silver market is the signal that the exit door is getting crowded. It may be prudent to move your capital to an asset that builds wealth, not one that simply waits for a disaster,” said WhiteOak Capital MF.

Multi-Commodity Exchange (MCX) data showed that the silver prices crashed 6.47% or ₹24,914/kg to ₹360,452/kg as of 8:45 p.m. (IST), compared to ₹385,266/kg at the previous market close.

Gold prices for the February 2026 futures contract are trading 0.33% or ₹545 per 10 grams, higher at ₹166,460 per 10 grams as of 8:45 p.m. (IST), compared to ₹165,915 per 10 grams at the previous commodity market close, according to MCX data.

Ross Maxwell, Global Strategy Operations Lead at VT Markets, said that if the uncertainty in the United States remains around growth, trade, and fiscal sustainability, it is likely to benefit from a softer or range-bound US dollar and support the precious metals.

“Policy uncertainty around growth, trade, and fiscal sustainability tends to pressure the USD, increasing volatility expectations. If this environment continues, gold and silver benefit as a softer or range-bound USD would support precious metals. Also, heightened uncertainty boosts safe-haven demand as investors seek assets less exposed to policy error or fiscal strain,” said the market expert.

Maxwell’s comments came after the US Federal Reserve kept its key benchmark interest rates unchanged at the range of 3.50-3.75% in the January 2026 policy outcome, as Powell struck a balanced but cautious tone.

Gold, Silver Rate Today LIVE: Gold prices were trading 7.9% or ₹13,998 per 10 grams higher at ₹191,151 per 10 grams as of 6:16 p.m. (IST), compared to ₹177,153 per 10 grams at the previous market close, according to MCX data.

Gold, Silver Rate Today LIVE: Multi-Commodity Exchange (MCX) data showed that the silver prices rose 7.12% or ₹27,434/kg to ₹412,800/kg as of 6:16 p.m. (IST) on Thursday, 29 January 2026, compared to ₹385,366/kg at the previous trading close.

In the international market, spot gold prices topped $5,600 per troy ounce to $5,602, taking the month-to-date surge to 30%. In the previous session, spot prices closed 4.6% higher, marking the biggest one-day gain since the peak of the Covid-19 pandemic in March 2020.

Gold prices extended gains for the third consecutive session, with February futures on the MCX rising another 9% to a fresh record high of ₹1,80,799 per 10 grams, crossing the ₹1.80 lakh mark for the first time. The rally has pushed prices up by 31% so far in January.

With today’s rally, gold is just ₹20,000 away from the ₹2 lakh milestone, and analysts expect the price could achieve this level.

Ponmudi R, CEO of Enrich Money, said, “A clear and sustained breakout above the ₹1,80,000 band could quickly open the path toward ₹1,85,000– ₹1,90,000, with a psychological extension toward ₹2,00,000 increasingly likely if global momentum sustains. Overall, the bias remains strongly bullish, with the trend firmly in control.”

Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, said, “Gold traded sharply higher, crossing ₹1,75,000 for the first time and extending gains above ₹1,80,000, marking fresh record highs. Despite the Fed keeping rates unchanged as expected, bullion rallied further after the policy statement highlighted concerns over economic growth, reinforcing uncertainty in global markets.”

This backdrop, along with persistent geopolitical tensions and ongoing U.S. trade tariff pressures, has strengthened safe-haven flows into gold.

“The buying spree seen overnight and in early trade reflects strong momentum-driven participation, with central bank allocation and hedge demand adding to the rally. Technically, ₹1,70,000 now acts as a strong immediate support zone, while ₹1,85,000 stands as the next extended resistance. Volatility is expected to remain elevated at these historic levels,” he further added.

The rally gained further despite the Federal Reserve leaving interest rates unchanged, reinforcing expectations of prolonged monetary support. Investors are increasingly shifting away from paper currencies and moving toward tangible assets such as precious metals. Meanwhile, geopolitical uncertainty rose after President Donald Trump urged Iran to reach a nuclear deal, warning that any future U.S. military response could be far more severe.

— Rahul Kalantri, VP Commodities, Mehta Equities

Gold rate today has support at $5340-5220, while resistance is at $5525-5600. Silver rate today has support at $112.10-108.75 while resistance is at $118.15-122.00. In INR, gold has support at ₹1,63,050-1,60,310, while resistance is at ₹1,70,850-1,73,950. Silver has support at ₹3,80,810, 3,74,170, while resistance is at ₹3,91,810, 3,98,470.

— Rahul Kalantri, VP Commodities, Mehta Equities

Gold prices have surged more than 10% over the last four sessions. The rally gained further despite the Federal Reserve leaving interest rates unchanged, reinforcing expectations of prolonged monetary support. Investors are increasingly shifting away from paper currencies and moving toward tangible assets such as precious metals.

— Rahul Kalantri, VP Commodities, Mehta Equities

Sustained trade above ₹4,07,456 keeps momentum decisively bullish. Immediate upside targets are placed at ₹4,08,000 to ₹4,15,000, with scope to extend toward ₹4,17,000 to ₹4,25,000 over the coming months. Any dip toward the ₹3,50,000 to ₹3,60,000 zone should remain a strong accumulation opportunity within the prevailing uptrend.

— Ponmudi R, CEO at Enrich Money

MCX Silver continues to display high-beta outperformance after a strong breakout, absorbing every minor correction with ease. The rising channel remains steep and firmly intact, with the 20-day EMA near ₹3,77,630 acting as strong dynamic support.

— Ponmudi R, CEO at Enrich Money

Near-term support for the silver rate today is placed at $115–$116.50, followed by a stronger base near $103–$105. A decisive move above $118.50–$120 can rapidly open upside targets toward $125–$140+ in the next phase. The medium- to long-term outlook for 2026 remains exceptionally bullish.

Gold and silver are essential insurance, but we don’t buy more insurance after the house has already been saved. The “screaming” in the silver market is the signal that the exit door is getting crowded. It may be prudent to move your capital to an asset that builds wealth, not one that simply waits for a disaster.

— WhiteOak Capital MF

• Harvest the “Scream”: Take profits on silver first, as its current valuation is the most over-extended relative to historical periods.

• Rebalance to “Neutral”: Trim your precious metals back to a safe-haven level in your total portfolio.

• Rotate to Growth: Move harvested gains into diversified Indian equity funds or blue-chip stocks.

— WhiteOak Capital MF

In MAAF, we treat gold and silver as tactical components within a broader mix of Equity and Debt.

• Dynamic Rebalancing: Our objective is to generate long-term capital appreciation by investing across multiple asset classes.

• Current Stance: When metals “scream” as they are doing now, the MAAF framework allows us to systematically trim these positions to stay within risk-appropriate bands, ensuring we aren’t exposed to a single, speculative or over-extended trade.

We may be early in trimming these positions, but staying true to our strategic allocation allows us to be nimble and prioritise the integrity of our investment process.

Under normal market conditions, precious metals act as a hedge against inflation, marketrisks, and other exogenous shocks. The optimal allocation depends on an investor’s risk profile.

• Moderate Investor Profile: 8%-10% – mainly to balance resilience and inflation protection;

• Aggressive Investor Profile: 10%-15%: mainly tactical positioning to aid a high equity allocation.

— WhiteOak Capital MF

Silver continues to outperform gold, underpinned by a potent combination of structural and cyclical drivers. Robust industrial demand—fuelled by rapid expansion in AI infrastructure, data centres, solar energy, electric vehicles, and advanced electronics—has emerged as a key support. This demand strength is being reinforced by persistent global supply deficits, as mine output continues to lag underlying consumption growth. In parallel, silver is also benefiting from safe-haven and inflation-hedge flows amid ongoing macro uncertainty. Additionally, momentum-driven participation, including FOMO (Fear of Missing Out)-led buying during technical breakouts, has amplified upside moves, further strengthening silver’s relative performance versus gold.

— Ponmudi R, CEO at Enrich Money

COMEX Silver has surged to around $117.34 and is currently consolidating in the $116.80–$119 range after marginal profit-taking. The breakout above the critical $118–$120 psychological zone is now confirmed, with prices trading well above all key moving averages and within a steeply rising channel.

Ponmudi R, CEO at Enrich Money

MCX Gold continues to mirror global strength, supported by a relatively stable USD/INR in the 91.90–92.10 zone, and has recorded a fresh all-time high of ₹1,77,939. The rising channel structure remains firmly intact, with the ₹1,65,000 to ₹1,66,000 zone acting as a strong dynamic support base. Every intraday dip is being absorbed aggressively, reinforcing the dominance of buyers. A clear and sustained breakout above the ₹1,80,000 band could quickly open the path toward ₹1,85,000 to ₹1,90,000, with a psychological extension toward ₹2,00,000 increasingly likely if global momentum sustains. Overall, the bias remains strongly bullish with the trend firmly in control.

Ponmudi R, CEO at Enrich Money

The biggest risk of holding metals at record highs is the opportunity cost.

• Earnings vs. Inertia: An ounce of gold/silver produces no cash flow. In contrast, the Nifty 50 companies reinvest profits to grow and reward investors by returning cash (in the form of dividends) and through capital appreciation. Since its inception, the Nifty 50 (TRI) has matched or exceeded gold’s CAGR of ~13.2% while providing far superior liquidity compared to holding physical metal.

• The Tax Alpha: In the 2026 tax landscape, Indian equities offer a ₹1.25 Lakh annual exemption on Long-Term Capital Gains (LTCG). Physical gold and silver have no such exemption and require a longer holding period to qualify for lower tax rates.

— WhiteOak Capital MF

The Gold-to-Silver Ratio (GSR) measures the relative value between the two metals.

• The Compression: Based on current prices, the ratio has collapsed to approximately 46:1.

• The Warning: Historically, the 10-year ratio averages close to 80:1. When it drops below 50:1, silver is no longer cheap. In previous cycles, a ratio this low has preceded a mean reversion, during which silver prices corrected significantly faster than gold.

— WhiteOak Capital MF

WhiteOak Capital Mutual Fund has released a report – Gold is Talking, Silver is Screaming: A Case of Prudent Repositioning. In the language of commodities, Gold is supposed to be the steady narrator of macroeconomic health. When it “talks”, it mainly signals geopolitical tensions, systemic risks inside or outside major global economies, and may portend currency devaluation because of the above risks. But when Silver begins to “scream”, outperforming gold with high velocity/parabolic moves, it often signals the final, speculative stage of a run; one that historically ends against investors’ best interests.

— WhiteOak Capital MF

Gold has crossed our earlier target of USD 5000, and we believe that this metal, unlike silver, which is now possiblynegatively biased, is on a structural bull run. While multiple geopolitical risks have magnified the move and may be subject to news-based volatility, we believe the world has increasingly become fractured in the medium term, and hence demand for valuable resources will do two things: push up commodity prices and push demand for gold as a strategic reserve for the credibility of regional currency blocs. Assessing gold price movements based on the past may no longer work, as we believe the world is witnessing a once-in-a-century phenomenon and that gold could head much higher over the next 2 years, possibly crossing $8000 by 2027.

— Sandip Raichura, CEO of Retail Broking and Distribution & Director, PL Capital

The ongoing rally remains supported by a confluence of macro and geopolitical factors. Heightened geopolitical uncertainty—including renewed tariff tensions with key allies, risks surrounding Venezuela and Iran, strategic concerns linked to Greenland, and the rising probability of a U.S. government shutdown—has reinforced demand for safe-haven assets. This is further complemented by growing safe-haven flows amid signs of slowing global growth, elevated U.S. debt levels, and a structurally weakening U.S. dollar. Persistent central-bank buying, alongside broader de-dollarisation trends, has added to the underlying support. In addition, Federal Reserve policy expectations continue to point toward steady to lower interest rates over an extended period, providing a favourable liquidity backdrop. Against this setting, any minor pullbacks are being met with strong buying interest, keeping the broader outlook decisively bullish.

— Ponmudi R, CEO at Enrich Money

COMEX Gold is trading near the $5,558 zone after registering a fresh all-time high of $5,626 earlier today. The broader uptrend remains firmly intact, with prices holding well above the rising channel and the 20-day EMA near $5,379, clearly reflecting sustained bullish momentum. The earlier resistance band around $5,600 has now decisively turned into a strong support zone, confirming the strength of the ongoing bull phase. A sustained breakout above $5,600 is likely to trigger the next impulsive leg higher toward $5,700–$5,800 in the near term.

— Ponmudi R, CEO at Enrich Money

US Fed Chair Jerome Powell warned that the US budget deficit is unsustainable, underscoring longer-term fiscal risks that complicate the policy backdrop.

Policy uncertainty around growth, trade, and fiscal sustainability tends to pressure the USD, increasing volatility expectations. If this environment continues, gold and silver benefit as a softer or range-bound USD would support precious metals. Also, heightened uncertainty boosts safe-haven demand as investors seek assets less exposed to policy error or fiscal strain.

— Ross Maxwell, Global Strategy Operations Lead at VT Markets

Analysts at Standard Chartered were quoted as saying in a note by Reuters that the silver market is forecast to deliver yet another deficit this year, but the real market tightness stems from the reduced availability of above-ground stocks.

The rally came amid reports of former US President Donald Trump threatening military action against Iran, alongside a firm US Federal Reserve policy stance and a softer dollar, all of which supported precious metals.

Following strong gap-up opening on COMEX, the MCX gold rate today opened with an upside gap and touched a new peak of ₹1,75,869/10 gm.

Following strong gap-up opening on COMEX, the MCX silver rate today opened with an upside gap and touched a new peak of ₹4,07,456 per kg. While climbing to this new high, the MCX silver price touched ₹4 lakh per kg for the first time.

According to a Reuters report, gold prices also found support on Thursday after crypto firm Tether announced plans to invest 10%–15% of its portfolio in physical gold.

On the geopolitical front, U.S. President Donald Trump on Wednesday called on Iran to engage in talks and reach an agreement on nuclear weapons, cautioning that any future U.S. military action would be significantly harsher. In response, Tehran warned of retaliatory strikes against the U.S., Israel, and their allies.

On Wednesday, the US Federal Reserve kept interest rates unchanged in line with expectations. Fed Chair Jerome Powell noted that inflation in December likely remained well above the central bank’s 2% target.

Spot silver climbed 1.3% to $118.061 per ounce, after touching a record high of $119.34 earlier in the session.

Gold prices in the international market continued their bull run on Thursday, reaching a new record high of $5,591.16 an ounce as investors flocked to safe-haven assets amid geopolitical and economic uncertainty.

Gold, Silver Rate Today LIVE: Gold and silver prices continued their record breaking rally Thursday on safe-haven buying amid geopolitical and economic tensions, and after the US Federal Reserve’s policy.