Shares of MMTC Limited jumped above 9% in intraday trade on Wednesday, tracking a sharp rise in gold and silver prices in the domestic and the global markets. The stock saw strong buying interest as precious metals climbed to fresh highs.

Meanwhile, benchmark indices are facing volatility in today's trade, with the Nifty50 currently down by 0.14%, and the Sensex declining by 123 points or 0.15%. Nifty Metal emerged as a top performer amongst other sectoral indices, rising by 2.56% to 11,644.80. 

MMTC, a state-owned trading enterprise, is engaged in the import and export of precious metals, including gold and silver, along with other commodities. 

As per analysts, gold prices surged amid a combination of global uncertainty, expectations around interest rate cuts by major central banks, and continued geopolitical tensions, while silver also posted strong gains on the back of industrial demand and safe haven buying. 

What analysts say about the surge in gold and silver prices

Ponmudi R, CEO, Enrich Money, says that gold and silver have surged sharply in early January 2026, scaling fresh record highs, driven by a powerful combination of safe-haven demand, geo-political uncertainty, and supportive macro conditions. "The rally has been fueled by heightened concerns around US central bank independence following reports of a U.S. criminal probe into Federal Reserve Chair Jerome Powell, which has unsettled markets and weakened confidence in monetary policy neutrality."

According to him, escalating geopolitical tensions—including renewed unrest in Iran, tighter U.S. sanctions, and President Trump’s “Maximum Pressure 2.0” stance with proposed tariffs on countries trading with Iran have amplified risk aversion globally. Adding to this, weaker U.S. jobs data has strengthened expectations of Fed rate cuts in 2026, further supporting precious metals.

"Beyond macro uncertainty, structural demand remains strong, led by continued central bank gold accumulation and rising industrial consumption of silver driven by solar, EVs, AI infrastructure, and electronics, even as supply constraints persist," Ponmudi says. 

The stock hit a 52-week high of ₹88.20 in May 2025 and touched a 52-week low of ₹42.55 in April 2025.

Technical outlook

Speaking on MCX Gold, Ponmudi says that it is trading close to the recent session high of ₹1,42,949 and continues to display strong positive momentum. The structure remains firmly bullish, with a clear higher-high and higher-low formation within a rising channel. 

A breakout above ₹1,43,000 could extend the rally toward ₹1,45,000–₹1,48,000 in the near term. The preferred buy-on-dips zone remains ₹1,38,000–₹1,40,000, keeping the broader strategy decisively bullish as long as this support holds.