“Saif Mukadam of ICICI Direct anticipates gold to outperform silver in 2026, driven by strong fundamentals such as central bank buying, de-dollarisation, fiscal concerns, and expected Fed rate cuts, alongside its role as a geopolitical hedge. However, he advises investors to wait for a pullback before accumulating due to an unfavorable risk-reward at current levels. He projects MCX gold support near ₹1,12,000 with upside to ₹1,55,000–₹1,60,000, and spot gold support around $3,500–$3,600 with upside to $4,800–$5,000.”