A process for producing encapsulated metal colloids useful as inorganic colored pigments, including, reacting one or more glass-forming components according to the sol-gel process to obtain a sol dispersing a metal salt in the resulting sol in the presence of an additional reducing agent to form metal colloids, converting the resulting dispersion into xerogel-encapsulated metal colloids by spray drying, heating the resulting xerogel-encapsulated metal colloids to density them. The present invention relates, furthermore, to inorganic colored pigments, in particular producible by the process of the invention, including metal colloids produced from metal salts and encapsulated in an encapsulation, the encapsulation being produced from glass-forming components according to the sol-gel process and being densified to a xerogel or glass, the proportion of metal colloid in the capsules being at least 80%.