Gold and silver continued their upward momentum on Monday, with both metals hitting record highs early in the day amid rising geopolitical tensions and economic uncertainty.
Silver Hits All-Time High
On the Multi Commodity Exchange (MCX), March silver futures surged to ₹2,63,996 per kilogram, marking an increase of ₹10,314 (over 4%)—an all-time high for the precious metal.
Gold Prices Also Rally
Gold saw strong gains as well. February gold futures rose to ₹1,41,250 per 10 grams, up from the opening price of ₹1,39,600, reflecting a ₹1,650 (1.4%) increase. The surge is attributed to heightened demand for safe-haven assets amid geopolitical risks, economic instability, unrest in Iran, and growing global trade tensions.
International Markets Also Reach Record Levels
Globally, gold surpassed $4,600 per ounce for the first time, while silver also touched record highs. Spot gold rose 1.3% to $4,469.49 per ounce, peaking at $4,600.33 during early trading. February gold futures in the U.S. increased 2% to $4,591.10 per ounce. The rally is fueled by global uncertainties and expectations of interest rate cuts in the United States.
Federal Reserve Developments Influence Prices
Adding to the volatility, U.S. Federal Reserve Chair Jerome Powell revealed on Sunday that he faced threats of criminal charges from the Trump administration regarding his testimony in Congress. Powell cited this pressure as a factor in potential interest rate cuts, which further boosted gold demand and drove prices higher.
The surge in both gold and silver reflects growing investor preference for safe-haven assets amid global economic and political instability.
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