The prices of gold and silver rose significantly on Monday due to safe-haven demand following the United States’ capture of Venezuelan President Nicolas Maduro. MCX gold February futures were up by 1.47% at Rs 1,37,750 per 10 grams, while MCX silver March futures increased by 2.92% to Rs 2,43,223 per kg, although they remained below the record highs set in December 2025.
During intra-day trading, MCX futures reached higher levels but were unable to sustain them. The price of 24-carat gold per 10 grams was Rs 1,35,721 on Monday, up from Rs 1,34,415 on the previous closing date, as reported by the India Bullion and Jewellers Association (IBJA).
Meanwhile, US spot gold surged by 1.5% to $4,395.35 per ounce, and February futures surpassed $4,418 per troy ounce. The US operation in Venezuela, along with existing factors like uncertainty in Russia-Ukraine peace talks and hopes of further US Federal Reserve rate cuts, contributed to the bullish trend in bullion prices.
Geopolitical tensions, safe-haven buying, and the rupee’s depreciation against the dollar are expected to provide support for gold and silver prices at lower levels. Analysts mentioned specific support and resistance levels for both gold and silver, emphasizing the importance of upcoming US economic data in determining future Fed rate decisions.
In the previous year, gold saw a significant surge of nearly 66% and silver outperformed with a 171% rise, driven by safe-haven demand, central bank purchases, and increasing industrial supply shortages.
