Gold prices continued their upward trend, setting new record highs in both global and domestic markets. Investors are flocking to safe-haven assets amidst expectations of US interest rate cuts and escalating geopolitical tensions. On the Multi Commodity Exchange (MCX), gold futures for February delivery surged by 1% to reach a new peak of Rs 1,39,550 per 10 grams, inching closer to the Rs 1.4 lakh mark. This marks the fourth consecutive day of record highs for gold, with prices soaring approximately 10% this month and a remarkable 81% in 2025.
Silver prices also saw significant gains, with March silver futures on MCX spiking by Rs 11,457 per kilogram, a 5.1% increase, to touch an all-time high of Rs 2,35,247. Silver’s year-to-date gains have now reached an impressive 167%. The rally was not limited to domestic markets, as spot gold in international markets surged to a new peak of $4,530.60 per ounce, while spot silver surpassed $75 per ounce for the first time, reaching $75.64.
The bullish trend extended to other precious metals as well. Spot platinum recorded a 9.3% jump to $2,465.20 per ounce after hitting an all-time high earlier in the session. Palladium also experienced significant gains, rising by 8.6% to $1,942 per ounce, following a three-year high in the previous session. Major precious metals are on track for weekly gains, with platinum showing its strongest weekly rise on record.
Analysts attribute the surge in platinum and palladium prices to tight supply conditions, uncertainties surrounding tariffs, and a shift in some investment demand away from gold. Platinum prices have surged by about 170% this year, while palladium has seen an increase of over 90%.
