Gold and silver prices surged to new record levels on Tuesday morning, December 23, driven by positive global cues. MCX February gold futures rose 1.2% to hit an all-time high of ₹1,38,381 per 10 grams, while MCX silver jumped 1.7% to ₹2,16,596 per kg. By 10:10 am, gold was trading 1.08% higher at ₹1,38,214, and silver was up 1.51% at ₹2,16,090.
The rally was fueled by rising geopolitical tensions between the U.S. and Venezuela and a weaker dollar, which fell 0.20%, making gold cheaper for overseas buyers. Recent U.S. actions, including the seizure of a Venezuelan supertanker, added fresh momentum to the safe-haven demand.
Domestic gold prices have climbed 76% year-to-date, while silver has soared over 142%, supported by central bank purchases, ETF inflows, and expectations of U.S. rate cuts. Aksha Kamboj of IBJA noted that inflation concerns, geopolitical uncertainty, and easing interest rate expectations are sustaining gold’s rally, with short-term range-bound trading likely but a positive long-term outlook for investors.
