Gold extended its record-breaking run to breach the Rs 1.5 lakh per 10-gram mark in futures trade on Tuesday, while silver surged to a lifetime high of Rs 3.27 lakh per kg as investors rushed to safe-haven assets amid mounting global tensions.
On the Multi Commodity Exchange (MCX), gold futures for February delivery climbed Rs 6,861, or 4.7 per cent, to record Rs 1,52,500 per 10 grams after settling at Rs 1,45,639 per 10 grams in the previous session.
Analysts said the yellow metal has been on a relentless upward trajectory since the start of 2026, tracking record gains in the international prices and a weaker rupee.
Silver, too, continued its blistering rally for the second straight session, appreciating by Rs 17,723, or nearly 6 per cent, to hit a new record of Rs 3,27,998 per kilogram on the MCX.
The white metal had breached the Rs 3 lakh milestone on Monday, before closing at Rs 3,10,275 per kg.
Over the last two trading sessions, silver has zoomed by Rs 32,187, or 11.18 per cent, from Rs 2,87,762 per kg recorded on January 16.
"Gold and silver prices surged to fresh record highs across global and Indian markets on Tuesday, driven by strong safe-haven demand amid rising geopolitical tensions and fears of a potential US-EU trade war," Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.
In the international market, Comex gold futures for February delivery climbed by USD 147.5, or 3.21 per cent, to hit a record of USD 4,742.9 per ounce.
Gold has hit a lifetime high on the Comex, crossing the USD 4,700 per ounce amid global tensions that continue to mount, NS Ramaswamy, Head of Commodity & CRM, Ventura, said.
He noted that markets have been rattled by President Donald Trump's renewed push to acquire Greenland, and Washington's plans to impose tariffs of 10 per cent from February 1 on eight European countries, including France, Germany, and the UK, with the threat of rates rising to 25 per cent by June.
The move has prompted a sharp reaction in Europe, with French President Emmanuel Macron having indicated invoking the EU's anti-coercion mechanism, while German Chancellor Friedrich Merz has urged a more measured approach to avert economic escalation.
Silver futures on the Comex crossed the USD 95 per ounce level for the first time in the overseas trade. The white metal for the March contract rose by USD 6.87, or 7.76 per cent, to USD 95.41 per ounce.
Ramaswamy said apart from the brewing trade war, lingering uncertainty in Venezuela, fragile US-Iran relations and the unresolved Russia-Ukraine conflict are keeping investors cautious and bullion prices well supported.
Adding to the domestic momentum, the Indian Rupee has also weakened USD/INR January futures on the NSE are trading above 91, marking a depreciation of over one rupee since the start of 2026.
Domestic participants are benefiting from two simultaneous drivers: rising global gold prices and rupee depreciation, together amplifying returns, he said.
Pankaj Singh, smallcase manager and Founder & Principal Researcher - SmartWealth.ai, said traders will now shift their focus to key global developments, including the postponed US Supreme Court ruling on Trump-era tariffs, that could sway currency moves, real yields, and safe-haven flows.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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