Gold, silver hit record highs amid US‑Venezuela tensions, easing dollar

The rates of gold and silver surged by over 1% to hit fresh record highs on Tuesday, driven by safe-haven demand, notably due to escalating US-Venezuela tensions. 

MCX gold February futures rose 1.2% to an all‑time high of ₹1,38,381 per 10 grams and were up 1.01% as of 10.48 am.

MCX silver surged 1.7% to a record high of ₹2,16,596 per kilogram and was up 1.30% as of 10.48 am. The dollar index had declined 0.20% during the session, making gold cheaper in overseas currencies.

Heightened geopolitical uncertainty, notably escalating US‑Venezuela tensions, has underpinned the rally, analysts said.

The US Coast Guard this month seized a super tanker under sanctions carrying Venezuelan oil and tried to intercept two more Venezuela‑related ships over the weekend, heightening tensions, according to multiple reports.

“Safe haven bidding is featured to start a holiday‑shortened trading week, amid heightened geopolitical tensions,” Rahul Kalantri, VP Commodities, Mehta Equities Ltd, said.

Intensifying US-Venezuela tensions and the killing of a Russian army general in a bomb attack on Monday increased geopolitical risk and supported gold and silver, Kalantri said.

Both precious metals also gained after cooling-off US inflation and no bigger surprise from the Bank of Japan policy meetings last week, he added.

Gold has support at the ₹1,35,550-1,34,710 zone, while resistance is at the ₹ 1,37,650-1,38,470 levels.

Silver has support at ₹2,11,150-2,10,280 zone while resistance is at ₹2,13,810, 2,14,970 levels, the analyst said.

Aggressive central bank buying, expectations of US Fed rate cuts, concerns over the impact of US tariffs, geopolitical tensions, and robust inflows into gold and silver ETFs drove the gold and silver prices this year.

Domestic spot gold prices have surged 76% year‑to‑date and international gold prices almost 70% in 2025, on track for their strongest annual performance since 1979.

Both domestic and international prices of silver have gained about 140% YTD.

(This story was taken from syndicated feed and was only edited for style by Gujarat Samachar Digital team)