Gold price at ₹1.41 lakh, Silver crosses ₹2.65 lakh on MCX

Gold and silver prices touched record highs on Monday as markets reacted to the US Justice Department's escalation of tensions with the Federal Reserve and intensifying protests in Iran that heightened geopolitical risks. 

MCX gold February futures surged 1.46% to ₹1,40,838 per 10 grams, while MCX silver March futures rose 3.66% to ₹2,61,977 per kg.

Spot gold price surged 1.45% at $4,575.82 an ounce, after hitting a fresh record high of $4,601.17 level. Silver prices gained 4.85% to touch $83.19, after hitting a record high of $83.88.

Fed Chair Jerome Powell disclosed that the central bank had received grand jury subpoenas from the Justice Department tied to his June congressional testimony on renovations at the Fed’s headquarters. The development signalled sharp intensification of US President Donald Trump’s confrontation with the Fed and renewed concerns about the central bank’s independence.

The surge to fresh record highs was supported by rising geopolitical risks, increasing political pressure on the US Federal Reserve, and weaker-than-expected US employment data, which strengthened safe-haven demand, said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

Meanwhile, deadly demonstrations in Iran amplified safe‑haven flows, with markets weighing the chances of political upheaval and its implications for oil supplies. Trump had on Sunday indicated considering options on Iran, comments that added to uncertainty alongside other geopolitical flashpoints.

Last week’s US jobs report showed weaker‑than‑expected payroll gains, reinforcing expectations that the Federal Reserve will deliver further interest‑rate cuts this year.

“Gold has support at ₹1,34,550-1,32,310 while resistance at ₹1,41,350-1,43,670. Silver has support at ₹2,48,810 to 2,44,170 zone while resistance at ₹2,55,810 to 2,59,470 zone,” said analysts.

Gold gained over 4% last week, while silver rallied more than 7%. Russia's war in Ukraine, the US capture of Venezuela's President Nicolas Maduro, and Washington's renewed signals over taking control of Greenland also act as tailwinds for rally of precious metals.

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