Gold prices surged to a fresh all-time high on Tuesday, extending a powerful rally driven by a weaker dollar and rising global uncertainty. Escalating tensions between the US and Venezuela have renewed safe-haven buying, pushing both gold and silver sharply higher in domestic and global markets.
On the Multi Commodity Exchange (MCX), gold February futures jumped 1.2 percent to a record ₹1,38,381 per 10 grams. Silver prices rose even faster, with MCX silver climbing 1.7 percent to an all-time high of ₹2,16,596 per kg.
By around 10:10 am on Tuesday, gold was trading 1.08 percent higher at ₹1,38,214 per 10 grams, while silver was up 1.51 percent at ₹2,16,090 per kg.
The rally in precious metals was supported by a fall in the dollar index, which slipped about 0.20 percent during the session. A weaker dollar makes gold cheaper for holders of other currencies, boosting global demand.
Geopolitical concerns added further momentum. Tensions between the US and Venezuela have emerged as a fresh trigger for safe-haven buying.
Gold has already been one of the strongest-performing assets this year. Domestic spot gold prices are up about 76 percent year-to-date, while international prices have risen nearly 70 percent so far in 2025. This puts gold on track for its strongest annual performance since 1979, when prices surged during a major inflation shock.
Silver has outperformed even gold. Domestic spot silver prices have jumped more than 140 percent this year, supported by both safe-haven demand and strong industrial usage.
Aksha Kamboj, vice-president of India Bullion and Jewellers Association, said gold’s rise reflects sustained demand for safety amid inflation worries and geopolitical stress. While prices may remain range-bound in the short term, she expects the long-term outlook to stay positive.
Analysts also flagged key levels to watch. In the domestic market, gold faces resistance near ₹1,38,470, while silver resistance is seen around ₹2,14,970, with overall sentiment remaining bullish as long as global uncertainty persists.