Daijiworld Media Network - New Delhi

New Delhi, Jan 5: Precious metals opened sharply higher on Monday, with gold and silver gaining on safe-haven demand after the United States captured Venezuelan President Nicolas Maduro over the weekend.

MCX gold February futures rose 1.47% to Rs 1,37,750 per 10 grams around 1:30 p.m., while MCX silver March futures surged 2.92% to Rs 2,43,223 per kg. Both remain below the December 2025 record highs of Rs 1,40,465 per 10 grams for gold and Rs 2,54,174 per kg for silver.

In domestic spot markets, 24-carat gold was quoted at Rs 1,35,721 per 10 grams, up from Rs 1,34,415 at the previous close, according to the India Bullion and Jewellers Association (IBJA). In the international market, US spot gold climbed 1.5% to $4,395.35 per ounce, with February futures trading above $4,418 per troy ounce.

Analysts said the US operation in Venezuela added to existing drivers for bullion, including geopolitical uncertainty around Russia Ukraine peace talks, hopes for further US Federal Reserve rate cuts, strong retail demand, and a slightly weaker rupee. Russia’s recent claim of a drone attack on the President’s residence has further clouded prospects of peace, bolstering safe-haven buying.

“Gold has support at Rs 1,35,550-1,34,710 and resistance at Rs 1,38,150-1,39,100. Silver has support at Rs 2,33,150-2,31,780 and resistance at Rs 2,37,810-2,39,970,” said an analyst.

Investors are also watching upcoming US economic data, including ISM Manufacturing, ADP employment figures, JOLTS job openings, and the non-farm payrolls report, which could influence Federal Reserve rate decisions.

Gold had surged nearly 66% in CY25, topping $4,500 per ounce, while silver outperformed with a 171% gain, driven by safe-haven demand, aggressive central-bank buying, and industrial supply shortages.