Daijiworld Media Network – New Delhi
New Delhi, Dec 23: Gold and silver prices soared to record highs in India on Monday, driven by bullish momentum in global markets and rising safe-haven demand amid escalating geopolitical tensions.
In the national capital, gold touched a lifetime high of Rs 1,38,200 per 10 grams, gaining Rs 1,685, while silver raced to an all-time peak of Rs 2,14,500 per kilogram (inclusive of all taxes), up Rs 10,400 per kg.
In Calcutta, pure gold climbed to Rs 1,33,950, a rise of Rs 1,600, while hallmark gold jumped Rs 1,500 to Rs 1,27,950. Silver bars rose to Rs 2,08,700 per kg, up Rs 4,000, and silver portions increased to Rs 2,08,800.
“Bullish momentum extended in bullion, with gold and silver surging to fresh record highs,” said Saumil Gandhi, Senior Analyst — Commodities at HDFC Securities.
Globally, gold jumped over 2% to a record $4,440.21 an ounce on Monday, driven by safe-haven flows as US-Venezuela tensions escalated. US gold futures for February delivery climbed nearly 2% to $4,471.1 per ounce. Silver also touched a new peak, with spot prices up 2.1% at $68.55 after hitting $69.44, marking a 136% rise so far this year.
“Investor interest in precious metals has grown significantly due to falling US interest rates, rising fiscal concerns, and uncertainty in the American economy,” Gandhi added.
Strong industrial and investment demand also supported silver prices. “Mining disruptions and limited inventories are creating supply shortfalls, pushing prices higher,” said Renisha Chainani, Head — Research at Augmont. She noted that a weak dollar and ongoing geopolitical tensions are expected to continue boosting safe-haven demand for silver.
Satish Dondapati, Fund Manager at Kotak Mutual Fund, said, “Silver’s record-high reflects both robust industrial use and heightened investment interest, mirroring the global rally in precious metals.”
With global economic uncertainties and geopolitical tensions continuing, analysts expect gold and silver prices to remain on an upward trajectory in the near term.