Mumbai: Gold and silver prices touched record highs on Wednesday amid sharp volatility in global markets. Rising geopolitical tensions, fears of a global trade war, and weakening confidence in US assets pushed investors towards safe-haven metals. As a result, both gold and silver crossed levels never seen before, creating a historic moment for bullion markets worldwide.
Global Factors Drive Sharp Rally
Internationally, gold prices surged beyond USD 4,700 per ounce for the first time, while silver crossed the USD 95 per ounce mark. The rally was triggered by growing geopolitical stress and comments made by US President Donald Trump regarding Greenland, which reignited fears of trade conflicts. Market experts say a weaker US dollar and declining trust in American assets further fuelled the rise in precious metals.
Strong Opening on MCX
In the domestic futures market, gold saw a strong start. MCX Gold opened higher by Rs 2,751 at Rs 1,53,316 per 10 grams, marking a rise of nearly 1.83 percent. During early trade, gold moved in the range of Rs 1,51,575 to Rs 1,53,831 and touched its lifetime high of Rs 1,53,831.
Silver also opened with solid gains. MCX Silver rose by Rs 2,196 to open at Rs 3,25,868 per kg. In early trade, silver fluctuated between Rs 3,20,007 and Rs 3,25,900 per kg, indicating strong buying interest.
Sharp Jump in Physical Market
In the physical market, prices also climbed sharply. According to IBJA rates, 24-carat gold was priced at Rs 1,47,409 per 10 grams. Silver prices stood at Rs 3,09,345 per kg. This sudden rise surprised jewellers and customers, especially as it comes during the wedding season when demand is usually high but stable.
Why Prices Are Rising?
Experts say the main reason behind the surge is growing trade tension between the US and Europe. Political uncertainty increases fear in global markets, leading investors to move money out of equities and currencies into gold and silver. Silver prices are also supported by rising industrial demand and growing interest from investors as an alternative store of value.
