New Delhi, Dec 23 || The rates of gold and silver surged by over 1 per cent to hit fresh record highs on Tuesday, driven by safe-haven demand, notably due to escalating US-Venezuela tensions.
MCX gold February futures rose 1.2 per cent to an all‑time high of Rs 1,38,381 per 10 grams and were up 1.01 per cent as of 10.48 am.
MCX silver surged 1.7 per cent to a record high of Rs 2,16,596 per kilogram and was up 1.30 per cent as of 10.48 am. The dollar index had declined 0.20 per cent during the session, making gold cheaper in overseas currencies.
Heightened geopolitical uncertainty, notably escalating US‑Venezuela tensions, has underpinned the rally, analysts said.
The US Coast Guard this month seized a super tanker under sanctions carrying Venezuelan oil and tried to intercept two more Venezuela‑related ships over the weekend, heightening tensions, according to multiple reports.
“Safe haven bidding is featured to start a holiday‑shortened trading week, amid heightened geopolitical tensions,” Rahul Kalantri, VP Commodities, Mehta Equities Ltd, said.