New Delhi, Dec 26 || The gold prices surged over 0.5 per cent to record highs on Friday, due to rising geopolitical tensions and expectations for more US rate cuts next year.
MCX gold February futures rose 0.72 per cent to a record Rs 1,39,091 per 10 grams, while MCX silver March futures jumped 3.56 per cent to a record Rs 2,31,759 per kg, as of 10.10 am. Earlier in the day, silver futures had touched an intraday high of Rs 2,32,741 per kg.
Rising tensions between the US and Venezuela is the major factor driving gold prices higher. International markets also saw bullion rise higher as spot gold rose 0.5 per cent to $4,501.44 per ounce by 0209 Greenwich Mean Time (GMT) zone after earlier touching $4,530.60.
Traders are pricing in two quarter‑point Fed rate cuts in 2026, as inflation cools and labour market conditions soften, and when coupled with safe haven demand due to rising geopolitical tensions, fuelled defensive buying.