New Delhi, Jan 23 || Gold and silver prices surged to record highs on Friday, as the US dollar weakened and geopolitical tensions surged over threats of US intervention in Iran.
MCX gold February futures rose 1.23 per cent to Rs 1,58,261 per 10 grams around 11.25 am. Meanwhile MCX silver March futures rose 2.63 per cent to Rs 3,35,900 per kg.
International markets also saw gold trading near historic highs, holding firm around the $4,951 zone after marking a fresh record at $4,967.
The prior resistance band of $4,900–$4,940 turned into a support zone, an analyst said, adding, the broader outlook remains firmly bullish due to steady central-bank accumulation and expectations of accommodative global liquidity.
COMEX silver surged to fresh all-time highs near $98.92 and consolidated around $98.30–$98.70 after mild profit booking.
US President Donald Trump said that the United States has an “armada” heading toward Iran but hoped he would not have to use it. Trump reiterated his warnings to Tehran against restarting its nuclear programme.