Gold, silver prices surge to record highs on safe-haven demand

Gold and silver prices jumped to record highs on Monday on safe-haven appeal due to elevated geopolitical risks. Spot gold and silver surged to record highs above $4,690/oz and $94/oz respectively for the first time ever.

On the MCX, gold and silver topped Rs 1,45,000/10 grams and Rs 3,04,000/kg, respectively.

“Trump’s announcement of a 10 per cent tariff on EU nations has revived uncertainty around global trade and raised questions over the progress of the US–India trade deal,” said Jateen Trivedi, VP research analyst (commodity and currency), LKP Securities.

Silver prices, underpinned by tight physical supply, saw heightened volatility last week, briefly dipping toward $86/oz on delayed US tariffs and Chinese trading curbs, before rebounding to close near $90/oz.