23 December,2025 01:48 PM IST | Mumbai | mid-day online correspondent
Representational Image. File Pic
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.
As reported by news agency IANS, the MCX gold February futures rose 1.2 per cent to an allâÂÂtime high of Rs 1,38,381 per 10 grams and were up 1.01 per cent as of 10:48 am.
Meanwhile, the gold prices in Mumbai stood at Rs. 136,300 (24-carat) for 10 grams. However, despite the surge in price of the yellow metal, the demand for gold jewellery across the country has been experiencing a hike in the last few days amid the wedding season.
While the MCX silver also surged 1.7 per cent to a record high of Rs 216,596 per kilogram and was up 1.30 per cent as of 10:48 am. Gold is something that has been catching the attention of every potential buyer in the last few months.
Considering that the dollar index had declined 0.20 per cent during the session, the prices of gold were cheaper in overseas currencies.
While the MCX market showed a decent hike in prices of gold, the prices for 10 grams of 24-carat gold in Delhi stood at Rs. 1,36,440 for 10 grams. Furthermore, the prices of 10 grams of 22-carat gold in the national capital stood at Rs. 1,25,090.
With 24-carat gold costing Rs. 136,300 for 10 grams in Mumbai, the 22-carat gold was recorded at Rs. 124,950 for 10 grams. While the market for gold jewellery is massive in Mumbai, the price surge has been a demotivating factor amid the customers looking to buy jewellery.
Intensifying US-Venezuela tensions and the killing of a Russian army general in a bomb attack on Monday increased geopolitical risk and supported gold and silver, Kalantri said.
Both precious metals also gained after cooling-off US inflation and no bigger surprise from the Bank of Japan policy meetings last week, he added.
Gold has support at the Rs 1,35,550-1,34,710 zone, while resistance is at the Rs 1,37,650-138,470 levels, as per IANS.
Silver has support at the Rs 2,11,150-2,10,280 zone, while resistance is at the Rs 2,13,810 and 2,14,970 levels, the analyst said.
Aggressive central bank buying, expectations of US Fed rate cuts, concerns over the impact of US tariffs, geopolitical tensions, and robust inflows into gold and silver ETFs drove the gold and silver prices this year.
Domestic spot gold prices have surged 76 per cent yearâÂÂtoâÂÂdate, and international gold prices have risen almost 70 per cent in 2025, on track for their strongest annual performance since 1979. Both domestic and international prices of silver have gained about 140 per cent YTD, with inputs from IANS.
(With inputs from IANS)
