Gold and Silver Prices Hit Record Highs Amid Geopolitical Tensions

Gold prices surged to a new high, driven by strong demand amid geopolitical and trade tensions. On the Multi Commodity Exchange, gold futures hit a record of Rs 1,27,500 per 10 grams, while silver also witnessed gains. Federal Reserve hints at monetary easing further supported the bullion market.

Gold prices soared on Wednesday, reaching an unprecedented high of Rs 1,27,500 per 10 grams in domestic futures trading. This increase was mirrored globally, with the yellow metal climbing past the USD 4,200 per ounce benchmark due to heightened demand for safe-haven assets.

The rush to secure gold was prompted by the resurgence of geopolitical and trade uncertainties, exacerbated by recent remarks from Federal Reserve Chair Jerome Powell regarding potential monetary easing. As a result, gold futures on the Multi Commodity Exchange surged for the fourth consecutive session.

Silver also followed the upward trend, with futures for December delivery rising significantly. The market was further influenced by the escalation in US-China trade tensions, underscoring gold's appeal during times of volatility.

(With inputs from agencies.)