Gold and Silver Surge Amid Geopolitical Tensions and Federal Reserve Probe

Gold and silver prices soared to new highs in domestic and international markets due to geopolitical tensions and a federal probe into Federal Reserve Chair Jerome Powell. As uncertainty prevails, safe-haven assets like gold and silver have become increasingly attractive to investors.

On Monday, gold and silver futures reached new heights in both domestic and international markets. This surge occurred as investors turned to safe-haven assets amid escalating geopolitical tensions and a probe into the US Federal Reserve and its Chair.

Federal Reserve Chair Jerome Powell revealed that the central bank received subpoenas from the Department of Justice, which also threatened a criminal indictment concerning his testimony about the Fed's USD 2.5-billion renovation project. The project received criticism from President Donald Trump for its perceived excessiveness.

On the Multi Commodity Exchange, February gold futures rose by Rs 2,431, or 1.8%, reaching a record Rs 1,41,250 per 10 grams. Silver futures for March also saw significant increases. Globally, gold and silver prices followed a similar upward trajectory due to growing concerns about the stability of US monetary policy and increased geopolitical tension.

(With inputs from agencies.)