Precious metals markets witnessed a historic rally on Monday, with both gold and silver prices shattering previous records to set new all-time highs in international and domestic trading.
Unprecedented Price Surge in Bullion
In a remarkable surge, February gold futures on the Multi Commodity Exchange (MCX) leaped by over ₹1,700 to scale a historic peak of ₹1,36,646 per 10 grams. This rally mirrored the momentum in international markets, where spot gold on Comex pierced the $4,400 per ounce level for the very first time.
The rally was not confined to gold. Silver also joined the record-breaking spree. March silver futures on MCX sprinted to ₹2,14,583 per kilogram, following a strong global trend where the metal topped $69 per ounce.
Physical Market Echoes the Rally
The record-setting trend was firmly reflected in the physical markets across India. According to sources, 24-karat gold was quoted at a new high of ₹1,36,300 per 10 grams in the domestic market, marking a sharp increase of ₹1,970. In Delhi, silver prices jumped by a substantial ₹5,000 to reach ₹2,19,000 per kilogram.
Expert Views on the Driving Forces
Market experts and industry leaders pointed to a confluence of global factors fueling this relentless rally in precious metals. Surendra Mehta, National Secretary of the Indian Bullion and Jewellers Association, attributed the soaring prices to sustained liquidity measures by the US Federal Reserve. "Gold prices are skyrocketing as the US Fed keeps pumping liquidity," Mehta stated. He further highlighted that "central banks are still buying gold aggressively," providing a solid base for demand.
Adding another dimension to the analysis, Avinash Gupta, Vice-Chairman of the All-India Gem & Jewellery Domestic Council, noted that "geopolitical tremors are adding fuel" to the bullish sentiment. Ongoing global uncertainties are driving investors towards traditional safe-haven assets like gold and silver.
This record-breaking session underscores the strong bullish undercurrent in the commodity markets, with investors flocking to precious metals amid expansive global monetary policies and geopolitical instability.
