Silver futures hit record Rs 3.59 lakh/kg; gold scales new peak Rs 1.59 lakh/10g

New Delhi: Silver prices surged to hit a record of Rs 3.59 lakh per kg in the futures trade on Tuesday, while gold touched a lifetime high of Rs 1.59 lakh per 10 grams, driven by robust investor demand amid persistent geopolitical and economic uncertainties.

On the Multi Commodity Exchange (MCX), silver for March delivery zoomed Rs 25,101, or 7.5 per cent, to touch a record of Rs 3,59,800 per kilogram.

Last week, the white metal had registered a steeper rally, soaring by Rs 46,937, or 16.3 per cent, to breach the Rs 3 lakh per kilogram mark for the first time.

Gold futures also extended their record-breaking run, with the February contract climbing by Rs 3,783, or 2.42 per cent, to Rs 1,59,820 per 10 grams.

The yellow metal had jumped Rs 13,520 or 9.5 per cent, over the past week.

Analysts attributed the surge in bullion prices to rising safe-haven demand as traders sought shelter amid global market turbulence triggered by geopolitical strains and policy jitters.

Silver and gold prices surged sharply to hit record highs on Tuesday, as investors accelerated their shift toward safe-haven assets.

Heightened geopolitical risks and renewed trade tensions, particularly from President Donald Trump's threat to raise tariffs on South Korean imports, weighed on global market sentiment, Rahul Kalantri, VP Commodities, Mehta Equities Ltd, said.

Kalantri added that growing concerns over fiscal discipline and policy credibility eroded confidence in sovereign bonds and currencies, prompting a shift into assets like gold and silver.

According to commodities market experts, traders will also shift their focus to the Union Budget 2026, to be presented by Finance Minister Nirmala Sitharaman on February 1, which could influence domestic bullion sentiment through changes in import duties and fiscal measures.

Domestic commodities had remained shut on Monday on account of the 77th Republic Day.

In the international market, Comex silver futures for March delivery dropped by USD 7.2, or 6.27 per cent, to USD 108.26 per ounce as investors booked profits at elevated levels.

In the previous session, the white metal had touched a record of USD 117.26 per ounce. The metal had breached the key USD 100 per ounce per level on Friday for the first time.

Similarly, Comex gold futures for February delivery slipped USD 26.25, or 0.51 per cent, to USD 5,096.05 per ounce on Tuesday, after touching a new record of USD 5,107.9 per ounce in the previous session.

On Friday, gold had crossed the psychological USD 5,000 per ounce mark in overseas trade for the first time.

Investors are weighing the upcoming US Federal Reserve policy decision, though concerns about the Fed's independence and speculation that Trump may announce a new Fed chair this week have overshadowed the meeting, Jigar Trivedi, Senior Research Analyst at Reliance Securities, said.

Trivedi further noted that silver and other precious metals have benefited from the "debasement trade," with investors shifting from bonds and currencies into real assets amid growing unease over heavy fiscal spending in major economies.