Mumbai, Jan 23 — Gold and silver prices touched all-time highs on Friday at the Multi Commodity Exchange (MCX), tracking a weak US dollar and expectations of a rate cut by the Federal Reserve.
The March silver contract jumped Rs 12,638, or nearly 4%, to Rs 3,39,927 per kg, while February gold rose by Rs 2,885 to Rs 1,59,226 per 10 grams, marking a fifth consecutive day of gains.
“Investors are seeking safe havens amid geopolitical tensions and economic uncertainty,” said a market analyst. “This has pushed both gold and silver to historic levels.”
On international markets, silver crossed $99 per ounce for the first time, and gold neared $5,000 per ounce. Prices were recorded at $4,970 per ounce globally. Analysts noted that political developments in Europe, US Federal Reserve moves, and tariff statements by President Donald Trump have affected market sentiment.
“Fears of supply shortages due to China’s strict export restrictions have further propelled silver prices,” said another market observer. The weekly gains for silver are the strongest since March 2020.