Gold, Silver Shine as Safe-Haven Bets

Gold and silver prices surged sharply on Monday as safe-haven demand spiked following a major geopolitical shock, with reports of the United States capturing Venezuelan President Nicolás Maduro over the weekend. On MCX, February gold futures jumped 1.47% to ₹1,37,750 per 10 grams, while March silver futures rose 2.92% to ₹2,43,223 per kg, though both stayed below their December 2025 record highs.

Global cues added strength to the rally, with US spot gold climbing 1.5% to $4,395 per ounce amid uncertainty around Russia-Ukraine peace talks, expectations of further rate cuts by the Federal Reserve, and steady retail demand. A softer rupee against the dollar also supported domestic bullion prices. Analysts say ongoing geopolitical tensions could keep gold and silver supported, even if prices cool at higher levels.

Market participants are now eyeing key US data—including ISM Manufacturing, ADP jobs numbers, JOLTS, and non-farm payrolls—for fresh direction. Notably, gold has already surged nearly 66% in CY25, while silver has outperformed with a staggering 171% rise, driven by safe-haven buying, central-bank demand, and tightening industrial supply.