The price of precious metals including gold and silver opened sharply higher on Monday
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NEW DELHI — The price of precious metals including gold and silver opened sharply higher on Monday boosted by safe haven demand due to the United States capturing Venezuelan President Nicolas Maduro over the weekend.
MCX gold February futures were 1.47 per cent up at Rs 1,37,750 per 10 grams around 1:30 p.m., while MCX silver March futures rose 2.92 per cent to Rs 2,43,223 per kg, though both remain below December 2025 record highs of Rs 1,40,465 per 10 grams and Rs 2,54,174 per kg.
MCX futures had reached higher levels during the intra-day trading but could not sustain those levels. The price of 10 grams of 24-carat gold was at Rs 1,35,721 on Monday up from Rs 1,34,415 on the last closing date, according to data published by the India Bullion and Jewellers Association (IBJA).
Meanwhile US spot gold had surged 1.5 per cent to $4,395.35 per ounce and February futures climbed above $4,418 per troy ounce.
The US' operation in Venezuela added to existing drivers for bullion, including uncertainty over Russia‑Ukraine peace talks, hopes of further US Federal Reserve rate cuts and stronger retail demand, while the rupee easing relative to dollar supported domestic prices.
The progress of Russia‑Ukraine peace became uncertain after Russia claimed a drone attack on the Russian President’s residence. Analysts said that geopolitical tensions and safe‑haven buying could support prices at lower levels.
"Gold has support at Rs 1,35,550-1,34,710 while resistance at Rs 1,38,150-1,39.100. Silver has support at Rs 2,33,150-2,31,780 while resistance at Rs 2,37,810, 2,39,970," an analyst said.
Investors also await cues such as ISM Manufacturing data from the US, ADP employment figures, JOLTS job openings, and the non-farm payrolls report, which could offer more clues on the upcoming Fed rate decisions.
Gold had surged nearly 66 per cent in CY25, surpassing $4,500 per ounce, while silver outperformed with a 171 per cent rise, fuelled by safe-haven demand, aggressive central-bank buying, and mounting industrial supply shortages.