On the international market, gold prices crossed the $4,700 per ounce mark for the first time on Tuesday, while silver hovered near record highs. Spot gold rose more than 1% to reach a record high of $4,721.91. Meanwhile, U.S. gold futures for February delivery rose 2.8% to $4,722.70 an ounce.
On the MCX, gold found support at Rs 1,44,800 – Rs 1,44,100, with resistance at Rs 1,46,350 – RS 1,47,000, said Manoj Kumar Jain of Prithvi Finmart. The strategy remains to buy gold on dips while maintaining a stop loss below Rs 1,44,000, he added.
“This current surge in gold and silver prices is largely driven by global uncertainty and geopolitical tensions, which are pushing investors toward gold as a safe haven. Strong international demand, coupled with concerns about inflation and potential trade disruptions from the Trump tariffs, are the main trigger driving prices of both precious metals to new highs,” said Colin Shah of Kama Jewelry.
Outside Europe, persistent geopolitical risks continue to keep investors on edge. Continued uncertainty surrounding Venezuela, fragile US-Iran relations despite recent calm, and the still unresolved conflict between Russia and Ukraine mean global markets remain cautious and gold remains well supported.
At the same time, the Indian rupee has weakened sharply since early 2026. USD/INR futures for January on the NSE are trading above 91, reflecting a depreciation of over one rupee so far this year. This has created a double benefit for domestic investors as rising global gold prices coupled with a weaker rupee combine to boost returns on gold investments in India.
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