Gold, silver continue to touch new highs, US dollar weakens

Gold and silver prices surged to record highs on Tuesday, amid persistent weakness in the US dollar and expectations of rate cuts by the US Federal Reserve.

MCX gold February futures rose 1.48 per cent to Rs 1,58,343 per 10 grams. Meanwhile, MCX silver March futures rose 6.56 per cent to Rs 3,56,670 per kg. Earlier in the day, gold had peaked to Rs 1,59,820 per 10 grams, up 2.4 per cent, before



profit-booking eased the price level.

International markets also saw gold and silver touching record highs, as geopolitical risks drove investors to safe-haven assets. 

Renewed fears of a government shutdown in the US and President Donald Trump’s new threats of 25 per cent tariffs on South Korean automobiles, lumber, and pharmaceutical imports added fuel to trade tensions.