Gold and silver prices witnessed a sharp surge today with MCX gold nearing ₹1.60 lakh per 10 grams and silver jumping ₹15,000 to a record ₹2.68 lakh per kg. Global uncertainty, weak dollar trends, and tariff tensions boosted safe-haven demand.
Safe-Haven Rush Drives Gold and Silver Prices to Fresh Records
New Delhi: Today on February 23 the first trading day of the week, the commodity market witnessed significant activity. By 9:06 am on the Multi Commodity Exchange of India (MCX), gold rose by ₹3,023 (1.93%) to reach ₹1,59,899 per 10 grams. Silver, meanwhile, set a record-breaking performance, jumping ₹15,176 (6%) to a new high of ₹2,68,120 per kg. This surge has surprised investors.
Precious metals are also gaining momentum in the international market. Silver rose 3.1% to $87.10 per ounce, its highest level in two weeks. Spot gold jumped 1.2% to $5,163.60 per ounce, a three-week record. US gold futures are also trading 2% higher at $5,184.90.
US policy decisions are being considered the biggest reason for the rise. The dollar weakened after a US court struck down some of President Donald Trump's tariff decisions. Furthermore, global tariff tensions and geopolitical uncertainties have driven investors to safer investment options. In such an environment, gold and silver are considered safe havens.
Experts believe that if global conditions remain consistent, gold on MCX could soon cross the ₹1.61 lakh per 10 grams mark. Last week, gold remained in the range of ₹1.5 lakh to ₹1.6 lakh. Weak US economic data and rising global tensions are supporting prices.
This surge in gold and silver prices amid the wedding season has left ordinary consumers confused. In major cities, including Delhi and Mumbai, prices of 22- and 24-carat gold are high. Experts advise long-term investors to adopt a phased buying strategy rather than waiting for a decline, while short-term buyers should monitor market movements. The dollar and global developments will determine the market's direction in the coming days.
