Gold and silver hit record highs in first major rise of 2026, prices soar

Mumbai (The Uttam Hindu) : Gold and silver prices hit their highest levels ever on Monday, the first trading day of the week, as rising political tensions in the US and intensifying protests in Iran fueled concerns in markets worldwide.

Till the time of writing this news, gold for February delivery on Multi Commodity Exchange (MCX) rose by Rs 2,333 or 1.68 percent to reach Rs 1,41,152 per 10 grams. Silver for March delivery rose by Rs 10,598 or 4.19 percent to reach Rs 2,63,323 per kg. Gold touched a record high of Rs 1,41,250 per 10 grams in today's trading session, which is the highest level till date. Silver also touched a record high of Rs 2,63,996 per kg, which is the highest level till date.

Furthermore, the price of gold in the international market rose 1.45 percent to $4,575.82 per ounce, touching a new record high of $4,601.17. Silver prices rose 4.85 percent to $83.19, touching a record high of $83.88. US Federal Reserve Chairman Jerome Powell revealed that the central bank has received a grand jury summons from the Justice Department. This matter relates to construction work at the central bank's headquarters. This has further escalated tensions between US President Donald Trump and the central bank.

Rahul Kalantri, Vice President of Commodities at Mehta Equities Limited, said that due to increasing war-like conditions in the world, political pressure on the US central bank, and weaker-than-expected employment data in the US, people are buying gold and silver as safe investments. Meanwhile, violent protests in Iran have also increased fear in the market. Investors are worried that if the political situation there deteriorates, it could affect oil supplies. President Trump's statement regarding Iran has also increased uncertainty.

The number of jobs in the US employment data released last week was lower than expected, which has increased the hope that the central bank may cut interest rates this year. According to analysts, gold is getting support at the level of Rs 1,34,550 to Rs 1,32,310, while there is resistance at the level of Rs 1,41,350 to Rs 1,43,670. Whereas, the support level for silver is said to be between Rs 2,48,810 to Rs 2,44,170 and the resistance level is between Rs 2,55,810 to Rs 2,59,470.

Last week, gold prices rose more than 4 percent, while silver gained more than 7 percent. The war between Russia and Ukraine, the US arrest of Venezuela's president, and US statements regarding Greenland also played a significant role in driving gold and silver prices higher.