Gold prices surged to fresh all-time highs on Wednesday, driven by strong safe-haven demand and a sharp rally in global markets. On the Multi Commodity Exchange (MCX), gold futures for February delivery jumped by ₹7,774, or 5.16%, to touch a record ₹1,58,339 per 10 grams. 

The yellow metal has been rallying for the third consecutive session, extending its record-breaking run after crossing the ₹1.5 lakh per 10-gram mark in futures trade earlier this week. Over the past three sessions, gold prices have climbed by ₹15,822, or 11.10%, from ₹1,42,517 per 10 grams recorded on January 16, reflecting heightened investor demand amid global uncertainty. 

Silver hits another lifetime high 

Silver also continued its strong upward momentum, hitting another lifetime high on the MCX. Silver futures for the March contract soared by ₹11,849, or 3.66%, to settle at ₹3,35,521 per kilogram, marking the third straight day of gains for the white metal, tracking the strong global rally. 

Rally on rising safe-haven demand 

Market experts attributed the sharp rally in precious metals to rising safe-haven demand, as investors increasingly move away from riskier assets amid concerns over global economic and geopolitical developments. The depreciation of the Indian rupee against the US dollar has further supported domestic prices by making gold and silver imports more expensive. 

Gold futures on Comex

In the international market, gold futures on the Comex breached the $4,800-per-ounce level for the first time. Gold for February delivery rose by $113.4, or 2.4%, to trade at $4,880.9 per ounce. Silver futures on Comex were marginally higher, trading 0.17% up at $94.79 per ounce, after touching a record high of $95.53 per ounce in the previous session. 

Gold prices across Indian cities 

In the physical market, gold prices climbed across major Indian cities. On January 21, 24-carat gold was priced at ₹1,54,800 per 10 grams in Chennai, Bengaluru and Hyderabad, while 22-carat gold stood at ₹1,41,900 per 10 grams in these cities. In Mumbai, 24-carat gold was quoted at ₹1,54,800 per 10 grams, while 22-carat gold traded at ₹1,41,900 per 10 grams.