Gold and silver prices surged to record levels in the domestic market on Tuesday, tracking firm global cues and sustained demand for safe-haven assets amid ongoing economic and geopolitical uncertainties. 

Both precious metals have logged sharp gains in recent sessions, with silver significantly outperforming gold so far this year. Prices across futures markets and major Indian cities touched all-time highs, keeping investors and bullion buyers closely focused on daily rate movements. 

Multi Commodity Exchange 

On the Multi Commodity Exchange (MCX), gold futures jumped more than 1.7% to hit a record high of ₹1,59,820 per 10 grams. Silver futures posted an even steeper rise, climbing around 6% to touch a lifetime high of ₹3,54,780 per kg. 

Gold prices also remained firm in the global market. Spot gold rose about 1.1% to nearly $5,068 per ounce after touching a record high of $5,110.50 in the previous session. US gold futures for February delivery were up around 0.4% at $5,063 per ounce. 

Extending their record-breaking rally, MCX gold opened 1.68% higher at ₹1,58,674 per 10 grams compared with its previous close of ₹1,56,037, before touching an intraday high of ₹1,59,820. MCX silver opened 1.53% higher at ₹3,39,824 per kg and later surged by ₹22,010, or 6.58%, to ₹3,56,709 per kg, hitting a lifetime high of ₹3,59,800. 

Gold prices have risen nearly 17% so far this year, supported by what analysts describe as a debasement trade, driven by investor flight from sovereign bonds and currencies, a weaker US dollar, and elevated geopolitical risks. 

Gold prices vary across major cities 

Retail gold prices vary across cities due to local taxes and charges. As per the latest rates, 24-carat gold in Chennai is priced at ₹16,392 per gram, while 22-carat gold costs ₹15,026 per gram and 18-carat gold ₹12,501 per gram. In Mumbai, 24-carat gold is priced at ₹16,196 per gram, with 22-carat at ₹14,846 and 18-carat at ₹12,147 per gram. 

In Delhi, 24-carat gold stands at ₹16,211 per gram, 22-carat at ₹14,861, and 18-carat at ₹12,162. Prices in Kolkata are similar to Mumbai. In Bengaluru, Hyderabad, Kerala and Pune, 24-carat gold is priced at ₹16,196 per gram while 22-carat and 18-carat gold are priced at ₹14,846 and ₹12,147 per gram, respectively.