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Gold and silver prices extended their strong rally and touched fresh all-time highs in both international and domestic markets, supported by heightened safe-haven demand amid rising global uncertainties.

According to Manoj Kumar Jain, precious metals continue to attract strong buying interest as investors shift funds away from riskier assets. “Gold and silver extended their gains and hit fresh record highs amid strong safe-haven buying. However, the trend remains volatile,” he said.

On Monday, gold and silver settled higher in the international markets. Gold February futures closed at $4,469.40 per troy ounce, gaining 1.87 per cent, while silver March futures ended at $68.565 per troy ounce, up 1.59 per cent.

Domestic markets mirrored this strength, with MCX gold February futures settling at Rs 1,36,744 per 10 grams, up 1.90 per cent, and MCX silver March futures closing at Rs 2,12,872 per kilogram, rising 2.13 per cent.

Jain attributed the sharp rise in prices to escalating geopolitical tensions. He noted that intensifying US-Venezuela tensions and the killing of a Russian army general in a bomb attack have increased geopolitical risks, prompting investors to seek safety in precious metals.

Additionally, easing US inflation data and the absence of major surprises from the Bank of Japan’s policy meeting further supported gold and silver prices.

Looking ahead, Jain said gold prices are moving closer to the $4,500 per troy ounce mark and could head towards $4,890 per troy ounce, while silver prices may advance towards $78 per troy ounce in international markets.

“Investors are diverting funds from riskier assets to safe havens amid global uncertainties, which continues to support precious metal prices,” he added.

However, Jain cautioned that volatility may persist this week due to fluctuations in the dollar index, broader global market movements, and upcoming US GDP data.

He expects gold to trade in the range of $4,284–4,580 per troy ounce and silver between $64.40–72.00 per troy ounce during the week.

On the MCX, Jain sees gold support at Rs 1,36,000–1,35,400 and resistance at Rs 1,37,400–1,38,000, while silver support is placed at Rs 2,11,000–2,09,500 with resistance at Rs 2,14,400–2,17,000.

He suggests buying gold near Rs 1,36,000–1,37,000 and silver around Rs 2,12,000–2,10,000, with defined stop-loss levels to manage risk.