Mumbai: Gold prices extended their winning streak for the fourth straight session on Friday, hitting fresh record highs in both domestic and global markets as investors continued to rush towards safe-haven assets amid expectations of US interest rate cuts and rising geopolitical tensions.
On the Multi Commodity Exchange (MCX), gold futures for February delivery climbed another 1 per cent to a new all-time high of Rs 1,39,550 per 10 grams, moving closer to the Rs 1.4 lakh mark.
This marked the fourth consecutive day of record highs for gold. Prices have risen about 10 per cent so far this month and are up a massive 81 per cent in 2025.
Silver prices also remained on a strong upward path. March silver futures on MCX surged by Rs 11,457 per kilogram, or 5.1 per cent, to touch a historic high of Rs 2,35,247.
With this move, silver’s gains for the year have climbed to an impressive 167 per cent.
The rally was equally strong in international markets. Spot gold rose to a fresh record high of $4,530.60 per ounce, while spot silver crossed the $75 per ounce mark for the first time, hitting $75.64.
Other precious metals joined the rally as well. Spot platinum jumped 9.3 per cent to $2,465.20 per ounce after touching an all-time high earlier in the session.
Palladium also gained sharply, rising 8.6 per cent to $1,942 per ounce, following a three-year high in the previous session.
All major precious metals are headed for weekly gains, with platinum posting its strongest weekly rise on record.
Analysts say platinum and palladium, which are widely used in automotive catalytic converters, have surged due to tight supply conditions, uncertainty around tariffs, and some investment demand shifting away from gold.
So far this year, platinum prices have risen by around 170 per cent, while palladium has gained more than 90 per cent.
(IANS)
