Precious Metals Advance on Heightened Geopolitical Tensions
Gold and silver prices moved higher on Tuesday across domestic and international futures markets, supported by rising demand for safe-haven assets amid intensifying political developments in Venezuela and growing geopolitical frictions involving the United States and several Latin American nations.MCX Gold and Silver Futures Register Firm Gains
On the Multi Commodity Exchange, gold futures for February delivery climbed Rs 445, or 0.32 percent, to Rs 1,38,565 per 10 grams, with a turnover of 14,949 lots.Silver futures also posted a strong advance. The March contract surged Rs 3,715, or 1.51 percent, to Rs 2,49,870 per kilogram, recording a business volume of 12,105 lots.
Global Markets See Continued Upside in Precious Metals
In the international market, gold futures on the COMEX rose USD 24.9, or 0.56 percent, to USD 4,476.4 per ounce for February delivery, extending gains for a third consecutive session.Silver futures for March delivery also remained firm globally, with prices rising USD 1.79, or 2.34 percent, to USD 78.45 per ounce, reflecting sustained buying interest.
Political Developments Support Safe-Haven Buying
Investor sentiment has tilted in favour of precious metals amid ongoing political uncertainty in Venezuela and escalating tensions between the United States and countries including Colombia, Cuba, and Mexico. Recent warnings issued by Donald Trump towards these nations have added to global uncertainty, reinforcing demand for safe-haven assets.Reports linked to potential asset actions connected with Venezuela have further contributed to the shift in investor preference toward gold and silver.
Weak Rupee and US Data in Focus
The continued weakness in the rupee has provided additional support to domestic gold and silver prices. Market participants are also closely watching upcoming US employment data later this week, which is expected to influence expectations around the future policy direction of the Federal Reserve.Overall, precious metals remain supported by a combination of geopolitical risks, currency movements, and anticipation around key global economic indicators.
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