Gold, Silver Prices Jump on Safe-Haven Demand After Venezuela Developments

New Delhi, Jan 2026 : Prices of precious metals surged sharply on Monday as heightened geopolitical tensions triggered a fresh wave of safe-haven buying. Gold and silver opened higher in domestic and international markets after the United States captured Venezuelan President Nicolás Maduro over the weekend, an event that unsettled global investors and boosted demand for bullion.

On the Multi Commodity Exchange (MCX), gold February futures were trading 1.47 per cent higher at Rs 1,37,750 per 10 grams around 1:30 p.m. MCX silver March futures climbed even more sharply, rising 2.92 per cent to Rs 2,43,223 per kg. Despite the strong gains, both metals remained below their December 2025 record highs of Rs 1,40,465 per 10 grams for gold and Rs 2,54,174 per kg for silver.

Market participants noted that prices touched higher levels during intra-day trade but failed to sustain those peaks amid some profit booking. According to data from the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold stood at Rs 1,35,721 per 10 grams on Monday, up from Rs 1,34,415 at the previous close.

In global markets, bullion prices also witnessed a strong rally. US spot gold jumped around 1.5 per cent to $4,395.35 per ounce, while February futures moved above $4,418 per troy ounce. Analysts said the Venezuela operation added to a series of existing factors supporting gold prices, including uncertainty surrounding Russia-Ukraine peace negotiations, expectations of further interest rate cuts by the US Federal Reserve, and steady retail demand.

The outlook for the Russia-Ukraine conflict became more uncertain after Moscow claimed a drone attack on the Russian President’s residence, adding to geopolitical unease. Analysts believe that such developments continue to underpin safe-haven buying at lower price levels. Additionally, a softer rupee against the US dollar provided further support to domestic bullion prices.

Technical analysts identified key support and resistance levels for the metals. Gold is seen finding support in the range of Rs 1,35,550 to Rs 1,34,710, with resistance between Rs 1,38,150 and Rs 1,39,100. Silver support is placed at Rs 2,33,150 to Rs 2,31,780, while resistance is seen at Rs 2,37,810 and Rs 2,39,970.

Investors are now awaiting crucial US macroeconomic indicators, including ISM Manufacturing data, ADP employment numbers, JOLTS job openings, and the non-farm payrolls report, which could offer further clarity on the Federal Reserve’s rate trajectory.

Gold has already risen nearly 66 per cent in calendar year 2025, crossing $4,500 per ounce at its peak, while silver has outperformed with a remarkable 171 per cent gain, driven by safe-haven demand, aggressive central bank purchases, and tightening industrial supply conditions.