Gold, silver climb to fresh peaks on safe-haven demand amid geopolitical tensions

Spot gold climbed more than one per cent to an all-time high of $4,563.61 per ounce on Monday, marking its first record peak of 2026, while silver also scaled a new record, rising to $83.50 per ounce, driven by geopolitical and economic uncertainty, alongside rising expectations of US interest rate cuts.

Analysts said bullion prices were buoyed by heightened geopolitical uncertainty, driven by concerns over the US Supreme Court’s upcoming ruling on US President Donald Trump’s tariff policy and persistent global flashpoints.

Geopolitical uncertainty has deepened amid unrest in Iran, Trump asserting American power abroad, the ouster of Venezuelan President Nicolas Maduro, and Washington’s talks on acquiring Greenland through purchase or force.

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Investors are also watching a packed macro calendar this week, with inflation readings from major economies including the US, India and Germany, alongside China’s trade and investment data and fresh commentary from Federal Reserve officials.

“The bullion markets are expected to continue their positive momentum, and any corrective moves should be seen as a buying opportunity,” vice president of EBG – Commodity & Currency Research, JM Financial Services Ltd Pranav Mer told CNBC TV18.

Mer said safe-haven demand, driven by mixed economic data and geopolitical tensions, continued to underpin prices, though occasional strength in the US dollar capped gains. He added that steady inflows into gold and silver exchange-traded funds signal investors’ tilt toward portfolio protection.

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Mer also said that silver’s bullish structure could see prices testing ₹2.80 lakh–3 lakh per kg ($3,105 to $3,326 per kg) over time.

“Despite the volatility, the broader trend remains positive," Prathamesh Mallya, DVP – Research, Non-Agri Commodities and Currencies, Angel One, told CNBC TV 18. He said bullion prices in the near term will hinge on US dollar moves, the Federal Reserve’s policy signals, and upcoming inflation and jobs data.

From a technical perspective, Mallya expects gold to test levels of ₹1.41 lakh ($1563.38) per 10 grams this week in India.

Separately, Motilal Oswal Financial Services, in its Commodities Review 2025 & Preview 2026, said gold and silver are likely to remain structurally supported through 2026.

The report noted that gold continues to benefit from sustained central bank accumulation, providing a durable price floor, while silver’s strength is driven by prolonged supply deficits and rising structural demand from energy transition and infrastructure-related sectors