Gold and silver prices dominated their record-breaking run on Tuesday (December 23, 2025) as investors stacked up safe-haven assets amid rising geopolitical tensions and growing anticipation of interest rate cuts next year by the U.S. Federal Reserve.

Both metals continued their record streaks, setting fresh records in both domestic and international markets.

On the Multi Commodity Exchange (MCX), Gold futures for February delivery rose to ₹1,637, or 1.2%, to hit a new all-time high of ₹1,38,381 per 10 grams, marking the gains for the second straight session. Similarly, Silver futures, maintained their upward momentum for the third consecutive day. The white metal for March 2026 contract increased by ₹3,724, or 1.75%, to touch a record high of ₹2,16,596 per kilogram.

Meanwhile, in the international markets, Comex Gold futures for February delivery increased by $61.4, or 1.37%, to mark a fresh peak of $4,530.8 per ounce.

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“Gold prices climbed to a fresh record above $4,480 per ounce, marking the 50th record-breaking session this year, driven by expectations of looser US monetary policy and mounting geopolitical tensions,” Jigar Trivedi, senior research analyst at Reliance Securities, said.

Market participants are currently pricing in two quarter-point rate cuts by the Federal Reserve next year, amid signs of easing inflation and a cooling labour market. In addition, silver futures breached the $70-mark for the first time, on the Comex, gaining by $1.59, or 2.32%, to scale a fresh record of $70.15 per ounce.

Mr. Trivedi added that investor’s focus is squared upon the second estimate of third-quarter GDP data, due later in the day, which could provide further insights into the health of the U.S. economy and the likely path of Fed’s monetary policy outlook. Safe-haven demand for bullion has also been led by rising tensions between the U.S. and Venezuela. This, came after Washington intensified its naval blockade of the region, seizing a second oil tanker on Saturday and pursuing a third.

This year, gold has soared by 70%, putting it on course for its strongest annual gain since 1979. “The rally has also been sustained by sturdy central bank purchases and sustained ETF inflows,” he said.