Mumbai: Gold and silver prices witnessed a meteoric rise on Monday, with both precious metals surging to new all-time highs in domestic and international markets. 

According to the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold soared by Rs 2,630 to hit a new all-time high at Rs 1,24,155, up from Rs 1,21,525 on Friday. Similarly, 22-carat gold rose to Rs 1,13,726 per 10 grams from Rs 1,11,317, while 18-carat gold climbed to Rs 93,116 from Rs 91,144 per 10 grams.

Silver followed the same trend, registering a sharp rise of Rs 10,825 to touch Rs 1,75,325 per kg - a new all-time high, compared to Rs 1,64,500 in the previous session.

The rally extended to the futures market as well. On the Multi-Commodity Exchange (MCX), gold futures for December 5, 2025, delivery jumped 2.21 per cent to Rs 1,24,043, while silver futures for the same date surged 4.39 per cent to Rs 1,52,900.

Internationally, both metals saw notable gains on Comex. Gold prices advanced 2.50 per cent to $4,100 per ounce, while silver surged 5.88 per cent to $50.02 per ounce.

The strong uptrend across markets has pushed bullion traders and investors to closely watch further price movements amid the ongoing global rally.

"Gold prices opened sharply higher with a strong gap up of Rs 2,000, trading above Rs 1,23,200 per 10 grams, as renewed US-China trade tensions reignited safe-haven demand. The US administration’s announcement of a 100 per cent tariff hike on select Chinese products, coupled with China’s threat to restrict rare earth exports, has heightened global uncertainty and risk aversion," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

"This geopolitical tension, along with sustained demand from investors seeking safety, continues to keep gold’s outlook bullish," he added. (IANS)