Gold commenced the trading session on Monday with a notable increase, indicative of a worldwide movement towards safe-haven assets following the United States’ significant intervention in Venezuela over the weekend. MCX gold February futures increased by 1.5% to Rs 1,37,795 per 10 grams, as investors turned to bullion in response to rising tensions between the US and Venezuela. Gold and silver continued their upward trajectory following the US’s capture of Venezuelan President Nicolas Maduro over the weekend, which has led to increased geopolitical uncertainty and a significant movement towards safe-haven assets.
As global investors gravitate towards precious metals, both gold and silver have sustained their upward trajectory in international and domestic markets. Spot silver experienced a notable increase of 4.5%, reaching $75.86 per ounce, whereas spot gold saw a rise of 1.5%, climbing to $4,395.35 per ounce, thereby establishing a new one-week high. U.S. gold futures for February delivery increased by 1.8%, reaching a price of $4,405.40. The recent rally is a continuation of an impressive performance in 2025, during which silver appreciated by nearly 147% and gold increased by 64% annually—marking their most robust gains since 1979.
Safe-haven demand was further amplified following President Trump’s confirmation that Washington would temporarily “run” Venezuela until a proper political transition occurs. The military action has introduced uncertainty regarding the country’s leadership and oil supplies, which experts anticipate will continue to be a significant influence on bullion markets in the short term. Contributing to the prevailing momentum are anticipations of a minimum of two U.S. rate reductions in 2026, alongside structural deficits in silver, especially following China’s implementation of export restrictions on refined silver. China accounts for approximately 60–70% of the global silver supply, and any disruption in this region could exacerbate an already tight market.
On the MCX, gold futures were stabilizing around Rs 1,35,761 per 10 grams on Monday. Ponmudi R indicated that robust support is present in the Rs 1,34,000–1,35,000 range, while immediate resistance is observed in the Rs 1,36,500–1,38,000 area. A decisive breakout above Rs 1,38,000 could facilitate a movement toward Rs 1,40,000-1,45,000 in the forthcoming sessions, he noted, referencing favorable global indicators and robust investment demand.