Gold Silver Price Today: Venezuela Crisis increased the prices of gold and silver, see the latest prices here

Due to geopolitical tensions, gold and silver prices saw a sharp increase on Monday, January 5th. On India's Multi Commodity Exchange, gold prices rose by more than ₹2,400 and silver prices by more than ₹13,500. 

This increase occurred amid a rise in the dollar index. The Venezuela Crisis is a new trigger for gold and silver prices, which could lead to further increases in the coming days.

Experts believe that the Venezuela crisis could push gold prices past ₹1.50 lakh and silver prices past ₹2.75 lakh. Although both gold and silver are trading below their lifetime highs in the country's futures market, it's possible that these records could be broken in a few hours, or even on Tuesday. Let us also tell you at what level gold and silver prices are trading in the country's futures market.

Huge jump in the price of gold

There is a tremendous rise in the price of gold on the country's futures market Multi Commodity Exchange. If we look at the data, then at 9:40 am, gold on MCX is trading at Rs 1,36,903 per ten grams with a rise of Rs 1142. 

Whereas during the trading session, the price of gold saw an increase of Rs 2,439 and the price reached Rs 1,38,200 per ten grams. However, today gold opened at Rs 1,36,300 and on Friday the price of gold closed at Rs 1,35,761. However, gold is trading below its lifetime high of Rs 1,40,465 per ten grams.

Silver also rose sharply

On the other hand, silver prices are also witnessing a sharp rise. According to data, silver is currently trading at ₹2,42,494, up ₹6,178 at 9:45 am. When the market opened, silver rose ₹13,584 per kilogram in just a few seconds to reach an all-time high of ₹2,49,900, which is still below its lifetime high of ₹2,54,174 per kilogram. Silver opened at ₹2,44,000 today, while on Friday, the last trading day, it was at ₹2,36,316 per kilogram.

Gold and silver in foreign markets

Gold and silver prices are also rising in foreign markets. According to data, gold futures on Comex were trading at $4,412 per ounce, up $82.40 per ounce. 

Gold spot prices rose $68 per ounce to trade at $4,400.17 per ounce. Silver futures, on the other hand, are trading at $75.08 per ounce, up nearly 6 percent. Silver spot prices are trading at $75.32 per ounce, up 3.44 percent.

Why did the prices of gold and silver increase?

The US launched a military attack on Venezuela on Saturday, capturing President Maduro and his wife. This sent gold and silver prices soaring. Gold and silver prices tend to rise due to geopolitical tensions.

However, developments in Venezuela are not the only reason for the rise in gold prices. Uncertainty surrounding the Russia-Ukraine peace talks, expectations of further interest rate cuts by the US Federal Reserve, and increased demand from retail investors are also fueling the rise in gold and silver prices.

While keeping a close eye on geopolitical developments, investors are awaiting key US macro data this week, including ISM manufacturing data, ADP employment figures, Jolts Jobs Opportunities and the non-farm payrolls report, which could provide more clues about the direction of US interest rates.

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