Gold prices surged sharply on Wednesday, climbing over 4 per cent to touch a record high as investors flocked to safe-haven assets amid escalating US-EU trade tensions and a weaker dollar. On the MCX, February gold futures jumped 4.25 per cent to ₹1,56,970 per 10 grams, while March silver futures rose 2.71 per cent to ₹3,32,451 per kg. Global markets also witnessed strong gains, with COMEX gold hitting a fresh peak of $4,849 per troy ounce. Analysts attributed the rally to fears of widening trade conflicts after reports of impending US tariffs on several European countries, triggering panic selling in equities and boosting demand for precious metals.
