New Delhi, Jan. 12 -- The rates of gold and silver saw massive gains and hit their record highs in early deals on the MCX on Monday, January 12, as investors rushed to safe-haven assets on rising geopolitical uncertainties, the dollar's fall, and increased prospects of US Fed rate cuts this year.

MCX gold February futures jumped by more than Rs.2,400, or 1.8%, to hit a record high of Rs.1,41,250 per 10 grams, while MCX silver March futures surged over 4% to scale its fresh peak of Rs.2,63,996 per kg.

International gold prices breached the $4,600-per-troy-ounce mark for the first time on Monday, with US gold futures for February delivery reaching $4,612.40 per ounce, driven by geopolitical and economic uncertainties, as well as the dolla...