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 1.5% to hit a record high of Rs.1,40,839 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 February delivery reaching $4,612.40 per ounce, driven by geopolitical and economic uncertainties.

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