New Delhi, Dec. 23 -- Both gold and silver touched fresh historic highs in Tuesday's session, December 23, as renewed geopolitical tensions boosted appetite for precious metals, while expectations of further US Federal Reserve rate cuts next year, following signs of easing inflation and a cooling labor market, also supported the record-breaking rally.

After a 2% rally, the February gold futures contract on MCX opened higher at Rs.1,38,297 per 10 grams, compared to the previous close of Rs.1,36,744, and maintained momentum to touch a fresh record high of Rs.1,38,496 (up Rs.1,752 per 10 grams).

Silver prices mirrored the same strength, with March silver futures jumping Rs.6,577 to a fresh record high of Rs.2,19,449 per kilo.

Meanwhile, s...