MUMBAI: Gold and silver prices continue to scale record highs on Wednesday, amid strong buying demand, weakening dollar, and rising geopolitical tensions, raising safe haven demand.

MCX gold February futures rose 2.97 per cent to Rs 1, 62, 387 per 10 grams around 11.30 am. Meanwhile, MCX silver March futures rose 6.21 per cent to Rs 3, 78, 401 per kg.

International markets also saw gold and silver touching records as caution grew due to ongoing policy uncertainty, fresh tariff threats, and criticism of the Federal Reserve from the US administration.

US gold futures April contracts rose above $5, 200 an ounce, supported by a sharp decline in the US dollar. The dollar fell to its weakest level in four years after President Donald Trump played down worries about the currency’s strength, said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.