Gold and silver prices are trading near record highs, with spot gold exceeding $4,600 an ounce and silver topping $89 an ounce. This surge is attributed to escalating geopolitical tensions, particularly the Iran conflict, and rising safe-haven demand. US inflation data has also fueled expectations of potential interest rate cuts by the Federal Reserve, further supporting precious metal prices. MCX gold reached 1,42,949 per 10 grams, and MCX silver hit 2,79,528 per kg.