India, Jan. 21 -- Gold and silver prices in India tore through record highs Wednesday, tracking a ferocious global rally as escalating trade tensions between the US and Europe sent investors fleeing to safe-haven assets.

On the Multi Commodity Exchange (MCX), gold futures for February delivery surged past the psychological Rs.1.5 lakh barrier, rising as much 4.90% to Rs.1,58,339/10 gm. Silver continued its blistering outperformances, with March futures surging to an intraday high of Rs.3,34,027/kg-up 3.19%.

The catalyst for the latest leg of the bullion super-cycle appears to be renewed geopolitical friction. Market sentiment turned risk-averse following after US President Donald Trump threatened tariffs on European allies if they don't...