Gold and silver prices have achieved historic highs, with gold surpassing $4,600 per ounce and silver breaking the $90 per ounce barrier for the first time, reaching as high as $91.56/oz. This rally is primarily attributed to a confluence of persistent geopolitical strains and heightened uncertainty surrounding the U.S. Federal Reserve's monetary policy. Geopolitical factors driving this surge include escalating anti-government protests in Iran, reportedly leading to significant casualties, alongside ongoing tensions between the U.S. and Iran. Political developments in Venezuela and renewed threats from the Trump administration have further contributed to investor demand for safe-haven assets. Economically, softer-than-expected U.S. consumer price index (CPI) data has cemented expectations for multiple Federal Reserve interest rate cuts in 2026, which generally benefits non-yielding assets like precious metals by reducing their opportunity cost. Adding to the market's unease is the uncertainty surrounding the Federal Reserve's independence, particularly in light of a Justice Department probe into Fed Chair Jerome Powell and the impending end of his tenure in May 2026. Analysts predict silver's momentum to continue, with some forecasting prices to reach $100 per ounce. The Indian market has also reflected these global trends, with silver prices on the Multi Commodity Exchange (MCX) climbing to a record Rs 2,79,528 per kg. This widespread surge indicates a structural repricing of precious metals, not merely a fleeting reaction to isolated headlines.