Precious metal prices are currently being bolstered by a surge in safe-haven demand, driven by heightened geopolitical instability following recent events in Venezuela and growing expectations of a Federal Reserve interest rate cut. Economic sentiment has softened after U.S. manufacturing activity fell more than anticipated in December, hitting a 14-month low.

Concerns regarding the labor market have further intensified this outlook; Minneapolis Fed President Neel Kashkari warned that the unemployment rate could “pop” higher, just as market participants prepare for Friday’s employment data, which is projected to show a modest decline in job growth to 60,000. Against this backdrop of economic uncertainty, geopolitical tensions remain high as Venezuelan leader Nicolás Maduro appeared in a New York court on Monday, pleading not guilty to charges of narco-terrorism and the possession of destructive devices.

From a technical perspective, gold prices have successfully rebounded from the $4,300 level and cleared a key resistance point at $4,450 (approximately Rs 138,000), shifting the focus toward upcoming resistance targets at $4,550 (Rs 140,000) and $4,600 (Rs 141,000).

Meanwhile, silver prices have reached their previous peak of $82.6 (approximately Rs 260,000), resulting in a double top formation that may trigger some short-term profit booking; however, if silver manages to break above this previous high, the next significant levels to watch are $84 (Rs 266,000) and $88.5 (Rs 280,000).