Gold and silver prices continued their record-breaking rally on Tuesday, as investors flocked to safe-haven assets amid escalating geopolitical tensions and rising expectations of interest rate cuts next year by the US Federal Reserve.

Both precious metals extended their winning streak, touching fresh all-time highs in domestic as well as international markets.

On the Multi Commodity Exchange (MCX), gold futures for February delivery surged by Rs 1,637, or 1.2 per cent, to hit a new record high of Rs 1,38,381 per 10 grams, marking gains for the second consecutive session. Silver prices also remained firm, tracking strength in global markets.