The bull run in precious metals shows no signs of slowing down, with both MCX Gold and MCX Silver hitting fresh record highs. Silver surged by ₹7,000 to trade near ₹2.82 lakh per kilo, while gold jumped ₹600 to around ₹1.43 lakh, marking yet another milestone in their ongoing rally. Even as equity markets remain sluggish, gold and silver continue to outperform, driven by global uncertainty and sustained investor demand. Sharad Avasthi, Head of Research (PCG), SMIFS caution, however, that while momentum remains strong, replicating such sharp returns over the next few months may be challenging. Historically, silver has seen powerful rallies followed by steep corrections, and at current levels, the risk-reward equation appears stretched. Gold too may struggle to move significantly higher unless geopolitical tensions escalate further. In this discussion, we analyse what’s driving the surge, the risks involved, and whether investors should remain cautious at record-high levels.