Gold and silver prices hit fresh highs on Monday, amidst growing global tensions involving the US, Iran and Venezuela, besides the recent job data released in the US.

The rise was despite measures undertaken by the US-based CME Group to discourage traders from going short. The CME Group, which operates major derivatives exchanges such as CME, COMEX, CBOT and NYMEX, raised the margins for silver at least twice last month and once for gold, platinum and palladium.

Taking a cue from global markets, the yellow metal price in the domestic spot markets increased by ₹3,327 on Monday, to ₹1,40,449 per 10 gm against ₹1,37,122 on Friday, according to the India Bullion and Jewellers Association data.

Spot silver jumped by ₹13,968 to ₹2,56,776 per kg against ₹2,42,808 during the weekend. On MCX, gold for February delivery surged 2 per cent or ₹3,171 to ₹1,41,990 per 10 gm compared to ₹1,38,819 per 10 gm at the previous close.