Gold and silver prices reached new peaks on Monday as investors turned to safe-haven assets following US President Donald Trump’s warning of fresh tariffs on European countries in a dispute related to Greenland. MCX gold February futures climbed 1.68% to Rs 1,44,905 per 10 grams, while MCX silver March futures surged 4.39% to Rs 3,00,400 per kg.
Spot gold rose over 1.6% to $4,700 an ounce, hitting all-time highs before stabilizing near $4,670 after a significant surge. The rally intensified after Trump’s tariff threat on imports from eight European nations until the US can purchase Greenland, leading EU envoys to plan coordinated actions to deter Washington and prepare countermeasures if tariffs are imposed.
Rahul Kalantri, VP Commodities at Mehta Equities Ltd, mentioned that concerns about political stability, US monetary policy independence, and geopolitical risks have further bolstered gold. Analysts noted that the expectation of more US rate cuts is supporting bullion prices following a strong performance in 2025.
Anticipating volatility in the dollar index, analysts predict fluctuating gold and silver prices this week ahead of the US Supreme Court’s decision on tariffs. Gold is anticipated to find support at Rs 1,41,650-1,40,310 with resistance at Rs 1,44,150-1,45,670, while silver may see support at Rs 2,85,810 to 2,82,170 and resistance at Rs 2,94,810 to 2,96,470.
COMEX Silver has remained strong near $93, reaching lifetime highs around $94.30, driven by structural demand from sectors like solar energy, EVs, AI, and electronics, alongside safe-haven flows. A report by Augmont suggested that traders might witness profit booking and retracement to $84 an ounce or Rs 2,60,000 per kg before prices resume an upward trend.
