Gold and silver prices surged to fresh record highs on Monday as investors turned to safe-haven assets amid renewed global trade tensions following US President Donald Trump’s threat of imposing fresh tariffs on several European countries.
On the Multi Commodity Exchange (MCX), gold February futures rose 1.68 per cent to Rs 1,44,905 per 10 grams, while silver March futures jumped 4.39 per cent to Rs 3,00,400 per kilogram.
In the international market, spot gold climbed more than 1.6 per cent to touch $4,700 an ounce before easing slightly to trade near $4,670, testing lifetime highs after a sharp rally.
The rally gained momentum after President Trump threatened higher import duties on goods from eight European nations amid a dispute linked to Greenland. Following the remarks, European Union envoys reportedly began preparing coordinated diplomatic efforts and possible retaliatory measures if the tariffs are implemented.
According to market experts, additional factors such as political uncertainty, concerns over the independence of US monetary policy, and ongoing geopolitical risks have further supported gold prices.
“Added concerns around political stability, questions over US monetary policy independence, and ongoing geopolitical risks have supported gold,” said Rahul Kalantri, Vice President (Commodities) at Mehta Equities Ltd.
Market participants also said expectations of further US interest rate cuts continue to underpin bullion prices, following a strong performance in 2025.
Analysts cautioned that gold and silver prices may remain volatile this week amid fluctuations in the dollar index and ahead of a US Supreme Court decision related to tariffs.
According to analysts, gold has support in the Rs 1,41,650–1,40,310 range, while resistance is seen between Rs 1,44,150 and Rs 1,45,670. Silver support is placed at Rs 2,85,810–2,82,170, with resistance at Rs 2,94,810–2,96,470.
Meanwhile, COMEX silver remained firm near the $93 level after touching lifetime highs around $94.30. Analysts said strong structural demand from solar energy, electric vehicles, artificial intelligence, and electronics, along with safe-haven buying, continues to support silver prices.
A recent Augmont report noted that some profit booking could lead to a temporary pullback to around $84 an ounce or Rs 2,60,000 per kilogram, before prices resume their upward trend.
—IANS
