Gold, silver prices surge to fresh highs amid US threats of fresh tariffs on Europe
Mumbai, Jan 19
Gold and silver prices climbed to fresh record highs on Monday as investors sought safe‑haven assets after US President Donald Trump threatened new tariffs on several European countries over a dispute tied to Greenland.
MCX gold February futures rose 1.68 per cent to Rs 1,44,905 per 10 grams, while MCX silver March futures rose 4.39 per cent to Rs 3,00,400 per kg.
Spot gold rose over 1.6 per cent to $4,700 an ounce, before consolidating near $4,670, testing lifetime highs after a sharp run-up.
The rally accelerated after Trump threatened escalating duties on imports from eight European nations until the United States is allowed to buy Greenland. The comments prompted European Union envoys to prepare coordinated efforts to dissuade Washington and to ready retaliatory measures if tariffs proceed.
Added concerns around political stability, questions over US monetary policy independence, and ongoing geopolitical risks have further supported gold, said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
Market watchers said that expectations of additional US rate cuts continue to underpin bullion prices after a strong performance in 2025.
Gold and silver prices are expected to remain volatile this week amid volatility in the dollar index, ahead of the US Supreme Court decision on tariffs, they added.
"Gold has support at Rs 1,41,650-1,40,310 zone while resistance at Rs 1,44,150-1,45,670. Silver has support at Rs 2,85,810 to 2,82,170 zone while resistance at Rs 2,94,810 to 2,96,470 zone," analysts said.
COMEX Silver remained resilient near the $93 zone after marking fresh lifetime highs around $94.30. Structural demand from solar energy, EVs, AI and electronics, along with safe-haven flows, continues to underpin silver's long-term strength, analysts said.
A recent Augmont report predicted that traders can witness some profit booking and retracement up to $84 an ounce or Rs 2,60,000 per kg, before prices move higher again.
— IANS
Reader Comments
Silver at over ₹3 lakh per kg! 🤯 The analysis about structural demand from solar and EVs makes sense. It's not just a precious metal anymore, it's an industrial necessity. Might be a good time to look at some silver ETFs for the long term.
The US threatening tariffs over Greenland? Seriously? The world economy feels like it's held hostage to one man's whims. No wonder people are rushing to gold. It's the only thing that feels real when geopolitics gets this bizarre.
As someone who follows markets closely, I appreciate the detailed support/resistance levels provided. However, articles like this often fuel a fear-driven buying frenzy. Retail investors should be cautious and consider SIPs in gold funds instead of lump-sum purchases at these highs.
My sister's wedding is in March. We haven't bought the jewellery yet. This news is giving my father sleepless nights. The budget is completely blown. This volatility hits common families planning big purchases the hardest. 😔
The Augmont report predicting a retracement is key. Might see a small dip to around ₹2.6L for silver. That could be a better entry point for traders. But for long-term holders like me, these headlines are just noise. Stay invested.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.