Mumbai: 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)
