Demand for safe-haven assets continues to remain strong as rising trade and geopolitical tensions worry investors, prompting increased allocation to precious metals and pushing prices to new historic highs.
February gold futures on MCX opened higher in today’s session at ₹1,45,775 per 10 grams, up from the previous close of ₹1,45,639, and went on to hit a new record high of ₹1,52,500 ( ₹6,861 higher), ₹1.50 lakh for the first time”>crossing ₹1.50 lakh for the first time and extending the winning run to a second consecutive session.
After rallying ₹22,153 per kilogram in Monday’s session, the silver March delivery futures contracts, too, strengthened further in Tuesday’s trade, spiking another ₹17,723 to register a historic peak of ₹3,27,998, taking month-to-date returns to 36%.
Investors appeared concerned about the latest tariff threats by US President Donald Trump on European countries related to Greenland, as the measures could escalate, with European states reportedly discussing counter-tariffs and broader punitive economic actions in response to Trump’s announcements.
On Tuesday, Trump also threatened to impose 200% tariffs on French wine and champagne after France’s President Emmanuel Macron reportedly refused to join his “Board of Peace” on Gaza.
According to a reuters report, Emmanuel Macron has taken a harder line than most EU leaders in response to Trump’s Greenland threat, pushing the bloc to activate its most potent trade tools against the US and sending French troops to Greenland in support of Denmark.
Trump vowed on Saturday to implement a wave of increasing tariffs from February 1 on several European allies, including France, until the US is allowed to acquire Greenland—a step that major EU states described as blackmail.
In response, EU leaders decided over the weekend to convene in Brussels on Thursday evening for an emergency summit on Greenland.
Silver prices surge from ₹2 lakh to ₹3 lakh in just 25 sessions
Driven by strong investment inflows and rising industrial demand, silver prices gained ₹1 lakh in a record-breaking time.
Silver rate crossed the ₹1 lakh mark on the MCX in October 2024 and took 14 months to reach the next milestone of ₹2 lakh on 12 December 2025. However, the next ₹1 lakh jump came much faster, with ₹3 lakh in just 25 trading sessions during Monday’s session”>silver hitting ₹3 lakh in just 25 trading sessions during Monday’s session (19 January).
Looking ahead, analysts expect the rally to be sustained, with prices potentially reaching ₹3.50 lakh.
Ponmudi R, CEO of Enrich Money, said, “Sustained trade above ₹3,10,000 keeps the momentum extremely bullish. The next major upside targets are placed at ₹3,20,000- ₹3,25,000 in the near term, with scope to extend towards ₹3,35,000- ₹3,50,000 over the next few months. Any dip towards ₹3,05,000- ₹3,08,000 should be viewed as a strong buying opportunity.”
Disclaimer: : This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
