In a dramatic escalation amid brewing international conflicts, gold and silver prices on India’s MCX exchange shattered records yet again on Tuesday. February gold contracts peaked at 1,47,996 rupees for 10 grams, eclipsing Monday’s 1,45,500 rupees high, while March silver hit 3,19,949 rupees per kilogram, up from 3,01,315 rupees.
Global benchmarks echoed the frenzy: Comex gold reached 4,708.10 dollars per ounce, topping the previous 4,689.39 dollars, and silver soared to 94.320 dollars per ounce. The trigger lies in U.S. President Donald Trump’s aggressive rhetoric on Greenland, where he hinted at military options and slapped tariff warnings on eight European countries resisting his ambitions.
By late trading, MCX gold stood at 1,47,894 rupees, a 2,255-rupee or 1.55% gain, with silver advancing 2.35% to 3,17,554 rupees per kilogram. Trump’s Monday declaration refusing to dismiss force for Greenland control, alongside tariff enforcement threats, propelled investors toward these timeless safe havens.
Reactions poured in from Europe. France’s Macron pushed for EU anti-coercion measures, Germany’s Merz called for calm, and Denmark ramped up Greenland defenses, intensifying uncertainties. Adding fuel, fears of Trump meddling with Fed independence and anticipated 2025 rate cuts have supercharged the metals.
Beyond geopolitics, silver’s industrial surge in renewables, EVs, and tech underpins the momentum. Analysts note Comex silver’s robust technical setup, supported at 85-88 dollars. Augmont’s latest analysis predicts minor pullbacks to 84 dollars or 2,60,000 rupees amid profit-taking, followed by fresh gains driven by supply constraints and demand.
While short-term corrections loom as investors lock in profits, the consensus is clear: gold and silver’s long-term bull run persists, blending safe-haven appeal with industrial fundamentals in an increasingly volatile world.