The gains cascaded across purities: 22-karat gold now stands at 1,41,348 rupees per 10 grams (previously 1,29,699 rupees), and 18-karat at 1,15,733 rupees (up from 1,06,195 rupees). Silver stole the spotlight, vaulting 35,815 rupees to 3,17,705 rupees per kilogram from 2,81,890 rupees.

Global markets set the tone for this surge. Gold soared to a record 5,017 dollars per ounce from 4,600 dollars, and silver made history by breaching 100 dollars per ounce, closing at 101 dollars.

Market veterans point to US-imposed tariffs sparking worldwide trade jitters, boosting demand for precious metals as hedges. Silver’s sharper rise reflects industrial pressures—demand from solar energy, EVs, and tech gadgets has overwhelmed supplies, creating scarcity that gold hasn’t matched.

With no signs of reversal, bullion traders anticipate continued strength. Physical demand remains robust ahead of festivals, though high prices may temper retail buying. Long-term, this signals a new era of elevated valuations in safe-haven investments amid economic headwinds.

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.

Silver outpaced with a Rs 15,370 per kg surge to Rs 3,09,345, from Rs 2,93,975. Futures trading mirrored the frenzy: gold February 2026 contracts gained 2.99% to Rs 1,49,989, while silver March 2026 rose 4.42% to Rs 3,23,993.

Global markets echoed the trend, with gold up 3.03% to $4,735/oz and silver soaring 7.64% to $95.28/oz. Trump’s tariff threats against Europe have heightened volatility, driving investors toward these safe havens. Beyond geopolitics, central bank buying and silver’s expanding use in renewables and EVs are supercharging demand.

As economic headwinds persist, this rally signals a broader flight to quality assets. Market watchers anticipate sustained upward pressure unless global tensions ease, making gold and silver prime portfolio hedges right now.

Silver’s ascent was nothing short of spectacular. Driven by robust industrial demand and speculative fervor, prices jumped 2.3% to $35.25 per ounce globally. In India, the metal touched ₹92,700 per kg, surpassing all previous benchmarks and exciting traders.

Gold, on the other hand, faced headwinds from a resurgent dollar index and profit-taking after a strong run. MCX gold futures slipped 0.4% to ₹75,150 for 10 grams. International spot prices mirrored this trend, dropping to $2,648/oz.

What’s fueling silver’s dominance? Experts attribute it to tightening supply amid booming demand from renewable energy sectors, electric vehicles, and 5G infrastructure. ETF inflows into silver funds hit multi-month highs, adding rocket fuel to the rally.

For gold, the pullback appears technical rather than fundamental. Central banks added over 1,000 tonnes to reserves this year, and de-dollarization trends in emerging markets provide solid support. Upcoming policy meetings from major central banks will be pivotal.

Market participants note that silver’s outperformance creates arbitrage opportunities, potentially drawing more capital into the sector. With inflation stubbornly above targets in many economies, both metals retain strong appeal as portfolio diversifiers.

As the trading session wrapped up, focus shifts to macroeconomic indicators that could dictate the next moves in this volatile market.