Gold and silver prices surged to fresh record highs this week, driven by geopolitical uncertainty and safe-haven buying, with investors responding to escalating US-European trade tensions and ongoing global macro volatility.
MCX gold February futures rose 1.27 per cent to Rs 1,47,490 per 10 grams, while MCX silver March futures climbed 1.75 per cent to Rs 3,15,720 per kg. Spot gold touched $4,671.54 per ounce after hitting a record $4,689.39 in the previous session, while COMEX silver soared to $94.740 an ounce, marking a new all-time high. Analysts noted that the metals eased slightly intraday after the sharp rally but remain firmly supported by ongoing risk-off sentiment in global markets.
The surge comes amid fresh threats from US President Donald Trump, who announced tariffs on goods from Denmark and seven other European countries tied to his Greenland purchase plan. Tariffs are set at 10 per cent from February 1 and may rise to 25 per cent by June 1. European leaders, including French President Emmanuel Macron and German Chancellor Friedrich Merz, have voiced concerns, while Denmark has increased its military presence in Greenland, amplifying geopolitical uncertainty.
Analysts say these developments, coupled with worries over US Federal Reserve policy independence and expectations of future rate cuts, have reinforced bullion demand. “Gold and silver remain elevated due to a combination of safe-haven flows and industrial demand for silver, particularly for solar, electric vehicles, and electronics,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
GlobalData has revised its outlook for precious metals sharply upward. The intelligence platform now expects gold to trade at Rs 1,75,000–1,95,000 per 10 grams by end-2026, reflecting global pricing and INR-USD dynamics, while silver is forecast at Rs 3,80,000–4,60,000 per kg. On a global scale, gold is projected to reach $6,100–$6,700 per ounce, with upside toward $7,000 if risk-off conditions intensify. Silver is expected to hit $175–$220 per ounce, underpinned by investment inflows and persistent supply constraints.
Ramnivas Mundada, Director of Economic Research at GlobalData, said, “Gold and silver have exceeded our previous targets sooner than anticipated, reflecting sustained risk premiums and structural deficits in silver. Safe-haven demand, coupled with ongoing tightness due to energy-transition-linked industrial consumption, supports further upside.”
Technical charts suggest short-term support for gold at Rs 1,41,650–1,40,310 and resistance at Rs 1,44,150–1,45,670, while silver’s support lies at Rs 2,85,810–2,82,170 and resistance at Rs 2,94,810–2,96,470 per kg. Traders are advised to watch for intermittent profit booking and retracements before prices resume the upward trend.
With industrial demand, safe-haven buying, and geopolitical risks continuing to shape markets, analysts remain constructive on gold and silver for 2026, forecasting sustained bullish momentum amid global uncertainty.
