Gold, silver prices surge to fresh highs amid US threats of fresh tariffs on Europe

Gold and silver prices surged to unprecedented highs on Monday as investors turned to safe-haven assets following renewed tariff threats by the US President targeting European nations, linked to disputes over Greenland.

MCX February gold futures increased by 1.68% to ₹1,44,905 per 10 grams, while March silver futures gained 4.39% to ₹3,00,400 per kilogram.

Spot gold prices climbed above 1.6% to $4,700 per ounce before stabilizing near $4,670, hovering close to lifetime peaks after a sharp upward trajectory.

The rally intensified after the US administration proposed higher tariffs on goods from eight European countries until approval for a potential Greenland purchase was secured. This prompted EU envoys to coordinate countermeasures and diplomatic efforts to dissuade Washington.

Market analysts highlight that persistent geopolitical uncertainties, concerns about US monetary policy independence, and global economic risks have bolstered demand for gold.

Anticipated US interest rate cuts have further strengthened gold’s appeal after its robust performance in 2025.

This week, gold and silver prices may experience fluctuations due to dollar volatility and pending decisions on US tariffs by the Supreme Court.

“Gold finds support between ₹1,41,650-1,40,310, with resistance at ₹1,44,150-1,45,670. Silver has support at ₹2,85,810-2,82,170 and resistance at ₹2,94,810-2,96,470,” noted market strategists.

COMEX silver held steady around the $93 mark after reaching new highs near $94.30. Industrial demand from renewable energy, electric vehicles, and technology sectors, combined with safe-haven inflows, continues to reinforce silver’s long-term bullish trend.

An Augmont report suggested prices might retrace to $84 per ounce or ₹2,60,000 per kilogram due to profit-taking before resuming an upward trajectory.

(Inputs from IANS included)