Gold and silver prices touched fresh record highs in the Indian domestic market on Monday. As soon as trading began on the Multi-Commodity Exchange (MCX), both precious metals saw a sharp surge. For the first time, silver prices crossed the ₹3 lakh per kilogram mark, while gold prices also jumped 2.2 per cent, setting a new record.
On Monday, gold February futures on the MCX rose by 2.2 per cent, or nearly ₹3,000. As a result, gold prices climbed to ₹1,45,500 per 10 grams, the highest level recorded so far in the country’s market.
Silver crosses ₹3 lakh mark on MCX
Silver March futures prices increased by nearly 5 per cent, or ₹13,550, on the MCX. This pushed the price of silver to ₹3,01,315 per kilogram, marking a historic high. The rally was not limited to India. In the international market, silver prices also surged, crossing $94 per ounce, up 4.4 per cent. This is a new record for silver prices globally.
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Global uncertainty drives precious metal rally
Gold and silver prices have been rising in both domestic and international markets since last year, and Monday saw fresh record levels. Experts believe that geopolitical instability and former US President Donald Trump’s erratic tariff policies are driving the latest surge.
Trump has expressed a strong desire to buy Greenland, a move Denmark has firmly rejected. Several European countries have backed Denmark on the issue, which has reportedly angered Trump. He has announced an additional 10 per cent tariff on several European countries, including Britain, effective February 1. The European Union has also indicated retaliatory measures. Amid this uncertainty, global stock markets have declined, while prices of gold, silver, and other metals have risen sharply.
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