New Delhi: Amid the increasing threat of a global trade war and the weakening US dollar, gold prices have been on the surge. The gold prices on MCX reached a new record level today, while silver was also seen skyrocketing.
Gold for February delivery on MCX was trading at Rs 1,46,326 per 10 grams with a rise of 0.50 percent at the time of writing this article. At the same time, silver for March delivery rose 1.20 percent to Rs 3,14,000 per kg. Earlier, silver on MCX had set a record of Rs 3,00,000 per kg on Monday. This momentum continued on Tuesday as well. As a result, silver became costlier by Rs 3,725 in one fell swoop on Tuesday. Gold was seen trading with an increase of about Rs 600.
Gold also set a new record in international markets. Gold futures for February delivery in the US jumped nearly 2 percent to $4,681 per ounce. At the same time, spot silver was seen trading at 93.39 dollars per ounce with a rise of 3.62 percent.
According to the bullion website, 24-carat gold jumped by Rs 760 rupees Rs 147,160 per 10 grams. Whereas silver was costlier by Rs 4030 and was trading at Rs 314,850 per kg.
Gold prices jump: Correction possible, says expert
Speaking to News9, Ajay Suresh Kedia, the founder & director of Kedia Advisory, said Gold prices climbed to a fresh record near $4,690 an ounce, driven by strong safe haven demand as geopolitical and trade tensions escalate. President Trump has threatened 10% tariffs on eight European countries from February 1, rising to 25% by June unless the U.S. can acquire Greenland, prompting a risk off market mood and an emergency EU leadership response.
Denmark is bolstering forces in Greenland amid the dispute, and investors are also focused on the delayed US PCE inflation data for clues to the Federal Reserve’s rate path. Technical levels show support around $4,600 with resistance near $4,720–$4,760, though overbought conditions suggest a possible correction, Kedia added.
Silver price target
Commenting on Silver, the expert said Silver stayed near all-time highs as rising US-Europe tensions over President Trump’s Greenland plans boosted safe-haven demand. Trump threatened eight European countries with new tariffs, prompting concerns over Europe potentially leveraging its $10 trillion holdings in US bonds and stocks. Volatility increased after the administration decided not to impose tariffs on critical minerals, including silver, vital for green energy and electronics.
“Technically, silver holding above $92 appears strong, with upside targets at $96–$100 and support at $84–$76. However, with prices in a highly overbought zone, a healthy correction seems likely,” Kedia said.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, gold, silver and crypto assets.)