Global markets reeled as U.S. President Donald Trump’s Greenland fixation and tariff salvos against Europe ignited a precious metals mania. On MCX Tuesday, gold February futures rocketed to 1,47,996 rupees per 10 grams from Monday’s 1,45,500, while silver March touched 3,19,949 rupees per kilogram versus 3,01,315.
Comex gold peaked at 4,708.10 dollars per ounce, silver at 94.320 dollars, dwarfing prior highs. Safe-haven buying surged post-Trump’s tariff announcement on eight European nations and his nod to possible force for Greenland acquisition.
Latest figures: MCX gold +1.55% to 1,47,894 rupees, silver +2.35% or 7,279 rupees to 3,17,554 per kilogram. Europe’s pushback—Macron demanding EU anti-coercion tools, Merz advocating de-escalation, Denmark fortifying Greenland—exacerbates the flux.
Compounding factors: Fed independence jitters under Trump and 2025 rate cut hopes. Silver’s dual appeal, from havens to surging use in green tech and gadgets, powers the rally.
Comex silver’s technical strength persists at 85-88 dollars. Per Augmont, expect pullbacks to 84 dollars/2,60,000 rupees on profit-taking, then resumption amid supply-demand imbalances.
Though rapid gains invite sell-offs, the overarching narrative favors gold and silver’s endurance, weaving geopolitical shields with industrial might in uncertain times.