Mumbai, January 20 (IANS). Amid rising global tensions, gold and silver have set another new record in Tuesday’s trading session.
Precious metal prices on MCX hit new high, breaking the previous day’s record. Gold February futures reached a record high of Rs 1,47,996 per 10 grams, while Silver March futures reached Rs 3,19,949 per kg.
In Monday’s trading session, gold for February delivery had reached a record high of Rs 1,45,500 per 10 grams on MCX, while silver for March delivery had reached a record high of Rs 3,01,315 per kg.
At the same time, in the international market, the price of silver on Comex reached $ 94.320 an ounce. So gold reached $ 4,708.10 per ounce. In the earlier session, gold had touched a record high of $ 4,689.39 an ounce.
US President Donald Trump’s statements and threats of tariffs related to Greenland have increased global tensions, causing investors to turn to safe-haven options.
Till the time of writing the news, gold for February delivery on MCX was at Rs 1,47,894 per 10 grams with a rise of 1.55 percent i.e. Rs 2,255, while silver for March delivery was at Rs 3,17,554 per kg with a rise of Rs 7,279 or 2.35 percent.
This increase came at a time when President Trump announced the imposition of new tariffs on eight European countries opposing the Greenland issue.
The surge in precious metals came after US President Donald Trump threatened to impose new tariffs on eight European countries opposing the Greenland issue.
President Trump said on Monday that the possibility of using force to acquire Greenland cannot be ruled out. He also reiterated that he will follow through on his threat to impose tariffs on goods coming to America from European countries.
French President Emmanuel Macron said he would seek to implement the EU’s ‘anti-coercion’ mechanism. At the same time, Germany’s Chancellor Friedrich Merz appealed for restraint. Furthermore, Denmark’s decision to increase its military presence in Greenland has further increased geopolitical uncertainty.
The markets are also keeping an eye on whether the Trump administration will take any action against the US central bank Federal Reserve. This has increased concerns about the independence of the central bank, which is also benefiting precious metals.
Along with this, expectations of further interest rate cuts in America are also supporting gold and silver prices. These metals had received a lot of support due to expectations of cut in interest rates in the year 2025.
According to experts, this rise in precious metals reflects safe investment as well as industrial demand for silver. The use of silver is increasing in sectors like solar energy, electric vehicles and electronics.
Analysts said that technically the trend of silver on Comex still remains strong. The level of $85 to $88 per ounce can support the prices in the coming times.
A recent report by Augmont said that due to profit-booking, prices may fall slightly and silver may fall to $ 84 per ounce or Rs 2,60,000 per kg, after which a rise may be seen again.
Analysts have warned that investors may book profits after too sharp a rise, but believe that gold and silver trends will remain strong in the long run due to supply concerns and increased industrial demand.
–IANS
DBP/AS