Mumbai: Silver prices on COMEX exchange touched record high at $94.740 an ounce on Tuesday, as investors rushed to buy safe‑haven assets while US–Europe trade dispute intensified after President Donald Trump continued tariff rhetoric tied to Greenland. Gold prices also traded near record highs, as MCX gold February futures rose 1.27 per cent to Rs 1,47,490 per 10 grams. Meanwhile, MCX silver March futures rose 1.75 per cent to Rs 3,15,720 per kg.
Spot gold price touched $4,671.54 per ounce, after reaching a record $4,689.39 in the previous session. On an intraday basis, the metals eased slightly after an earlier sharp rally that followed Trump’s announcement of planned duties on eight European countries opposing his Greenland move. President Trump declined to rule out the use of force on Monday to acquire Greenland and insisted he would follow through on the threatened tariffs on goods arriving in the US from European countries.
French President Emmanuel Macron said he would seek activation of the EU’s anti‑coercion mechanism against tariff coercion, while German Chancellor Friedrich Merz urged restraint. Denmark’s decision to increase its military presence in Greenland has added to geopolitical uncertainty. Markets weighing in the likelihood of the Trump administration acting against the Federal Reserve has further supported precious metals, rekindling worries over the central bank’s independence.
Further expectations of additional US rate cuts also act as tailwinds bullion prices after providing much support in 2025. Precious metals’ rally reflects both safe‑haven buying and industrial demand for silver for uses in segments related to solar energy, electric vehicles and electronics. Analysts said that COMEX silver’s technical picture remains bullish after the breakout, with the $85–$88 band likely to act as short‑term support.
A recent Augmont report predicted that traders can witness some profit booking and retracement up to $84 an ounce or Rs 2,60,000 per kg, before prices move higher again. Analysts cautioned that rapid gains could invite profit‑taking, but most said the broader outlook for precious metals remains constructive amid persistent supply concerns and rising industrial consumption.
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