MUMBAI: For the first time, silver futures crossed the Rs 3-lakh/kg-mark, while 24K gold is sniffing at Rs 1.5-lakh/10-grams in the domestic market, following a massive sprint in global prices—the white metal shooting past $94.36/ounce (up 6.8%) and the yellow peer trading at $4,696/ounce (up 2.3%) on the Chicago Mercantile Exchange at 1245 hrs IST on Monday.
The shocking rally comes amid safe haven demand as US president Donald Trump has been getting shriller with his Greenland takeover rhetoric over the weekend and slapped a 10% trade tariff on eight of the largest EU nations.
Analysts said upbeat industrial demand and the weak dollar are also lending further support to the white metal, which has been outperforming gold in recent sessions.
The ongoing rally follows a massive threefolds sprint in silver prices in 2025 (the white metal closed the year at $83.62/oz after beginning the year at $20/ounce) and the yellow metal rallied 81% to $4,575/oz in the year. These massive gold rally came in after a 24% jump in 2024 and a 22% gain in 2023!
Between January 1 and today, silver gained silver gained 29% and gold rallied 22%.
On the MCX, silver futures for March delivery skyrocketed by Rs 16,044, or 5.58%, to hit a record of Rs 3,03,806/kg. In the international market, the March silver futures contract jumped by $5.81, or 6.56%, to hit a record of $94.35/ounce (28.35 grams).
On the other hand, the February futures of the yellow metal is up Rs 2,606 or 1.83% up at Rs 145,123/10grams on the MCX on Monday.
Precious metals have rallied sharply this year, following dramatic gains in 2025, as the US captured Venezuelean president and then doubled down on threats to take Greenland.
Over the weekend, Trump said slapped 10% additional tariffs on eight European nations---Germany, France, England, Denmark (under whose control is the icy island), Norway, Sweden, the Netherlands and Finland--would come into force on February 1, but could later rise to 25% from June 1, for opposing his plan to invade Greenland. The move supported haven demand for precious metals.
According to Renisha Chainani, the head of at gold trading firm Augmont, current price of gold and silver climbed to fresh highs today with gold touching $4,698 (Rs 1,45,500/10 grams) and silver reaching $94.36 (Rs 3,01,300/kg), as investors rushed into safe-haven assets amid a sharp escalation in geopolitical tensions.
“The rally was triggered after Trump threatened to impose additional tariffs on European countries over control of Greenland, raising fears of a wider Transatlantic trade disputes. It also reignited global risk aversion, driving investors towards traditional safe havens like gold and silver,” Chainani said.
Silver has gained nearly 30% year-to-date, attracting strong speculative interest from both buyers and sellers, leading to sharp and erratic price swings, Chainani said,
Gold is heading towards next resistance of $4750-60 (78.6%) (Rs 1,47,000) and $4990-5,000 (100%) or Rs 1,55,000) and silver is heading to $99.2-100 (Rs 3,20,000) and $107 (Rs 3,40,000) while strong support is seen at $86.5 (Rs 285,000).