Overview
- Gold traded above $4,700 per ounce and silver neared $95 after fresh record prints in Tuesday’s session, extending a months‑long rally.
- President Trump threatened a 10% tariff on Denmark and several European countries from February 1, rising to 25% by June 1 without a Greenland deal, and floated steep duties on specific goods such as French wine.
- Analysts cited safe‑haven demand, strong central‑bank buying, fiscal and Fed‑independence concerns, and a weaker dollar as key supports for precious metals.
- Record international prices translated into new domestic highs, with India’s MCX gold futures topping Rs 1.5 lakh per 10g and Pakistan posting fresh peak retail rates.
- Silver’s jump drew warnings about structural supply tightness, China’s export curbs, and the risk that sustained high prices could trigger industrial demand destruction and volatility.