Overview
- India’s MCX March silver futures breached ₹3,00,000 per kg for the first time, touching ₹3,01,315, while Comex silver hit a record near $94.35 an ounce and gold futures reached about $4,698.
- President Trump announced tariffs of 10% from February 1 rising to 25% in June on eight European countries over his Greenland push, and EU officials discussed possible retaliation including levies on €93 billion of US goods.
- Spot prices set new highs with gold peaking around $4,689 an ounce and silver near $94, as investors rotated into havens on escalating trade frictions and risk aversion.
- Investment interest strengthened, with holdings in the SPDR Gold Trust up roughly 1% on Friday, while analysts highlighted central bank buying, ETF inflows and silver’s chronic supply deficits.
- Strategists said gold remains supported by safe-haven flows and easier policy expectations, but flagged the risk of profit-taking and short-term consolidation in silver after outsized gains, with traders watching US PCE, GDP, PMI and jobless claims.