Overview
- International benchmarks hit fresh peaks, with Comex silver around $94.35 per ounce and U.S. gold futures near $4,698 per ounce.
- In India, MCX silver futures breached ₹3 lakh per kg for the first time and gold futures touched about ₹1,45,500 per 10 grams, while spot silver neared ₹3,05,000.
- The latest surge followed President Donald Trump’s plan to impose 10% tariffs from February 1 on eight European nations over Greenland, rising to 25% in June, as EU officials weighed retaliation.
- Analysts said silver’s rally has outpaced gold with double‑digit weekly gains and cautioned that prices could see a sharp correction as they approach the $100 per ounce mark.
- Safe‑haven flows, a softer dollar, expectations of Federal Reserve rate cuts, and strong investment demand via ETFs and central‑bank buying underpinned the move.