Overview
- Gold set a new record above $4,840 per ounce on Wednesday after silver hit an all-time high near $96 on Tuesday before easing slightly.
- The latest leg higher followed President Trump’s tariff plan tied to a Greenland deal, starting with a 10% levy on eight European countries from February 1 and rising to 25% on June 1, with separate threats including steep duties on French wine.
- European leaders signaled resistance to Washington’s demands, investors rotated into safe havens, the dollar weakened, and global equities slipped as volatility rose.
- India’s markets mirrored the surge, with MCX gold futures peaking around ₹1.58 lakh per 10g and silver near ₹3.35 lakh per kg, while spot prices hit fresh records helped by a softer rupee.
- Silver’s outsized gains drew attention to a multi-year supply deficit and early-year Chinese export curbs, while exchanges tightened conditions and watchers flagged the BoJ meeting and delayed U.S. court rulings as next catalysts.