Overview
- By Tuesday, COMEX silver hit an all-time high of $94.74 per ounce and spot gold traded near its record after peaking around $4,689.
- India’s futures market saw fresh peaks with MCX silver surging past ₹3 lakh per kg and intraday quotes topping ₹3.15 lakh, while MCX gold set new highs near ₹1.47 lakh per 10g.
- The move followed President Donald Trump’s plan to levy tariffs on eight European countries unless a Greenland deal proceeds, with EU officials weighing retaliation and the dollar and equities weakening.
- Lower expected U.S. rates, persistent ETF inflows and central-bank interest supported bullion, with SPDR Gold Trust holdings rising about 1% late last week.
- Silver outperformed on supply tightness and industrial demand from solar, EVs and electronics, as banks and analysts flagged scope for further gains toward $100 for silver and $5,000 for gold while warning of heightened volatility and possible pullbacks.