Gold and silver prices soared to record highs on January 19 as global tensions rattled markets. With silver crossing Rs 3 lakh and gold touching new peaks, investors rushed to safe havens. What’s driving the surge, and will prices climb further?
Gold and silver prices surged amid Trump’s tariff threats over Greenland
New Delhi: Gold and silver prices witnessed a sharp rise on Monday as investors moved towards safe-haven assets amid escalating global uncertainties. Fresh geopolitical tensions, triggered by renewed tariff threats from US President Donald Trump, pushed bullion prices to record highs in both domestic and international markets.
Gold prices in India surged across major cities, with 24-carat gold climbing to a fresh record. In Mumbai, 24k gold was priced at Rs 1,45,690 per 10 grams, while 22k gold stood at Rs 1,33,550 per 10 grams. Prices mentioned are exclusive of GST and making charges.
Gold prices jump Rs 3,320 in a week; Silver steals the show with massive surge
Silver also touched a historic milestone, crossing Rs 3 lakh per kilogram in the spot market. The precious metal reached an all-time high of Rs 3,05,100 per kg, reflecting strong investor demand amid market volatility.
Gold prices remained largely uniform across metro cities. In Delhi and Jaipur, 22-carat gold was quoted at Rs 1,33,700 per 10 grams, while 24-carat gold was priced at Rs 1,45,840. Ahmedabad saw slightly lower rates at Rs 1,33,600 for 22k and Rs 1,45,740 for 24k gold. Cities such as Mumbai, Pune, Hyderabad, Chennai, Bengaluru, and Kolkata recorded 22k gold at Rs 1,33,550 and 24k gold at Rs 1,45,690 per 10 grams.
In the international market, spot gold jumped 1.5% to $4,663.37 per ounce by early Asian trading, after hitting an all-time high of $4,689.39 earlier in the session. US gold futures for February delivery rose 1.6% to $4,669.90 per ounce.
Analysts attribute the surge to rising geopolitical tensions after President Trump threatened to impose additional tariffs on European nations amid a dispute over Greenland. The comments unsettled global markets, leading to a sell-off in US stock futures and the dollar, while boosting demand for gold and other safe-haven assets such as the Japanese yen and Swiss franc.
Gold prices fall for second straight day, Silver also declines; Check rates here
Market experts note that geopolitical risks, combined with fears of trade disruptions, have strengthened gold’s appeal. According to analysts, a low-interest-rate environment and political uncertainty traditionally favour non-yielding assets like gold.
Gold prices in India are influenced by several factors, including global market trends, currency fluctuations, import duties, and local taxes. Given gold’s cultural and financial importance in India, especially during weddings and festivals, investors continue to closely track price movements to navigate changing market conditions effectively.
