January 19, 2026 : Gold and silver prices climbed to new record levels on Monday as investors moved towards safe-haven assets amid renewed global trade tensions, triggered by fresh tariff threats from US President Donald Trump against several European countries.
On the Multi Commodity Exchange (MCX), gold February futures surged 1.68 percent to Rs 1,44,905 per 10 grams, while silver March futures jumped sharply by 4.39 percent to Rs 3,00,400 per kilogram.
In overseas markets, spot gold rose more than 1.6 percent to briefly touch $4,700 an ounce before easing slightly to trade near $4,670, hovering close to lifetime highs after an aggressive rally.
The sharp upmove gathered pace after President Trump warned of higher import duties on goods from eight European nations in the backdrop of a dispute linked to Greenland. Following the statement, European Union envoys reportedly began preparing coordinated diplomatic responses, including potential retaliatory steps if the tariffs are imposed.
Market experts said a combination of factors is supporting bullion prices, including political uncertainty, concerns surrounding the independence of US monetary policy, and ongoing geopolitical risks.
“Added concerns around political stability, questions over US monetary policy independence, and ongoing geopolitical risks have supported gold,” said Rahul Kalantri, Vice President (Commodities) at Mehta Equities Ltd.
Traders also noted that expectations of further US interest rate cuts continue to underpin precious metals, extending the strong momentum seen through 2025.
However, analysts cautioned that gold and silver prices may remain volatile in the near term due to fluctuations in the dollar index and ahead of a US Supreme Court ruling related to tariffs.
Technically, gold is seen finding support in the Rs 1,41,650–1,40,310 range, with resistance placed between Rs 1,44,150 and Rs 1,45,670. Silver support is pegged at Rs 2,85,810–2,82,170, while resistance is seen at Rs 2,94,810–2,96,470.
Meanwhile, COMEX silver remained firm near the $93 mark after touching lifetime highs of around $94.30. Analysts said strong structural demand from sectors such as solar energy, electric vehicles, artificial intelligence, and electronics, along with safe-haven buying, continues to support silver prices.
An Augmont report noted that intermittent profit booking could lead to a short-term pullback towards $84 an ounce or around Rs 2,60,000 per kilogram, before the broader upward trend resumes.
