Gold, Silver prices make new peaks as risk-off sentiment spurs haven buying

Prices of Gold and Silver continued to scale new peaks in the global markets as sentiment remains risk-off after US President Donald Trump’s latest tariff tirade over Greenland.

Spot Gold prices made a new high of $4,690 an ounce overnight, and continue to trade above the $4,650 mark in early trading, while Spot Silver prices made a new high of $94.74, before coming off those levels slightly.

Both Gold and Silver had come of their best year in decades, as a supply squeeze, coupled with geopolitical and recession risks, along with hopes of the US Federal Reserve easing interest rates further, triggered a sharp rally in both precious metals in 2025
Donald Trump’s latest tariff threat to European allies for non-compliance with his plans to acquire the self-governed territory of Greenland has sparked a flight back towards haven assets like Gold and Silver, as equity markets globally sold off on Monday in light of this move.

The US markets were shut overnight due to a holiday, but futures continue to trade with significant losses.

This significant price moves in the global markets triggered a major rally for these commodities on the Indian bourses as well. Silver prices on the MCX ended 7.8% higher on Monday, crossing the mark of ₹3 lakh per kilogram for the first time.

Silver prices on MCX ended at ₹3,10,151 on Monday, adding ₹22,389 to its value in a single trading session. On the other hand, Gold prices also recovered from the lows of the day, ending at ₹1,45,757 for the February futures contract.

In an interaction with CNBC-TV18 on Monday, Laurence Balanco of CLSA said that he is cautious on Silver at current levels, but sees upside targets of $5,100 to $5,200 an ounce for Gold.