Mumbai, Jan 19 || Gold and silver prices climbed to fresh record highs on Monday as investors sought safe‑haven assets after US President Donald Trump threatened new tariffs on several European countries over a dispute tied to Greenland.
MCX gold February futures rose 1.68 per cent to Rs 1,44,905 per 10 grams, while MCX silver March futures rose 4.39 per cent to Rs 3,00,400 per kg.
Spot gold rose over 1.6 per cent to $4,700 an ounce, before consolidating near $4,670, testing lifetime highs after a sharp run-up.
The rally accelerated after Trump threatened escalating duties on imports from eight European nations until the United States is allowed to buy Greenland. The comments prompted European Union envoys to prepare coordinated efforts to dissuade Washington and to ready retaliatory measures if tariffs proceed.
Added concerns around political stability, questions over US monetary policy independence, and ongoing geopolitical risks have further supported gold, said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
Market watchers said that expectations of additional US rate cuts continue to underpin bullion prices after a strong performance in 2025.