Gold, Silver Hit Record Highs as US–EU Trade War Fears Trigger Safe-Haven Rush
NEW DELHI: Gold and silver prices surged to fresh record highs on Tuesday, extending gains from the previous session as fears of a potential US–EU trade war pushed investors towards traditional safe-haven assets.
The rally was triggered by renewed tariff threats from US President , linked to opposition from several European nations over his controversial Greenland move. The developments have reignited global uncertainty and risk aversion across financial markets, according to an ET report.
MCX Prices Scale New Peaks
On the (MCX), gold futures for February 5, 2026, delivery jumped ₹1,300, or 1%, to ₹1,46,988 per 10 grams. Silver futures for March 5, 2026, delivery surged ₹7,869, or 2.5%, to ₹3,19,949 per kg.
The sharp rise comes after a strong rally in the previous session, when markets reacted swiftly to Trump’s proposed tariffs on eight European countries opposing his Greenland stance.
International Markets See Historic Levels
In the global market, silver prices on surged to a fresh lifetime high of $94.74 per troy ounce during Asian trading hours. Gold prices hovered just below record territory at around $4,670 per troy ounce.
According to AFP, silver touched $94.73 in Asian trade, while gold remained close to its all-time peak as risk-off sentiment intensified globally. Prices later pared some gains, but remained elevated as investors continued to seek protection against geopolitical and trade-related risks.
Trade War Fears Weigh on Sentiment
Market sentiment has remained fragile amid growing concerns of another standoff between the United States and Europe. Trump’s tariff threats, coupled with broader geopolitical tensions, have raised fears of disruptions to global trade flows, prompting investors to move funds into precious metals.
Analysts note that gold and silver typically benefit during periods of heightened uncertainty, especially when geopolitical disputes threaten economic stability and currency markets.
Outlook: Volatility to Persist, Support Levels Intact
Manoj Kumar Jain of said that precious metals are witnessing elevated volatility but are expected to remain well supported.
“Silver is expected to hold its key support near $84 per troy ounce, while gold is likely to sustain support around $4,440 per troy ounce on a closing basis,” Jain said, as quoted by ET.
He added that gold has international support in the $4,635–$4,610 range, with resistance at $4,700–$4,740. Silver, meanwhile, is supported between $91.40 and $88, with resistance seen at $96.60–$98.80.
Key Levels on MCX
On the domestic front, Jain highlighted the following technical levels on MCX:
Gold support is seen at ₹1,44,800–₹1,44,100, with resistance at ₹1,46,350–₹1,47,000.
Silver support lies at ₹3,03,000–₹2,96,600, while resistance is placed at ₹3,14,000–₹3,22,000.
He said the preferred strategy remains to buy gold and silver on dips, targeting ₹1,48,000 for gold and ₹3,22,000 for silver, with stop losses below ₹1,44,000 for gold and ₹2,98,000 for silver.
Our Thoughts
The surge in gold and silver underscores how quickly global markets react to geopolitical shocks and trade uncertainty. With US–EU tensions resurfacing and tariff risks back in focus, precious metals are once again proving their role as reliable safe-haven assets. While volatility may persist in the near term, strong support levels suggest that investor appetite for gold and silver is unlikely to fade anytime soon.