Gold and silver prices recorded sharp gains on Monday, with both metals hitting record levels on the Multi Commodity Exchange. Gold February futures rose by nearly ₹3,000, or over 2 percent, to a record ₹1,45,500 per 10 grams. Silver March futures climbed even more sharply, rising by ₹13,550, or up to 5 percent, to an all-time high of ₹3,01,315 per kilogram.
The surge in precious metals prices was driven primarily by heightened global geopolitical uncertainty and increased demand for safe-haven assets. In the global commodities market, concerns intensified after US President Donald Trump threatened to impose tariffs related to Greenland, triggering anxiety among global investors.
The tariff threat was seen as pushing investors away from risk assets and toward safe-haven instruments such as gold and silver. Warnings of potential tariffs on European countries further raised fears of a global economic slowdown, leading to a sharp increase in demand for precious metals.
In the domestic market, gold prices also traded higher across major cities. In Delhi, 24-carat gold was priced at ₹14,584 per gram, 22-carat gold at ₹13,370 per gram, and 18-carat gold at ₹10,942 per gram. In Mumbai, 24-carat gold was trading at ₹14,569 per gram, 22-carat gold at ₹13,355 per gram, and 18-carat gold at ₹10,927 per gram.
Gold prices in Kolkata and Bengaluru were largely in line with Mumbai, while Chennai reported higher levels, with 24-carat gold trading at ₹14,673 per gram and 22-carat gold at ₹13,450 per gram.
Silver prices posted gains of over 5 percent during the session, with MCX silver March futures rising above ₹13,550 to reach a record ₹3,01,315 per kilogram. Market participants attributed the rally not only to global geopolitical tensions but also to rising investor preference for safe-haven assets, which has supported sustained demand for silver.
