Gold prices have reached a new record high, while silver is trading slightly below its historical peak, continuing the upward momentum from the prior session. The rally was a consequence of the US Supreme Court’s decision to delay any ruling on the legality of US President Donald Trump’s trade tariffs, which in turn sparked renewed safe-haven demand for both precious metals. Geopolitical tensions remained high following Donald Trump’s tariff threats related to Greenland directed at European nations, rekindling fears of a resurgence in trade conflict. MCX Gold futures due February 5, 2026, increased by Rs 3,266 or 2% to reach Rs 1,53,831 per 10 grams. Meanwhile, silver futures for March 5, 2026, delivery increased by Rs 2,098 or 0.6% to Rs 3,25,900 per kg.
In the international market, gold prices surged to a new record high exceeding $4,800 per ounce on Wednesday, bolstered by robust safe-haven demand and a depreciating dollar. The rally occurred in the context of apprehensions regarding US President Donald Trump’s interest in Greenland, which could potentially reignite a trade conflict with Europe and undermine the NATO alliance. In contrast, spot silver declined by 1% to $93.59 per ounce, pulling back from its record high of $95.30 reached on Tuesday.
Increased safe-haven buying is observed following the imposition of tariffs by US President Donald Trump on eight European nations, alongside the declaration of intentions regarding Greenland. The surge in panic selling of riskier assets has led to an increased demand for both precious metals. Furthermore, yields on US 10-year bonds reached four-month peaks, driven by selling pressure in Japanese bonds, which concurrently provided support for gold and silver. The depreciation of the rupee has contributed to the increasing trend in domestic price levels. Manoj Kumar Jain observed that both precious metals are experiencing significant price volatility. However, silver prices are anticipated to maintain a support level of $84 per troy ounce, while gold may remain above $4,440 per troy ounce on a closing basis. He anticipates that gold and silver prices will exhibit volatility throughout the week, influenced by variations in the dollar index, the address from the US President, and persistent geopolitical tensions.
In the domestic market, Jain indicated that gold exhibits support levels between Rs 1,48,800 and Rs 1,46,600, with resistance found at Rs 1,52,500 to Rs 1,55,000. Meanwhile, silver shows support at Rs 3,16,000 to Rs 3,08,500, while resistance is noted at Rs 3,30,000 to Rs 3,38,000. He advised traders to strictly avoid short selling in gold and silver and to adhere to a buy-on-dips strategy as long as gold maintains a position above Rs 1,44,000 and silver stays above Rs 3,03,000. According to this strategy, he anticipates gold to trend towards Rs 1,55,000 and silver to approach Rs 3,38,000.