Gold prices reached new record highs on Tuesday, building on gains from the prior session following US President Donald Trump’s announcement of tariff threats related to Greenland against European nations, thereby rekindling concerns over the trade war. The intensification of tensions between the United States and Europe has amplified global uncertainty, prompting investors to seek refuge in safe-haven assets and increasing the demand for precious metals. MCX gold futures scheduled for February 5, 2026, increased by Rs 1,300, reflecting a 1% rise, reaching Rs 1,46,988 per 10 grams. In the interim, silver futures set for delivery on March 5, 2026, experienced a notable increase of Rs 7,869, reflecting a rise of 2.5%, bringing the price to Rs 3,19,949 per kg.
In the international market, COMEX silver prices surged to a fresh record of $94.74 per troy ounce on Tuesday as US President Donald Trump’s push to take control of Greenland heightened fears of a potential trade conflict between the US and Europe, unsettling global markets. Gold, the yellow metal, remained close to its record levels at $4,670. Nonetheless, both precious metals subsequently reduced some of their gains following a significant rally in the prior session, which was instigated by Trump’s announcement regarding proposed tariffs on eight European nations that opposed his Greenland initiative. Precious metals are experiencing significant price fluctuations, with silver anticipated to maintain crucial support near $84 per troy ounce, while gold is projected to uphold support around $4,440 per troy ounce on a closing basis, according to Manoj Kumar Jain.
Gold and silver prices are anticipated to exhibit volatility throughout the week, influenced by variations in the dollar index, the impending US Supreme Court ruling on tariffs from the Trump administration, and persistent geopolitical tensions. In the global marketplace, gold exhibits support within the $4,635 to $4,610 range, while resistance is observed at $4,700 to $4,740 per troy ounce. Silver finds support in the range of $91.40 to $88, with resistance identified at $96.60 to $98.80 per troy ounce in the current session, as noted by Jain.
On the MCX, gold exhibits support levels ranging from Rs 1,44,800 to Rs 1,44,100, while encountering resistance between Rs 1,46,350 and Rs 1,47,000. Silver exhibits support within the range of Rs 3,03,000 to Rs 2,96,600, whereas resistance is identified between Rs 3,14,000 and Rs 3,22,000. The strategy continues to involve purchasing gold and silver during price declines, with price targets set at Rs 1,48,000 for gold and Rs 3,22,000 for silver. A stop loss is to be maintained below Rs 1,44,000 for gold and below Rs 2,98,000 for silver.