Mumbai, Jan 20 Gold and silver prices surged to fresh record highs on the Multi Commodity Exchange (MCX) on Tuesday as investors rushed towards safe-haven assets amid rising global trade and geopolitical tensions.
February gold futures opened higher at Rs 1,45,775 per 10 grams, compared to the previous close of Rs 1,45,639.
During the session, prices climbed sharply to touch a historic high of Rs 1,52,500 per 10 grams, gaining Rs 6,861 in a single day.
With this, gold crossed the Rs 1.50 lakh mark for the first time and extended its winning streak for the second consecutive session.
Silver prices also continued their strong rally. March delivery silver futures jumped another Rs 17,723 on Tuesday, after rising Rs 22,153 on Monday.
The metal touched an all-time high of Rs 3,27,998 per kilogram, taking its month-to-date gains to nearly 36 per cent.
Market participants are increasingly worried about escalating trade tensions triggered by fresh tariff threats from US President Donald Trump.
He has warned European countries of possible trade action over issues linked to Greenland, prompting discussions in Europe about counter-tariffs and broader economic retaliation.
Adding to the uncertainty, Trump also threatened to impose 200 per cent tariffs on French wine and champagne after French President Emmanuel Macron reportedly refused to join Trump’s proposed “Board of Peace” on Gaza.
These developments have intensified fears of a new global trade conflict.
Silver has been one of the biggest beneficiaries of the current market environment.
Strong investment demand, along with rising industrial usage, has helped silver prices gain Rs 1 lakh in record time.
The metal crossed Rs 1 lakh per kilogram in October 2024 and took 14 months to reach Rs 2 lakh in December 2025.
However, the next Rs 1 lakh jump happened in just 25 trading sessions, with silver touching Rs 3 lakh on Monday.
Experts say the strong rally in precious metals reflects investors’ growing preference for safety as uncertainty dominates global markets.
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