Summary of this article
Silver breaches Rs 3 lakh per kg milestone
Gold prices hit fresh lifetime high levels
Global tariff tensions boost safe haven demand
Silver prices surged Rs 10,000 on Monday to breach the record Rs 3 lakh-per-kilogram mark in the national capital, driven by strong demand in domestic and global markets, according to marketmen.
The white metal traded at Rs 3,02,600 per kilogram on Monday against the previous closing level of Rs 2,92,600 per kg.
This year, silver prices have risen by Rs 63,600, or 26.61 per cent, from Rs 2,39,000 per kilogram recorded at the end of 2025.
Gold prices also witnessed robust gains in the local bullion market and scaled a fresh record. The yellow metal climbed Rs 1,900 to Rs 1,48,100 per 10 grams (inclusive of all taxes). It had finished at Rs 1,46,200 per 10 grams on Friday.
"Gold and silver surged to fresh record highs on Monday, driven by geopolitical tensions, and escalating tariff-related uncertainty after US President Donald Trump threatened to impose additional tariffs on several European countries over the weekend," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
Since the beginning of 2026, gold prices have rallied by Rs 10,400, or 7.55 per cent, from Rs 1,37,700 per 10 grams recorded on December 31, 2025.
According to forex.com, spot silver increased to touch a fresh record of USD 94.13 per ounce, while gold rose to hit an all-time high of USD 4,690.80 per ounce in the international market.
"Spot gold hit a fresh record high of USD 4,690 per ounce in the global markets on safe haven demand as Trump announced a 10 per cent tariff on eight EU nations in retaliation for their opposition to his Greenland initiative," Praveen Singh, Head of Commodities, Mirae Asset ShareKhan, said.
Meanwhile, Trump on Saturday threatened to implement a 10 per cent tariff on goods from European nations, including Denmark, Sweden, France, Germany, the Netherlands, Finland, the UK and Norway, starting from February 1.
Tariff will be increased to 25 per cent on June 1, 2026. The proposed tariff will be due and payable until a deal is reached for the complete and total purchase of Greenland.
President Trump's Greenland-related tariff moves endanger the NATO alliance, a Western security alliance that has been in place since the Second World War, Singh said.
"This act has raised concerns over potential retaliation from European nations, increasing uncertainty and prompting investors to seek safe-haven assets as tariff-related risks come back into focus," Gandhi of HDFC Securities added.
