In the global market, gold was quoted at $4,855 announced at 1950 hours IST after having ruled over $4,870 at one point in time. Photo Credit: brightstars

Gold prices soared to a new high in the global and Indian markets, with the yellow metal topping $4,850 an ounce on Wednesday. Silver continued to rule firm around $95 an ounce as the precious metals complex continued to shine on increasing geopolitical tensions, particularly between the US and Europe over Greenland.

In India, the yellow metal ended at ₹1,54,227 per 10 gm in the Mumbai spot market. On MCX, February futures ruled at ₹1,57,582.

In the global market, gold was quoted at $4,855 announced at 1950 hours IST after having ruled over $4,870 at one point in time. On COMEX, February futures quoted at $4,854.65.

Silver went past $95 an ounce again before quoting at $94.23. March futures of the white precious metal on COMEX were ruling at $94.150.

Markets unsettled

In the Mumbai spot market, it closed at ₹3,19,097 a kg. On MCX, March futures quoted at ₹3,32,462 after touching a high of ₹3,35,521.

Platinum topped $2,500 an ounce and was quoted at $2,508, while palladium ruled at $1,905.5 an ounce. Gold has gained 12.5 per cent since the beginning of this year, while silver has increased by over 32.5 per cent.

Colin Shah, MD, Kama Jewelry, said the markets have been unsettled by Trump’s renewed interest in buying Greenland. The US plans to impose 10 per cent tariffs from February 1 on eight European countries, including France, Germany, and the UK, with the possibility of the tariffs rising to 25% by June.

“This current surge in gold and silver prices is largely driven by the global uncertainty and geopolitical tensions, which are pushing investors towards gold as a haven,” he said.

Renisha Chainani, head of research at Augmont, said investors are closely watching Europe’s response to the tariff threat against eight nations opposing the move, as well as developments from Davos, where Trump is expected to discuss the issue with global leaders.

Consumers may turn cautious

“Against this backdrop of rising geopolitical risk and macro uncertainty, gold demand has strengthened sharply, with prices potentially extending their rally toward $5,000/oz as risk-off sentiment persists,” she said.

Shah said the current volatility may continue in the near term, but higher prices could make consumers more cautious, especially in price-sensitive segments of the jewelery market.

“Globally, this could impact both exports and buyers, particularly for gold, as end-consumers may rethink their purchases,” he said.

Published on January 21, 2026

Every cloud has a silver lining, they say. For investors in the white metal, that lining has turned into a gleaming profit sheet. silver price surged to fresh all-time highs on Tuesday, touching $94.75 per ounce globally before settling around $93.25-$93.30, while Indian markets saw prices consolidate above the historic ₹3 lakh per kilogram mark.

The metal has delivered a stunning 30 per cent return in less than three weeks of 2026. For those watching from the sidelines, the question is no longer whether silver is rising, but why, and whether this momentum can sustain.

Four forces driving silver higher

The current rally rests on four distinct pillars. First, global central banks have been reducing interest rates to support growth as inflation moderates. When cash becomes cheaper to hold, precious metals gain appeal as stores of value.

Second, geopolitical tensions continue to simmer. From US-Europe trade disputes to ongoing conflicts, investors are hedging against structural fragility in the global economy.

Third, and perhaps most transformative, is silver’s evolving identity as a “Green Metal.” “Silver stands out with its dual demand: monetary protection plus explosive industrial use in solar panels, EVs, data centers, and electrification, now over half of total consumption,” said Akshat Garg, Head of Research & Product at Choice Wealth. The metal’s superior conductivity makes it indispensable in solar panels, electric vehicle batteries, and semiconductor components.

Fourth is speculation – traders buying because prices are rising, creating self-reinforcing momentum.

What the charts say

Ponmudi R, CEO of Enrich Money, outlined the technical picture on Tuesday morning. “COMEX Silver has surged to fresh all-time highs near $94.75 and is currently consolidating around $93.25–$93.30 after minor profit booking. The breakout above the critical $90–$92 psychological zone now stands confirmed,” he said.

For Indian investors,MCX Silver has staged a strong breakout and continues to show high-beta outperformance. Sustained trade above ₹3,10,000 keeps the momentum extremely bullish. Next major upside targets are placed at ₹3,20,000–₹3,25,000 in the near term, with scope to extend towards ₹3,35,000–₹3,50,000 over the next few months.”

The investment question

For those considering entry at these elevated levels, experts emphasize structure over timing. “New investors should consider taking positions in Silver ETFs as part of building a diversified multi-asset portfolio,” Garg said. “Target 5-10 per cent allocation to silver or gold ETFs within a broader multi-asset framework, treat as diversification, not a momentum play.”

For existing holders, “Existing Silver ETF holders should avoid exiting at current levels, as the supportive forces remain intact. Discipline beats timing, focus on conviction over short-term noise,” Garg advised.

However, the same factors driving silver higher could reverse. If interest rate cut expectations moderate, geopolitical tensions ease, or speculative fervor cools, the metal could face sharp corrections. Long-term investors should view silver as a portfolio diversifier rather than a substitute for growth assets, maintaining exposure through ETFs while avoiding leveraged speculation on short-term price movements.

Published on January 20, 2026

FILE PHOTO: Gold bars are displayed at a gold jewelery shop in Chandigarh | Photo Credit: AJAY VERMA

Gold prices in India have seen an upward trend today, January 21, with a notable increase across all major cities. The price of both 22-carat and 24-carat gold has risen compared to yesterday’s rates. This report provides a detailed, city-by-city breakdown of today’s gold prices.

Gold Rate in India

The average price for 22-carat gold in india today is ₹13,550 per gram, marking an increase of ₹145. For 8 grams, the price is ₹1,08,400, up by ₹1,160. The 24-carat gold price stands at ₹14,228 per gram (up by ₹153) and ₹1,13,824 for 8 grams (up by ₹1,224).

Gold Rate in Mumbai

In Mumbai, the price for 1 gram of 22-carat gold is ₹13,550 per gram, marking an increase of ₹145. For 8 grams, the price is ₹1,08,400, up by ₹1,160. For 24 carat goldgold price stands at ₹14,228 per gram (up by ₹153) and ₹1,13,824 for 8 grams (up by ₹1,224).

Gold Rate in Chennai

Chennai’s gold rates have also seen a jump. A gram of 22-carat gold is priced at ₹13,610, a rise of ₹160. An 8-gram piece costs ₹1,08,880, up by ₹1,280. For 24 carat goldthe price is ₹14,291 per gram, an increase of ₹168, and ₹1,14,328 for 8 grams, up by ₹1,344.

Gold Rate in Hyderabad

Hyderabad’s 22-carat gold price is ₹13,610 per gram, an increase of ₹160. The 8-gram price is ₹1,08,880, up by ₹1,280.

The 24-carat gold rate is ₹14,291 per gram, an increase of ₹168, and ₹1,14,328 for 8 grams, up by ₹1,344.

Gold Rate in Delhi

In Delhi, the price of 22-carat gold is ₹13,600 per gram (up by ₹145) and ₹1,08,800 for 8 grams (up by ₹1,160). The 24-carat gold price is ₹14,280 per gram, a jump of ₹152, while 8 grams costs ₹1,14,240, up by ₹1,216.

Gold Rate in Ahmedabad

Ahmedabad’s gold prices also reflect the national trend. The price for 1 gram of 22-carat gold is ₹13,604, an increase of ₹152, and ₹1,08,832 for 8 grams, up by ₹1,160. For 24-carat gold, the price is ₹1,14,272 for 8 grams, up by ₹1,216. The price for 1 gram of 24-carat gold is ₹14,284, an increase of ₹152

Gold Rate in Kolkata

In Kolkata1 gram of 22-carat gold is priced at ₹13,700, up by ₹145, and 8 grams at ₹1,09,600, up by ₹1,160. The price for 24-carat gold is ₹14,385 per gram, an increase of ₹152, while 8 grams is priced at ₹1,15,080, up by ₹1,216

Gold Rate in Bengaluru

Bengaluru also witnessed a rise in gold rates. The price of 22-carat gold is ₹13,610 per gram (up by ₹145) and ₹1,08,880 for 8 grams (up by ₹1,160). The 24-carat gold price is ₹14,291 per gram (up by ₹153) and ₹1,14,328 for 8 grams (up by ₹1,224).

Gold Rates Courtesy: bankbazaar.com

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Published on January 21, 2026

Spot gold climbed 2.1% to $4,862.46 per ounce in early trade | Photo Credit: istock.com

Gold prices were boosted to a record high above $4,800 per ounce on Wednesday, as investors looked to the metal as a safe haven after a broad selloff in US assets on heightened tensions between the US and NATO over Greenland.

Spot gold climbed 2.1% to $4,862.46 per ounce by 0446 GMT, after scaling a record $4,865.73 earlier in the session. US gold futures for February delivery climbed 2% to $4,861.20 per ounce.

“It’s the loss of ⁠trust in the US caused by Trump’s moves over the weekend to tariff European countries and increase coercion in trying to take Greenland. (The move in gold) reflects ​fears about global geopolitical (tensions),” ⁠said Kyle Rodda, a senior market analyst at Capital.com.

On Tuesday, Trump said there was “no going back” on his goal to control Greenland, refusing to rule out taking the Arctic island by force and lashing out at NATO allies.

He later said, “We will work something out where NATO is going to be very happy and where we’re going to be very happy.”

Meanwhile, French President Emmanuel Macron said Europe would not give in to bullies or be intimidated, in a scathing criticism of Trump’s threat of steep tariffs at Davos if Europe does not let him take over Greenland.

“I think crossing $4,800 just reinforces that, people don’t want to sell gold before $5,000. It’s a combination of the traditional supporters for gold, which is rising debt, a weakening dollar and geopolitical uncertainty,” said Nicholas Frappell, global head of institutional markets at ABC Refinery.

The dollar index ⁠languished at a near one-month low after White House threats over Greenland triggered a broad selloff in US assets, from the currency to Wall Street stocks and Treasury bonds.

A weaker ⁠dollar makes greenback-priced metals cheaper for overseas buyers.

Spot silver fell 0.1% to $94.48 an ounce, after hitting a record high of $95.87 on Tuesday.

Spot platinum lost 0.5% to $2,449.98 per ounce after hitting a record $2,511.80 earlier in the day, while ⁠palladium was up 0.1% at $1,866.46.

Published on January 21, 2026

Closeup silver ingots and golden bullions in bank vault. Finance 3d illustration istock photo for BL | Photo Credit: iStockphoto

Gold and silver soared to new highs on Tuesday in the global and domestic markets as the current spat between the US and Europe over Greenland continued to drive investors to haven assets.

Gold topped $4,700 an ounce to a new record. It ruled at $4,732.05 an ounce at 1930 hours IST. Gold futures, expiring in February, were quoted at $4,739.75 on COMEX.

In India’s Mumbai spot market, gold ended at ₹1,47,409 per 10 gm, while on MCX, gold February contracts ruled at ₹1,50,110 for 10 gm, after rising to ₹1,52,250.

Silver topped $95 an ounce and was quoted at $95.36 an ounce. Silver March futures on COMEX ruled at $95.24. In the Mumbai spot market, the white precious metal closed at ₹3,09,345 a kg. On MCX, its March contracts topped ₹3.25 lakh a kg before ruling at ₹3,24,524.

SHFE silver near $105/oz

On Shanghai Futures Exchange, the white precious metal ruled at $104.26 an ounce (23,358 yuan) after rising to $105.87 (23,700 yuan).

However, US multinational financial agency JP Morgan warned that mounting risks from loosening ex-US supply and ETF outflows to softer industrial demand and tighter Chinese trading curbs, leave silver vulnerable to a sharp correction.

Mining executive David Jensen said many stores in the US and much of Europe were reporting shortage of silver.

LBMA survey

The yellow precious metal has gained close to 10 per cent since the beginning of 2026, while the white precious metal has increased by nearly 33 per cent. Platinum, which was quoted near $2,500 an ounce, has gone up by 18.5 per cent and palladium, which ruled at $1,890 an ounce, has risen by over 14 per cent.

Meanwhile, the London Bullion Merchants Association (LBMA) annual survey revealed that analysts see gold, silver, platinum and palladium breaching new highs throughout 2026. Gold will not just top $6,000 an ounce, but may even soar to $7,000. They expect silver to hit $160 an ounce. Platinum could see highs of over $3,000 and palladium close on its tail.

Published on January 20, 2026

Spot gold crossed $4,725 per ounce while silver breached $95 per ounce globally.

They say all that glitters is not gold, but these days, gold itself is doing plenty of glittering. gold and silver surged to fresh record highs on Tuesday, with spot gold crossing $4,725 per ounce and silver breaching $95 per ounce, driven by escalating geopolitical tensions between the United States and Europe. On the domestic front, MCX gold rose above ₹150,000 per 10 grams while MCX silver crossed ₹326,000 per kg, marking historic peaks ahead of the February 1 Union Budget.

The rally has been fueled by President Donald Trump’s renewed push for the US to acquire Greenland, coupled with threats of tariffs on eight European countries, including France, Germany, and the UK. “A 10 per cent duty is scheduled to take effect from February 1, with tariffs expected to rise to 25 per cent by June,” said Kaynat Chainwala, AVP – Commodity Research at Kotak Securities. European officials are now weighing retaliatory measures against over $100 billion in US goods, raising fears of a transatlantic trade war.

Geopolitics drives metals

“Gold and silver are no longer just commodities, they are geopolitics in metal form,” said Amit Jain, Co-Founder of Ashika Global Family Office Services. “When major powers fight over resources like Greenland, markets instinctively price in risk, and precious metals become the default refuge.”

Rupee depreciation boost

The Indian rupee’s sharp depreciation has amplified returns for domestic investors. “USDINR January futures on the NSE are currently trading above 91, marking a depreciation of over one rupee so far this year,” noted NS Ramaswamy, Head of Commodity & CRM at Ventura. “Domestic participants are benefiting from two simultaneous drivers: rising global gold prices and rupee depreciation together amplifying returns.”

Silver supply crunch

Silver’s rally has been particularly dramatic, supported by what Chainwala describes as “a structural supply-demand imbalance, driven by constrained mine output and rising industrial consumption.”

Ponmudi R, CEO of Enrich Money, said “a sustained breakout above the $4,700 mark is likely to trigger the next impulsive leg higher toward $4,800–$5,000 in the very near term.”

Published on January 20, 2026

Gold hit a record high, while silver retreated from an all-time peak, as President Donald Trump’s push to take over Greenland stoked fears of a potential US–Europe trade war.

Spot gold rose to $4,694.35 an ounce on Tuesday as markets waited for Europe’s response to Trump’s threat to impose tariffs on eight European nations that opposed his Greenland ambitions. Silver touched an all-time peak of $94.7295 an ounce earlier, before retreating.

The US’ threat toward its NATO allies has rattled markets, buoying demand for havens and reviving the “Sell America” trade. French President Emmanuel Macron intends to request activation of the European Union’s anti-coercion instrument, although German Chancellor Friedrich Merz said he’s trying to get Macron to tone down his response.

“We have entered an era of resource nationalism between major powers,” Peter Kinsella, global head of FX strategy at Union Bancaire Privee SA, said in an interview on Bloomberg Television. Currencies are not necessarily the best way to play this geopolitical theme, he said, adding that gold’s trajectory now is upward.

The crisis — coming hot on the heels of the US’ seizure of Venezuela’s leader — has added further impetus to what was already a breakneck rally in precious metals. The Trump administration’s renewed attacks on the Federal Reserve have also aided gold and silver this year, as they’ve revived concerns about the independence of the central bank.

“The rally in precious metals did not begin with this dispute, and it is unlikely to end with it,” Ole Hansen, a strategist at Saxo Bank A/S, wrote in a note. “Instead, the Greenland episode has poured fresh fuel on a rally that has been building for months, driven by a macro and geopolitical backdrop that has become increasingly uncomfortable for investors reliant on financial assets alone.”

Gold rose 0.5% to $4,692.15 an ounce as of 12:52 pm in Singapore, while silver fell 0.2% to $92.2147 an ounce. The Bloomberg Dollar Spot Index was flat after losing 0.3% on Monday. Platinum and palladium declined.

Investors will be keeping close tabs on the US Supreme Court’s argument on Trump’s effort to fire Fed Governor Lisa Cook, which is due Wednesday and could be pivotal for the central bank’s continued independence.

More stories like this are available on bloomberg.com

©2026 Bloomberg LP

Published on January 20, 2026

Silver hit a record high and gold traded near an all-time peak as President Donald Trump’s push to take over Greenland fueled fears of a US-Europe trade war and kept markets on edge.

The precious metals edged lower, after rising sharply in the previous session following Trump’s pledge to put tariffs on eight European nations that opposed his Greenland ambitions. Silver briefly touched a record of $94.7295 an ounce on Tuesday and gold was near $4,670.

The US’s aggression toward its NATO allies has rattled markets, buoying demand for havens and reviving the ‘Sell America’ trade. Investors are now waiting to see how Europe will react. French President Emmanuel Macron intends to request activation of the European Union’s anti-coercion instrument, although German Chancellor Friedrich Merz said he’s trying to get him to tone down his response.

The crisis — coming hot on the heels of the US’s seizure of Venezuela’s leader — has added further impetus to what was already a breakneck rally in precious metals. The Trump administration’s renewed attacks on the Federal Reserve have also aided gold and silver this year, as they’ve revived concerns about the independence of the central bank.

“The rally in precious metals did not begin with this dispute, and it is unlikely to end with it,” Ole Hansen, a strategist at Saxo Bank A/S, said in a note. “Instead, the Greenland episode has poured fresh fuel on a rally that has been building for months, driven by a macro and geopolitical backdrop that has become increasingly uncomfortable for investors reliant on financial assets alone.”

Silver dipped 0.6% to $93.8590 an ounce as of 7:56 am Singapore time, and gold declined 0.1% to $4,665.73. The Bloomberg Dollar Spot Index added 0.1% after losing 0.3% on Monday.

Published on January 20, 2026

Indian consumers will now have to pay over ₹3 lakh a kg for silver, with the white precious metal prices soaring in the global market. Silver prices have tripled in the past year, rising by 204 per cent, data showed.

The white precious metal topped ₹2 lakh a kg on December 12, 2025, while the ₹1 lakh a kg mark was breached in October 2024. The silver-gold ratio is 49.99, which means an ounce of gold can get 49.99 ounces of silver against over 100 in April 2025.

In the Mumbai spot market on Monday, gold ended at ₹2,93,975 a kg, while including 3 per cent GST, consumers will now have to pay ₹3,02,795. On MCX, silver March futures ruled at ₹3,03,330 at 1945 hours IST after touching a high of ₹3,04,200.

Silver soared to over $94 an ounce in the global market before paring its gains to $93.17 an ounce. Silver March futures were quoted at $93.225 an ounce.

Other precious metals also gain

In China’s Shanghai Futures Market, the white precious metal soared to $105.5 an ounce (23,548 yuan a kg) in the morning before easing to $103.1 (23,059 yuan) in the evening session.

Along with the white precious metal, gold gained 1.5 per cent, while platinum group of metals (PGMs) rose by 1.75 per cent.

The latest surge in the precious metals comes on the heels of US President Donald Trump threatening to impose new tariffs on eight European nations in a bid to gain control of Greenland. In turn, European leaders mulled retaliatory measures, including reviving the 2025 plan to levy tariffs on US goods.

Dual demand

French President Emmanuel Macron called on fellow leaders to activate the EU’s anti-coercion instrument. All these boosted the demand for haven assets such as precious metals.

Akshat Garg, Head – Research & Product of Choice Wealth, said silver stands out with its dual demand: monetary protection plus explosive industrial use in solar panels, EVs, data centers, and electrification—now over half of total consumption.

“Ongoing supply deficits from lagging mine output and recycling underestimate its tightness, positioning it to outperform gold in growth phases while hedging stress periods,” he said.

Aamir Makda, Commodity and Currency Analyst, Choice Broking, said: “As of mid-January, silver has delivered nearly 30 per cent returns, mounting on the momentum of 2025. … the market faces a structural supply deficit exacerbated by China’s strict export licensing and limited mining growth, resulting in a severe drop in inventories. Global deficit of Silver has been projected to ~230 million ounces so far in 2026,” he said.

Silver up 30% YTD

Gold ruled at $4,666 an ounce, while February futures ruled at $4671.21. In the Mumbai spot market, the yellow precious metal closed at ₹1,43,946 per 10 gm. On MCX, gold February futures ruled at ₹1,45,064 per 10 gm.

Primary PGMs metal platinum quoted at $2,372.80 an ounce, while palladium ruled at $1,858 an ounce.

Gold has increased by 8 per cent this year, silver by over 30 per cent, platinum by 14 per cent and palladium by 11 per cent.

Renisha Chainani, head of research at Augmont, said gold is heading towards its next resistance of $4750-60 (78.6 per cent fibonnicci extension) and $4,990-5,000 (100 per cent fibonnicci extension).

Silver has touched the 61.8 percent Fibonacci resistance target of $93. Next level to watch for is 78.6 per cent Fibonnicci extension of $99.2-100 and 100 per cent Fibonnicci extension of $107. Strong support lies at $86.5, she said

Published on January 19, 2026

In the international market, the March silver futures contract jumped by $5.81, or 6.56 per cent, to hit a record of $94.35 per ounce. | Photo Credit: istock.com

Silver prices surged on Monday to breach the record ₹3 lakh-per-kg mark in futures trade for the first time, riding on strong investor demand and positive global trends.

On the Multi Commodity Exchange (MCX), silver futures for March delivery skyrocketed by ₹13,553, or 4.71 per cent, to hit a record of ₹3,01,315 per kilogram.

In the international market, the March silver futures contract jumped by $5.81, or 6.56 per cent, to hit a record of $94.35 per ounce.

Analysts said that upbeat industrial demand and a weak US dollar lent further support to the white metal, which has been outperforming gold in recent sessions.

Published on January 19, 2026