Indian gold and silver exchange-traded funds (ETFs) plunged on Thursday as investors unwound their positions following US President Donald Trump’s softened stance against his NATO allies in Europe on the Greenland issue.

Industry sources said silver, in particular, had soared on speculation that there would be a hike in import duty on the white precious metal and when it became clear that there was no such move, prices declined.

On the other hand, silver prices in the Indian domestic market dropped below ₹3 lakh a kg on Thursday as the white precious metal cooled in the global markets, while gold ruled stable.

Trading at premium

“The sharp loss investors experienced (in precious metal) was largely due to a decline in ETF trading prices. But it was not an equivalent decline in NAV (net asset value). Many gold and silver ETFs were trading at a premium to their NAV because of speculative buying. When this premium unwound, ETF prices corrected sharply,” said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd and President of India Bullion and Jewelers Association Ltd. (IBJA).

For example, if a silver ETF had a NAV of ₹100, it was trading at ₹125 (25 per cent premium). When the price falls to ₹102, the investor sees an 18 per cent loss, even though the NAV dropped only 2 per cent. “So most losses came from premium correction, not a collapse in silver prices or gold prices,” he said.

On Wednesday, Trump withdrew his threat to impose additional tariffs on his NATO allies in Europe. He told the World Economic Forum that he has reached a framework for a deal with NATO over the future of Greenland.

This resulted in silver dropping below $93 an ounce in the global market, before quoting at $93.9 at 2030 hours IST. Silver March futures ruled at $93.89 an ounce.

Spot silver below ₹3 lakh/kg

In the Mumbai spot market, silver fell by ₹20,000 to ₹2,99,711 a kg from ₹3,19,097 on Wednesday. On MCX, silver March futures dropped to ₹3,09,324, down over ₹9,000 from the previous session. Silver March futures on the Shanghai Futures Exchange continue to rule above $100 an ounce.

Gold slipped below $4,800 an ounce before ruling at $4,835.08. Gold February futures were quoted at $4,839.5 an ounce. In the Mumbai spot market, gold ended at ₹1,51,128 per 10 gm and on MCX, February futures of the yellow metal were quoted at ₹1,51,640, down over ₹1,000 from a day ago.

Among silver ETFs, Tata Silver ETF dropped by 16.31 per cent, while among gold ETFs HDFC Gold declined by 7.59 per cent.

Kothari said gold and silver ETFs fell sharply due to profit-booking and unwinding of speculative premiums, especially in silver.

Duty cut rumors

“Ahead of the Budget, rumors of an import duty hike led to aggressive buying, pushing Indian prices and ETFs far above global benchmarks. When it became clear that no immediate policy change was announced, this excess premium was corrected quickly,” he said.

ETFs tend to react faster than futures because they reflect retail flows and arbitrage pressures. Additionally, easing geopolitical tensions reduced short-term haven demand, adding to selling pressure, the IBJA President said.

Meanwhile, the New Delhi-based All India Jewelers and Goldsmiths Federation demanded that SEBI, MCX and other agencies look into “unusually large or concentrated positions” in silver. Federation president Pankaj Arora and secretary Nitin Kedia said they had alerted SEBI 10 days ago that silver was heading towards “largescale manipulation”, with rumors used to inject “artificial premium”.

A spokesperson for MCX said, “”Silver markets globally are experiencing heightened volatility due to evolving geopolitical developments, which along with local fundamentals have been reflected in the domestic market. Prices discovered on MCX provide a hedge against currency movements, duties and local market dynamics.”

The exchange and clearing corporation operate as regulated, rule-based market infrastructure institutions, providing a fair, transparent, and well-supervised market. Robust surveillance monitoring and sound risk management at the market institutions ensures market integrity and orderly functioning in line with regulatory norms, the spokesperson said.

COMEX data

However, Kothari said for long-term investors, Thursday’s correction should be viewed as a healthy reset, not a trend reversal.

“Avoid panic selling, especially if the ETF is now trading closer to its NAV. Fresh investments should be done via SIP or staggered buying, focusing on ETFs with low tracking error and minimal premiums,” he said.

Meanwhile, data from COMEX in the US showed that a huge volume of silver was withdrawn, a record of sorts.

Published on January 22, 2026

Gold is up nearly 5% for the week, with geopolitical tensions fueling the continuation of a blistering rally that has seen bullion smash successive records over the past year.

Gold shook off an early decline as tensions over Greenland cooled, with Goldman Sachs Group Inc adding $500 to its year-end price target on rising competition for bullion between central banks and investors.

Bullion traded near $4,830 an ounce, paring its losses after falling as much as 1.2 per cent earlier on Thursday. US President Donald Trump withdrew a threat of tariffs against European nations after agreeing a “framework for a future deal” on Greenland during talks with North Atlantic Treaty Organization Secretary-General Mark Rutte.

Trump’s brinkmanship over Greenland had sparked a diplomatic crisis with NATO allies in Europe and spooked financial markets, adding to gold’s appeal. The precious metal is up nearly 5 per cent for the week, with geopolitical tensions fueling the continuation of a blistering rally that has seen bullion smash successive records over the past year.

This recent instability reveals “the weaponisation of commodities, energy, and supply chains” by dominant world powers, Nicky Shiels, head of research at precious metals refiner MKS Pamp SA, said in a note. This would support gold, she added.

Increased geopolitical risk has been accompanied by the Trump administration’s renewed attacks on the Federal Reserve, eroding trust in the dollar and supporting precious metals. The US president’s effort to fire Fed Governor Lisa Cook over unproven mortgage-fraud allegations was met with concern at a hearing on Wednesday, where Supreme Court justices said the move could upend the Fed’s independence and rattle markets. The court is set to rule by July.

The meeting between Trump and Rutte at the World Economic Forum in Davos, Switzerland, “took some of the temperature out of the US-EU tension,” said Nicholas Frappell, global head of institutional markets at ABC Refinery in Sydney. But there are still “plenty of dip-buyers” supporting the gold price, he added.

Goldman Sachs, meanwhile, lifted its year-end gold price forecast to $5,400 an ounce from a previous estimate of $4,900, citing intensifying demand from private investors and central banks. Analysts Daan Struyven and Lina Thomas said in a note dated Jan. 21 that risks were “significantly skewed to the upside because private-sector investors may diversify further on lingering global policy uncertainty.”

Silver climbed as much as 1.2 per cent, nudging above $94 an ounce, having previously fallen as much as 2.3 per cent. The white metal has tripled over the past year, boosted by a historic short squeeze and a wave of retail buying that left banks and refiners scrambling to meet unprecedented demand.

Confusion surrounding a Chinese policy update on export licenses has amplified the perception of scarcity, while the market remains on edge even after the US refrained from slapping blanket import tariffs on critical minerals including silver and platinum. Silver inventories linked to Comex remain elevated, according to the latest data.

Gold was flat at $4,830.01 an ounce as of 3:04 pm in Singapore. Silver advanced 1.2 per cent to $94.20. Platinum fell 0.6 per cent, while palladium edged up 0.5 per cent. The Bloomberg Dollar Spot Index, a key gauge of the US currency’s strength, was flat.

More stories like this are available on bloomberg.com

Published on January 22, 2026

Gold exchange-traded funds corrected sharply by up to 21% on Thursday, even as spot gold saw a relatively modest decline, driven largely by profit-booking and unwinding of speculative positions. | Photo Credit: iStockphoto

Gold exchange-traded funds witnessed sharp corrections of up to 21 per cent on Thursday, even as spot prices corrected modestly, in what analysts attributed to profit-booking and unwinding of speculative positions following a strong rally to record highs.

The sell-off came after US President Donald Trump eased geopolitical tensions by ruling out military action to acquire Greenland during his appearance at the World Economic Forum in Davos. Trump said Washington and NATO had formed “the framework of a future deal with respect to Greenland, and in fact, the entire Arctic Region,” removing immediate safe-haven demand that had pushed gold above $4,880 per ounce earlier this week.

Investor strategy

“The move appears driven more by sentiment and liquidity than fundamentals,” said Aditya Agrawal, Chief Investment Officer at Avisa Wealth Creators. “Long-term investors may consider staggered allocation within asset allocation limits, while short-term traders should remain cautious amid continued volatility.”

COMEX gold settled around $4,832 after hitting a record $4,888, while MCX gold retreated nearly 7 per cent from its all-time high levels. The 10-year US Treasury yield fell 4 basis points to 4.26 per cent as haven demand eased.

NS Ramaswamy, Head of Commodity at Ventura, maintained a positive long-term outlook. “Gold enters 2026 with strong momentum and approaching a critical long-term inflection point,” he said. “Pull backs from overbought levels are allocation opportunities.” He cited supportive monetary policy, elevated safe-haven demand, significant ETF inflows and weaker dollar as central banks diversify away from US assets.

Technical Levels

Technical analysts see key support levels holding firm. “As long as prices hold above $4,750, the upside target of $5,000 remains intact,” said Renisha Chainani, Head of Research at Augmont. The previous resistance near $4,750 has now turned into strong support, she noted.

However, Aamir Makda of Choice Broking pointed to warning signs. “We have observed an RSI divergence on Daily chart, which is a classic ‘Red flag’,” he said, noting that open interest levels showed long unwinding by traders with no new additions in long positions.

Structural Bull Case

The correction comes despite structural drivers remaining intact. Anand Rathi Research noted that central banks have bought 800-1,000 tonnes of gold annually since 2022, taking gold’s share of official reserves to 15-18 per cent, the highest in decades. “The Economic Policy Uncertainty Index is now 3-4 times higher than pre-2008 averages, reflecting persistent geopolitical and policy risk,” the research team said.

Rahul Kalantri of Mehta Equities identified support at $4,730-$4,665 and resistance at $4,840-$4,900. “Uncertainty surrounding US trade tariffs and the prevailing ‘sell America’ narrative continue to underpin safe-haven demand, while rupee weakness is supporting domestic bullion prices,” he said.

Ponmudi R, CEO of Enrich Money, maintained his bullish stance despite the correction. “The current dip reflects healthy profit-booking amid easing tariff fears, but the broader uptrend remains powerful,” he said. “A sustained breakout above $4,850-$4,900 could open the path towards $5,000-$5,200 in the near term.”

Axis Securities noted that the broader trend remains positive with the medium-term outlook intact as long as prices sustain above $4,600.

Published on January 22, 2026

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

More Like This

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