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

Gold price is expected to maintain its upward momentum in the coming week, driven by safe-haven demand and expectations of policy easing by the US Federal Reserve, while silver may witness consolidation after a stellar rally, according to analysts.

Investors’ attention will turn to a string of key global macroeconomic data, including inflation figures from major economies, as well as the Personal Consumption Expenditures (PCE) index, GDP growth, PMI readings and jobless claims, which will provide fresh cues on the Fed’s policy outlook, they said.

“The focus will be on the upcoming economic numbers from China – crucial from an industrial metals perspective. Among other developments, US President Donald Trump’s speech at the World Economic Forum and the Supreme Court judgment on trade will be most important to watch,” Pranav Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services Ltd, said.

On the Multi Commodity Exchange (MCX), the yellow metal futures climbed ₹3,698, or 2.7 per cent, over the past week. It had increased to hit a record of ₹1,43,590 per 10 grams on Wednesday.

“Gold prices on the domestic market were up 2.7 per cent for the week, partly supported by a weaker rupee against the dollar. Later, the yellow metal pared some gains on Friday amid profit-booking and long-liquidation, as the risk premium eased following the US President’s softer tone on Iran, better-than-expected jobs data, and a firm dollar,” Mer said.

In the international market, gold futures on the Comex gained $94.5, or 2.09 per cent, last week. It had closed at $4,595.4 per ounce on Friday, after hitting a record of $4,650.50 per ounce earlier in the week.

“Gold prices rose by more than 2 per cent over the week amid geopolitical risk coming out of Iran, driving strong investor interest in safe haven assets. Expectations of interest rate cuts by the US Fed, a weaker dollar, lower treasury yields and continued central bank buying remain supportive for the yellow metal,” Prathamesh Mallya, DVP-Research, Non-Agri Commodities and Currencies, Angel One, said.

Mallya projected that gold prices could move higher towards the ₹1,46,000 per 10 grams mark on the MCX and around $4,750 per ounce level in the global markets in the coming week.

Meanwhile, silver rallied by nearly 14 per cent, or ₹35,037, during the week, on the MCX. It had surged to hit a record of ₹2,92,960 per kilogram.

On the global front, the white metal gained $9.2, or 11.6 per cent, to close at $88.53 per ounce, after touching a lifetime high of $93.75 last week.

“Silver’s parabolic rally continued as prices gained more than 11.5 per cent for the week, as some profit-booking and consolidation were seen in the last couple of trading sessions, following reports that the Trump administration won’t be levying tariffs on critical miners for now,” Mer said.

Silver is expected to remain buoyant; however, its sharp rally could face a correction as it nears the $100 per ounce mark. “We expect a big corrective move either before or after the $100 is breached,” he added.

On the outlook, Vijay Kuppa, CEO, InCred Money, said gold and silver continued to stay structurally positive, even as periods of volatility are likely in the near term.

“Central banks are adding gold to their reserves, while ETF inflows are absorbing a significant portion of supply. Geopolitical tensions and persistent macroeconomic uncertainty reinforce the role of holding precious metals as portfolio hedges,” he said.

Kuppa added that silver’s dual role as a precious and industrial metal, driven by demand from technology, renewable energy and electrification, continues to create a supportive long-term setup.

“After an extended rally, phases of consolidation and price corrections are normal. Short-term pullbacks do not necessarily change the broader trend and are often part of the price-discovery process,” he said.

Published on January 18, 2026

Silver futures have topped $100 an ounce on the Shanghai Futures Exchange (SHFE), even as the white precious metal closed at a record high of ₹2,81,890 a kg in the Mumbai spot market.

On SHFE, silver March futures closed at 22,539 yuan a kg ($100.63 an ounce) after rising to a record high of 23,710 yuan ($105.87) on Thursday.

In the global market, silver ruled at $90.82 an ounce at 1730 hours IST, while March futures on COMEX were quoted at $90.65 an ounce. In the Mumbai spot market, silver opened at a record high of ₹2,82,720. On MCX, March silver futures ruled at ₹2,90,610 a kg.

why premium

Silver is quoting at a $10 premium on SHFE due to soaring domestic demand for the white precious metal in China from industries such as solar, electric vehicles and electronics, besides investment demand. Also, low inventories in China have compounded global supply shortage.

According to analysts, available physical silver stocks are being hoarded and accumulated by various countries and their agencies.

In the global market, silver has witnessed volatility with prices topping $93 an ounce and dropping to $86, before trading around $90 over the past two sessions.

Silver, which has seen gathering momentum in prices over the past three months, is facing a structural deficit since 2018 and it will likely continue this year too. One of the reasons is investments in mines have been slack, leading to the market depending on the white precious metal being available as a byproduct of copper, zinc or lead mining.

Gold-silver ration

Besides, use of silver for solar, electronics, electric vehicles and data centers has soared over the past decade by 50 per cent, while in the case of photovoltaics, it has more than doubled.

Meanwhile, the gold silver ratio has halved to 50:1 from 100:1 a year ago. This means, an ounce of gold can get only 50 ounces of silver now compared with 100 ounces a year ago.

Analysts say silver soars when the ratio shrinks below 50:1 and the white precious metal would soon top $100 in New York and London, too.

Published on January 16, 2026

Even as the demand for natural diamond jewelery continues to surge, across the Indian market, the focus on diamonds is no longer limited to cut, clarity or carat. The conversation has evolved, way beyond those limited questions, to include an interest in sourcing and origins.

Consumers now seek deeper knowledge and understanding of what they are buying, wearing, and passing on to the next generation. India accounts for 11 per cent of the global demand for natural diamond jewellery, which makes it the world’s second largest market ahead of China.

Demand for natural diamond jewelery in the country surged post-pandemic, which allowed Indian jewelers to dwell on how natural diamonds traverse through the supply chain, with emphasis on ethical sourcing and verified provenance.

It has been reported earlier that the global diamond market was valued at approximately $97.57 billion in 2024. That market is projected to grow to $138.66 billion by 2032, reflecting a compound annual growth rate (CAGR) of 4.5 per cent over this period. With natural diamonds becoming increasingly rarer to find—there have been no significant deposits discovered in recent years—they have become even more valuable as possessions and as a symbol.

The Gem and Jewelery Export Promotion Council (GJEPC), India’s apex body for the trade, had reported recently that the domestic gems and jewelery market is currently valued at $85-90 billion, and could touch $120 billion by 2030. It quoted a recent Deloitte report that projects a rise to $235 billion by 2035.

India’s diamond market is estimated at $6.2 billion in FY25, according to Wazir Advisors. It estimates that the market will grow by 2028, reaching $8.6 billion.

Aspirational spending

As India grows economically, with more disposable incomes among younger people, aspirational spending will rise, especially on categories like diamond jewellery. Understanding the origins of diamonds and their journey from rock to retail therefore becomes useful, for buyers and sellers.

The journey starts with identifying where a diamond comes from and which mine it was sourced from. This requires ascertaining the right manufacturing partners, who supply authentic and ethically sourced diamonds from proven mining companies like Rio Tinto, ODC (Okavango Diamond Company), De Beers and others.

Oversight follows identification, with audits across the supply chain. This covers the sourcing of raw materials to manufacturing of diamonds and jewelery to screening for natural diamonds. The Indian jewelery sector follows global standards set by the Responsible Jewelery Council (RJC), which establishes the premise for ethical practices—from sourcing through to delivery to the end consumer. Certification and audit checks help maintain discipline across each stage of the process, adding transparency and traceability for the customer’s satisfaction.

Technology has become central to how provenance is recorded. Blockchain platforms such as Tracr are used to document a diamond’s movement as it changes hands across the supply chain. RFID enables individual diamonds to be identified, while Sarine technologies, combined with blockchain and artificial intelligence (AI), support scanning and imaging that capture data at multiple points—from mine to market.

Kimberley process

Despite these measures, achieving complete transparency remains a challenge to the diamond supply chain. The chain induces multiple players, from artisanal miners and rough dealers to cutters, polishers, certification laboratories, wholesalers and retailers. With such a wide network, maintaining visibility at every stage is difficult.

The Kimberley Process Certification Scheme (KPCS) marked an early effort to address sourcing concerns, though its limited scope restricts traceability. The cost of blockchain systems also create barriers for miners and its complexity excludes them from traceability platforms.

Consumers are also looking for third party verification, hence RJC has been widely used as a global standard and hallmarking certification is also provided to them. Overall, due to the various technologies, diamond platforms and certification benchmarks, consumers are gaining trust and confidence around ethics, sustainability and provenance across the Indian jewelery sector.

Supported by certification frameworks and technology platforms, these efforts are strengthening confidence and shaping how Indian jewelers approach responsibly across the diamond supply chain.

(The author is Managing Director, PMJ Jewels)

Published on January 17, 2026

In the international market, both silver and gold corrected during Asian trading hours.

Silver Futures ended their five-day record-breaking rally and declined by ₹4,027 to ₹2,87,550 per kg on Friday, while gold prices slipped to ₹1,42,601 per 10 grams as investors booked profits tracking weak global trends and a stronger US dollar.

On the Multi Commodity Exchange (MCX), silver futures for March delivery declined by ₹4,027, or 1.38 per cent, to ₹2,87,550 per kilogram in a business turnover of 9,890 lots. The white metal had touched an all-time high of ₹2,92,960 per kilogram on Thursday.

Commodities trading on the MCX remained shut during the morning session on Thursday due to civic elections in Maharashtra and later resumed trading in the evening session.

Gold futures also witnessed profit-taking by the traders on the domestic bourse. The yellow precious metal for February contract fell ₹520, or 0.36 per cent, to ₹1,42,601 per 10 grams in 14,194 lots.

“Gold and silver witnessed sharp volatility on Friday. Weaker than expected US weekly jobless claims strengthened the US dollar, while President Donald Trump’s softer stance on Iran reduced safe-haven demand for precious metals,” Rahul Kalantri, Vice-President of Commodities, Mehta Equities Ltd, said.

In the international market, both silver and gold corrected during Asian trading hours. On the Comex, silver for March contract slipped $1.93, or 2.10 per cent, to $90.41 per ounce. It had touched a record of $93.56 per ounce on Wednesday.

Gold futures for February delivery also dropped by $21.9, or 0.47 per cent, to $4,601.8 per ounce. The yellow metal had hit an all-time high of $4,650.50 per ounce on January 14.

“Recent US macroeconomic data has kept expectations of Federal Reserve rate cuts on hold for the first half of the year, pushing the dollar index to multi-week highs and creating near-term headwinds for bullion prices,” Kalantri added.

Published on January 16, 2026