Silver scales fresh record as Trump–Greenland tensions fuel safe-haven demand; gold near peak

January 20, 2026

Mumbai: Silver prices on the COMEX exchange touched a record high of $94.740 an ounce on Tuesday as investors rushed towards safe-haven assets amid an intensifying US–Europe trade dispute. The rally followed continued tariff rhetoric by US President Donald Trump, linked to opposition from European countries over Greenland.

Gold and silver surge on MCX
Gold prices also hovered near record highs. MCX gold February futures rose 1.27 per cent to Rs 1,47,490 per 10 grams, while MCX silver March futures climbed 1.75 per cent to Rs 3,15,720 per kg. In the international market, spot gold touched $4,671.54 an ounce after hitting a record $4,689.39 in the previous session. Prices eased slightly intraday after a sharp rally triggered by Trump’s announcement of planned duties on eight European nations.

Geopolitical risks and rate-cut hopes support bullion
Geopolitical uncertainty increased after President Trump declined to rule out the use of force to acquire Greenland and reaffirmed his intent to impose tariffs on European goods. French President Emmanuel Macron said he would seek activation of the EU’s anti-coercion mechanism, while German Chancellor Friedrich Merz urged restraint. Denmark’s move to bolster its military presence in Greenland has added to market unease.

Precious metals also found support from concerns over potential US government pressure on the Federal Reserve, reviving fears about the central bank’s independence, along with expectations of further US rate cuts. Analysts said silver’s rally reflects both safe-haven demand and strong industrial consumption from sectors such as solar energy, electric vehicles and electronics. Technically, COMEX silver remains bullish after the breakout, with the $85–$88 range seen as near-term support, though some profit-taking and retracement are possible before the next leg higher.