Gold and silver prices surged to fresh record highs on Tuesday, extending gains from the previous session as renewed fears of a potential US–EU trade war drove investors towards safe-haven assets. The rally followed tariff threats by US President Donald Trump linked to opposition from European countries over his Greenland move, which has heightened global uncertainty, reported ET.On the Multi Commodity Exchange (MCX), gold futures for February 5, 2026, delivery rose Rs 1,300 or 1 per cent to Rs 1,46,988 per 10 grams, while silver futures for March 5, 2026, surged Rs 7,869 or 2.5 per cent to Rs 3,19,949 per kg, as per ET.In the international market, COMEX silver prices jumped to a fresh lifetime high of $94.74 per troy ounce during Asian trade, while gold hovered near record levels at around $4,670 per troy ounce.Prices later pared some gains after a sharp rally in the previous session, which had been triggered by Trump’s announcement of proposed tariffs on eight European countries opposing his Greenland move.Market sentiment has remained fragile amid fears of another trade standoff between the US and Europe. According to news agency AFP, silver touched $94.73 in Asian trade, while gold held just shy of its own record peak as risk aversion intensified across global markets.On the outlook, Manoj Kumar Jain of Prithvi Finmart said precious metals are witnessing elevated volatility but are expected to remain supported. “Silver is expected to hold its key support near $84 per troy ounce, while gold is likely to sustain support around $4,440 per troy ounce on a closing basis,” Jain said, as quoted by ET.He added that gold has international support in the $4,635–$4,610 range, with resistance at $4,700–$4,740, while silver is supported between $91.40 and $88, with resistance at $96.60–$98.80. On MCX, gold support is seen at Rs 1,44,800–Rs 1,44,100, with resistance at Rs 1,46,350–Rs 1,47,000, while silver support lies at Rs 3,03,000–Rs 2,96,600, and resistance at Rs 3,14,000–Rs 3,22,000.Jain said the strategy remains to buy gold and silver on dips, targeting Rs 1,48,000 for gold and Rs 3,22,000 for silver, with stop losses placed below Rs 1,44,000 for gold and Rs 2,98,000 for silver.
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