Image Source : The Economic Times
Gold and silver prices rocketed to all-time highs on Monday amid safe-haven frenzy triggered by U.S. President Donald Trump's bold tariff threats on European nations over Greenland control. Spot gold surged 1.6% to $4,600 per ounce, while silver leaped 4.4% to $93.85 after touching $94.08; in India, 24K gold hit ₹14,377 per gram (₹1,44,000 per 10g) and silver ₹295 per gram in Mumbai. Escalating U.S. Europe tensions propelled this rally, overshadowing equity dips.
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President Trump vowed escalating tariffs starting at 10% on eight European countries from February 1, rising to 25% by June unless the U.S. gains control of Greenland, Denmark's strategic Arctic territory. Investors, spooked by revived trade war fears, piled into precious metals as equities faltered across Asia and Europe. The EU countered with plans for retaliation while urging de-escalation.
Key Highlights
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Gold Peaks: Spot gold +1.6% to $4,600/oz; U.S. futures +1.8% to $4,677/oz.
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Silver Soars: +4.4% to $93.85/oz, record $94.08 intraday.
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India Rates: Gold 24K ₹14,377/g (Mumbai), ~₹3.85L/oz; Silver ₹2,95,000/kg.
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Market Ripple: Asian stocks slid; EU preps countermeasures.
Sources: Reuters via TradingView, Economic Times, Moneycontrol, GoodReturns (Jan 19, 2026 rates).
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