Closeup silver ingots and golden bullions in bank vault. Finance 3d illustration istock photo for BL
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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
