Silver prices soared to a new high of over $94 an ounce on Monday, resulting in prices in the futures market in India zooming past ₹3 lakh a kg. Along with the white precious metal, gold gained one per cent at over $4,660 an ounce, while platinum group of metals (PGMs) rose by one 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.
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.
$105.5/oz in Shanghai
At 1415 hours IST, silver was a tad below $93 an ounce, paring gains after having soared to $94. Silver March futures were quoted at $93.283 an ounce.
In China’s Shanghai Futures Market, the white precious metal soared to $105.5 an ounce (23,548 yuan a kg) before easing to $100.05 (23,320 yuan). In India, silver in the Mumbai spot market opened at ₹2,93,650 a kg. On MCX, silver March futures hit a high of ₹3,04,200 a kg before slipping to ₹3,01,713.
Gold ruled at $4,663 an ounce, while February futures ruled at $4666.86. In the Mumbai spot market, the yellow precious metal opened at ₹1,43,978 per 10 gm. On MCX, gold February futures ruled at ₹1,45,100 per 10 gm.
Primary PGMs metal platinum quoted at $2,352 an ounce, while palladium ruled at $1,845 an ounce.
Up 30% this year
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.
Currently, the silver-gold ratio is 49.99, which means an ounce of gold can get 49.99 ounces of gold against over 100 in April 2025.
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 per cent Fibonnicci resistance target of $93. Next level to watch for is 78.6 per cent Fibonnici extension of $99.2-100 and 100 per cent fibonnicci extension of $107. Strong support lies at $86.5, she said.
Amit Jain, Co-Founder of Ashika Global Family Office Services, said, “Gold and silver are no longer just commodities; they are geopolitics in metal form. When major powers fight over resources like Greenland, markets instinctively price in risk, and precious metals become the default refuge. This rally reflects not speculation, but a deeper loss of confidence in global stability.’’
Published on January 19, 2026
