Gold, silver climb to new all-time highs: white metal surpasses ₹3 lakh per kg mark, what’s driving this bull run

Silver prices in Delhi soared by ₹10,000 to surpass the ₹3 lakh per kg mark, hitting a new all-time high of ₹3,02,600 per kg after closing at ₹2,92,600 per kg on Friday.

Meanwhile, gold also surged to a new record, rising by ₹1,900 to a fresh peak of ₹1,48,100 per 10 gram. The precious metals climbed to historic highs on Monday due to strong demand in domestic and global markets, as per a PTI report citing traders.

In the international markets, spot silver touched a fresh record of $94.13 per ounce, while gold rose to hit an all-time high of $4,690.80 per ounce, the report said, quoting forex.com data.

Gold, silver futures

Silver futures for the March expiry climbed to a new peak on Monday, crossing the ₹3 lakh per kg mark on the Multi Commodity Exchange (MCX), rising to ₹3,04,200 per kg. This marks an increase of 5.7% when compared to Friday’s closing price of ₹2,87,762 per kg.

Gold futures also soared to a new lifetime high, rising by nearly 2% to ₹1,45,500 per 10 gram on the MCX. The yellow metal contracts for February delivery closed at ₹1,42,517 per 10 gram on Friday.

Why are gold and silver rising?

Gold and silver are safe-haven assets; they rise during uncertain times, heightened geopolitical tensions and market volatility.

On Saturday, US President Donald Trump threatened to implement a 10% tariff on goods from European nations, including Denmark, Sweden, France, Germany, the Netherlands, Finland, the UK and Norway, with effect from February 1. The bullion rose on Monday due to this development, along with a weaker dollar.

"Spot gold hit a fresh record high of $4,690 per ounce in the global markets on safe haven demand as Trump announced a 10% tariff on eight EU nations in retaliation for their opposition to his Greenland initiative," the PTI report quoted Praveen Singh, Head of Commodities, Mirae Asset ShareKhan, as saying.

From June 1, 2026, the tariff will be increased to 25%. The proposed/threatened tariff will be due and payable until a deal is reached for the complete purchase of Greenland.

President Trump's Greenland-related tariff moves endanger the NATO alliance, a Western security alliance that has been in place since the Second World War, Singh said.

During the past week, the precious metals rose due to rising tensions in Iran, the US Federal Reserve probe, falling currencies and expectations of further rate cuts by the Fed.

Additionally, silver has been rising due to its widening supply-demand gap. The rising industrial demand for the white metal in crucial industries and supply shortages in international markets have resulted in new peaks for silver.