MCX Silver prices cross ₹3 lakh per kg for the first time, MCX Gold hits another record high; Here’s why

MCX Gold prices surge to an all-time high in early morning trades. As of 9:20 am, the yellow metal was trading around ₹1,44,411 per 10 gram, up 1.33% for February contract. Meanwhile, MCX Silver also traded higher surpassing the ₹3 lakh per kg mark for the first time. MCX Silver March contract traded around 2,98,480 per kg, rising 3.72% at 9:20 am.

Domestic gold and silver prices rose reacting to surge in international prices. In the US markets, spot Gold prices were trading 1.5% or $71 higher at $4,667 an ounce. Meanwhile, Silver also traded higher in the international markets, up 5.2% at $93.1 per ounce.

Gold and silver prices surged after President Donald Trump said on Sunday he would impose new tariffs on eight European nations that have opposed his plan for the United States to acquire Greenland. This lead investors to look for safe-haven assets leading to higher demand for the precious metals.

Donald Trump said the US would levy a 10% tariff on goods from the affected countries starting Feb. 1, with the rate set to rise to 25% in June if no agreement is reached. France, Germany, and the United Kingdom, along with several Nordic and northern European states are among affected countries.

The latest tariff threat added to an already supportive backdrop for the precious metals. Last week, Gold and Silver rose amid rising geopolitical concerns in Iran, expectations of futher rate cuts by Federal Reserve and weak US dollar.

As of 10:30 am, 24K gold rate stood at ₹145,260 per 10 gram and 22K gold at ₹133,155 per 10 gram in the Mumbai markets.

Gold Price Today in Major Cities:

Silver Price Today in India (January 19, 2026)

Silver prices are also trading higher in the local market, around ₹301,020 per kg, up 4.4% amid upbeat demand for the safe-haven assets, high industrial demand.

Silver Price Today in Major Cities:

*Silver rate as of 10:30 am