Gold and silver prices have jumped to record levels as investors worry about rising global trade tensions. The surge follows former US President Donald Trump’s warning of new tariffs on several European countries. Whenever markets feel uncertain, investors usually turn to safe assets like gold and silver. Recently, spot gold touched around $4,700 per ounce (₹1,45,000 per 10 grams approx.), while silver climbed close to $95 per ounce (₹1,15,000 per kg approx.), marking fresh all-time highs.
Gold and Silver Prices Rise After Trump’s Tariff Warning
The sharp rise came after Trump warned of possible tariffs on European nations including Germany, France, and the UK. These countries have opposed his plans related to Greenland, a Danish territory rich in rare earth minerals.
Following his comments:
- Gold rose about 2% in a single session
- Silver jumped over 4%
The sudden move shows how sensitive markets are to trade-related news.
Why Investors Are Buying More Gold and Silver
Gold and silver are called safe-haven investments because people trust them during uncertain times. After the tariff warning:
- European stock markets fell
- The US dollar weakened
- Demand for precious metals increased
A weaker dollar makes gold and silver cheaper for overseas buyers, which further supports higher prices.
How Trade War Fears Push Gold and Silver Prices Higher
This is not the first time this has happened. During Trump’s earlier presidency, trade tensions helped gold prices rise nearly 25% in one year. Central banks across the world are also buying more gold to protect their reserves. This long-term demand keeps prices strong.
Why Silver Prices Are Rising Along With Gold
Silver often moves faster than gold. It works both as:
- A store of value like gold
- An industrial metal used in solar panels, electronics, and electric vehicles
While tariffs may hurt factories later, short-term fear is pushing silver prices higher.
Impact of Tariffs on the Global Precious Metals Market
The US imports a large part of its silver from Canada and Mexico. If tariffs are imposed, costs may rise, which could support even higher silver prices. Ongoing trade tensions with China also increase recession fears, which generally benefit precious metals.
Latest Gold and Silver Prices Today (Global & India)
Latest Gold and Silver Prices Today (Global & India) — Jan 20, 2026
Gold and silver prices continued to trade near record highs on January 20, 2026, reflecting strong safe-haven demand amid rising global trade tensions.
- Gold (Spot): $4,730–$4,745 per ounce
- India: ₹1,47,000–₹1,48,000 per 10 grams (MCX approx.; Delhi ₹1,47,270)
- Gold Futures (US – COMEX): $4,734–$4,743 per ounce (live trading)
- Silver: $95.20–$95.80 per ounce
- India: ₹3,15,000–₹3,24,000 per kg (MCX ₹3,24,679; Mumbai ₹3,15,990)
Prices have climbed sharply since early 2025, with major gains following President Donald Trump’s latest tariff warnings against Europe. Gold has nearly doubled from last year’s lows around $2,300 per ounce, while silver has seen a strong rally in India, rising about 28% this month alone—from around ₹2.38 lakh per kg on January 1 to over ₹3.16 lakh per kg now. Prices have climbed steadily since early 2025, especially after tariff-related news.
Future of Gold and Silver Prices
If trade tensions continue, gold and silver prices may stay high. Any easing of tariff threats could bring some correction, but uncertainty remains strong. With central banks continuing to buy gold and investors staying cautious, precious metals are expected to remain in focus.
