Gold Price Today: Gold prices witnessed a sharp rally on Wednesday morning, scaling fresh record highs as investors rushed towards safe-haven assets amid rising fears of a full-blown trade war between the United States and the European Union.
On the Multi Commodity Exchange (MCX), gold February futures surged by over ₹4,100, nearly 3%, to touch an all-time high of ₹1,54,710 per 10 grams during early trade. The strong momentum reflects growing global uncertainty, weakening of the US dollar, and heightened geopolitical tensions.
Silver prices also joined the rally. MCX silver March futures jumped by more than ₹2,800, almost 1%, to ₹3,26,487 per kilogram, marking another session of solid gains for precious metals.
Global Gold Prices Also at Record Levels
The rally was not limited to domestic markets. International gold prices surged to historic highs, with US gold futures climbing nearly 2% to $4,847.20 per troy ounce.
Analysts attribute the global surge to escalating trade tensions, risk aversion in equity markets, and sustained buying interest from institutional and retail investors alike.
US–EU Trade War Fears Shake Global Markets
Investor sentiment has turned cautious after reports suggested that the European Parliament may suspend approval of a key US trade deal agreed in July. The move has raised concerns of retaliatory actions from both sides.
Adding to the uncertainty, US President Donald Trump reiterated his intent to acquire Greenland, a statement that has unsettled global diplomatic circles.
Trump has also announced 10% tariffs on eight European nations — Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland — effective February 1. He further warned that tariffs could rise sharply to 25% from June 1, 2026, if negotiations fail.
European nations are reportedly weighing the activation of the anti-coercion instrument, a trade defense mechanism aimed at countering economic pressure from foreign governments.
Weak Dollar and Market Volatility Support Gold
The US dollar weakened significantly as traders and importers resorted to selling, making gold more attractive for overseas buyers. Simultaneously, global equity markets saw heavy selling, prompting investors to shift funds into safer assets.
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, panic selling in risk assets and rising bond yields have boosted precious metals.
“Gold and silver extended gains and touched fresh record highs amid escalating trade war concerns. Panic selling in equities and volatility in bond markets are supporting safe-haven demand,” Jain said.
He also noted that weakness in the Indian rupee has further supported domestic gold and silver prices.
Key Support and Resistance Levels
International Levels (Today’s Session)
Gold
- Support: $4,740 / $4,685
- Resistance: $4,810 / $4,855
Silver
- Support: $92.40 / $89.80
- Resistance: $96.60 / $98.80
MCX Levels in INR
Gold
- Support: ₹1,48,800 / ₹1,46,600
- Resistance: ₹1,52,500 / ₹1,55,000
Silver
- Support: ₹3,16,000 / ₹3,08,500
- Resistance: ₹3,30,000 / ₹3,38,000
Jain advised investors to avoid short selling and follow a buy-on-dips strategy, provided gold stays above ₹1,44,000 and silver remains above ₹3,03,000.
Outlook Remains Bullish
Rahul Kalantri, VP – Commodities at Mehta Equities, echoed similar views, highlighting continued volatility and strong upside momentum.
He sees gold resistance near ₹1,54,470, while silver could test ₹3,35,470 if global uncertainty persists.