Silver Futures Surges 4.71% To Surpass ₹3 Lakh Mark Amid Trump's Tariff Threat To EU

In a first, the prices of the white metal silver increased 4.71% or Rs 13,553 on Monday, January 19, to breach the Rs 3,00,000 per kilogram mark in futures amid rising demand for safe haven assets as geopolitical tensions rose after Trump's tariff threat to European Union states.  

In the global market, the March silver futures contract rose by USD 5.81, or 6.56 per cent to hit a record of USD 94.35 per ounce

On the other hand, the US dollar dipped, supporting both silver and gold prices. The dollar index declined 0.19% to 99.18.

Silver Prices In Key Indian Cities

On Monday, the prices of silver per kilogram in Hyderabad stood at Rs 3,18,000, while in Bangalore it was Rs 3,05,000. In Chennai, the prices of silver per kg was recorded at Rs 3,18,000, and Rs 3,05,000 in both Kolkata and Mumbai. 

Meanwhile, the prices of gold also surged with prices for per gram of 24 karat gold rising to Rs 14,569, Rs 13,355 per gram for 22 karat gold and Rs 10,927 per gram for 18 karat gold (also called 999 gold).

Gold Prices In Key Indian Cities 

On January 19, the cost per gram of 24 karat gold in Mumbai stood at Rs 14,569, Rs 13, 355 for per gram of 22 karat gold, and Rs 10,927 per gram of 18 karat gold. In Kolkata, the price of 24 karat gold/per g was Rs 14,569, Rs 13,355 for per gram of 22 karat gold, and Rs 10,927 per gram of 18 karat gold, while in Chennai price per gram of 24 carat gold rose to Rs 14,673, Rs 13,450 for per gram of 22 karat gold, and Rs 11,230 for 18 carat gold/ per g. 

Also Read: World Markets Jolted, Dollar Dips As Trump Vows Tariffs On Europe

What's Behind The Recent Spike In Gold, Silver Prices? 

The hike in prices of safe haven assets comes after the latest United States tariff threat to EU members, which is likely to remain intact until European Union states lend support to purchase Greenland. 

In a recent post of TruthSocial, US President Donald Trump penned 10 percent tariffs would come into effect on February 1 for ​Denmark, ‌Finland, France, Germany, Norway, Sweden, the Netherlands and the United Kingdom.

He added that these tariffs ‌would rise to ‌25 percent on June ⁠1 and continue until an agreement is reached ‌for the US to buy Greenland.

European leaders have outrightly rejected Trump’s announcement, with French President Emmanuel Macron stating that “no intimidation or threat will influence us—neither in Ukraine, nor in Greenland, nor anywhere else in the world when we are confronted with such situations”.

“Tariff threats are unacceptable and have no place in this context. Europeans will respond in a united and coordinated manner should they be confirmed. We will ensure that European sovereignty is upheld,” Macron tweeted. 

Following suit, UK Prime Minister Keir Starmer said, “Applying tariffs on allies for pursuing the collective security of NATO allies is completely wrong." 

Meanwhile, Trump's tariff power play to garner global support for purchasing Greenland has fuelled protests in key cities across Denmark to reject the Republican President’s threats to take control of an autonomous territory of the Kingdom of Denmark.