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Below the Perspective on Gold Hits High from NS Ramaswamy, Head of Commodity & CRM - Ventura

Gold is trading near its lifetime high. On MCX, it is trading above ?148000 per 10 grams, while on COMEX it has crossed $4700 per ounce.

Gold and silver have climbed to record highs as global tensions continue to mount. Markets have been unsettled by Donald Trump’s renewed push to acquire Greenland, alongside U.S. plans to impose tariffs of 10% from February 1 on eight European countries including France, Germany, and the UK, with the threat of rates rising to 25% by June.

Europe is weighing retaliation on more than $100 billion worth of U.S. goods, raising fears of a trade war between NATO allies and reviving safe-haven demand as investors lean into the “Sell America” trade. Emmanuel Macron has signaled he may invoke the EU’s anti-coercion instrument, though Friedrich Merz has called for a softer approach. Beyond Europe, ongoing geopolitical risks from lingering uncertainty in Venezuela and fragile U.S.–Iran relations despite recent calm, to the still-unresolved Russia–Ukraine conflict are keeping investors cautious and gold well supported.The Indian rupee has also weakened sharply since the start of 2026. USDINR January futures on the NSE are currently trading above 91, marking a depreciation of over one rupee so far this year. Domestic participants are benefiting from two simultaneous drivers: rising global gold prices and rupee depreciation together amplifying returns.

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