Silver prices surged to a record high on Monday, crossing the Rs 3 lakh-per-kg mark in futures trade for the first time. Gold also rebounded sharply, recovering from last week’s losses.On the Multi Commodity Exchange (MCX), silver futures jumped Rs 13,553, or 4.71%, to a record Rs 3,01,315 per kg. Gold futures rose nearly Rs 3,000, or over 2%, to hit a fresh all-time high of Rs 1,45,500 per 10 grams.The rally in precious metals followed renewed geopolitical concerns after US President Donald Trump threatened additional tariffs on several European countries over Greenland.In response, the European Union is preparing retaliatory tariffs worth €93 billion, as reported by ET, citing a Financial Times report. The renewed tensions revived demand for safe-haven assets after easing US-Iran frictions last week had briefly reduced investor interest in gold and silver.Global prices also touched record levels. Spot gold rose 1.7% to $4,673 an ounce, while silver climbed around 3% to about $94 per troy ounce, marking fresh highs in international markets. Silver futures in the overseas market jumped more than 6% to a record $94.35 per ounce.Analysts said that silver has been outperforming gold in recent sessions, supported by strong industrial demand and favourable global trends. Some also pointed to currency movements as an additional factor. The dollar index rose for a third straight week, ending at 99.20, while the USD-INR January 28 futures contract closed higher at 90.8325 on the NSE.Gold, which does not offer interest income, typically benefits when interest rates are low. However, expectations that rate cuts may be delayed have raised the opportunity cost of holding the metal. Despite this, heightened geopolitical risks have continued to support prices.Market participants said precious metals could remain volatile in the near term, with prices driven by developments on the geopolitical front, currency movements and shifts in investor risk appetite.