Editor’s Note
Gold and silver prices retreated on Tuesday, pressured by a firmer US dollar and profit-taking after recent gains. However, losses were capped as markets weighed ongoing geopolitical talks and trade policy uncertainties.
Mumbai: Gold and silver prices declined on Tuesday amid a stronger US dollar and profit booking following a sharp rally in the previous session. Investor focus on tariff uncertainties and ongoing US-Iran peace talks limited the downside.
MCX Gold April futures fell 0.58% intraday to ₹160,664 per 10 grams as of 10:50 AM. Meanwhile, MCX Silver March futures dropped 0.33% to ₹264,450 per kg. On COMEX, gold futures for April delivery declined 1.1% to $5,170.70 per ounce, while spot gold fell 1.5% to $5,150.38, retreating from a three-week high earlier in the day. Spot silver plunged 3.1% to $85.50 per ounce after hitting a two-week high in the previous session. The dollar index rose 10.19% intraday to 97.89, making bullion more expensive for holders of other currencies.
Analysts stated that tariff-related uncertainty following the US Supreme Court’s decision against President Donald Trump’s emergency tariffs would enhance gold’s appeal as a hedge against geopolitical risk.
Analysts also noted that nearing President Trump’s 10-day deadline for a “meaningful deal” with Iran is providing short-term support to gold prices due to heightened geopolitical tensions.
In China, the precious metals futures market reopened after the Lunar New Year holiday, improving global liquidity conditions. Analysts reported that silver was trading at a strong premium compared to Western spot prices, indicating tight local supply and robust industrial demand.
An analyst said,