Editor’s Note
This article highlights the dynamic nature of precious metals trading, where early declines driven by a strong dollar and profit-taking were later countered by a surge in silver. It underscores how geopolitical factors, such as tariff uncertainty and diplomatic talks, continue to provide underlying support and limit sharp price movements in these markets.
Precious metals, namely gold and silver, recorded a decline in early trading on Tuesday due to profit-booking following a strong US dollar and significant gains in the previous session. However, silver later saw a surge.
Investors also kept an eye on uncertainty surrounding tariffs and ongoing peace talks between the US and Iran, which limited the sharp decline in prices.
On the Multi Commodity Exchange (MCX), the futures price for gold for April delivery fell by 0.65% to ₹160,541 per 10 grams as of the time of writing (around 12:06 PM). Meanwhile, silver for March delivery on the MCX saw a decline in early trading, but by the time of writing, it had surged by 0.46% to reach ₹266,542 per kilogram.
On COMEX, the futures price for gold for April delivery fell by 1.1% to $5,170.70 per ounce, while spot gold fell by 1.5% to $5,150.38 per ounce. Earlier in the day, gold had reached a three-week high. Spot silver fell by 3.1% to $85.50 per ounce, which was at a two-week high in the previous session.
According to an expert, gold may find support at ₹160,600 and ₹158,800, while resistance is at ₹163,300 and ₹165,000. For MCX silver, support levels are ₹261,000 and ₹256,600, while resistance levels are ₹270,000 and ₹278,000.