NEW DELHI, India — Gold and silver prices surged on Wednesday as global trade uncertainty, geopolitical tensions, and a weakening U.S. dollar pushed investors toward safe-haven assets.
On the Multi Commodity Exchange, gold April futures rose 0.76 percent to Rs 1,61,180 per 10 grams around 11:30 a.m. in intraday trade, while silver March futures jumped 3.20 percent to Rs 2,69,075 per kilogram.
International gold prices, including U.S. futures, also moved higher as investors sought safety amid ongoing U.S.-Iran tensions and uncertainty surrounding U.S. trade tariffs.
U.S. President Donald Trump on Tuesday described Iran as “the world’s No. 1 sponsor of terrorism” while saying he wants to resolve issues with Tehran through diplomacy. Iran and the United States are expected to hold a third round of nuclear talks in Geneva on February 27.
The dollar continued to weaken amid persistent trade uncertainty after the U.S. Supreme Court struck down high tariffs imposed by President Trump last week. The dollar index slipped 0.17 percent to 97.68, making dollar-denominated bullion cheaper for buyers using other currencies.
The U.S. is currently collecting a uniform 10 percent tariff on imports, even as White House officials have indicated that tariffs could be raised to 15 percent soon, according to multiple reports.
Analysts said continued central bank buying is also supporting precious metal prices. The People’s Bank of China purchased gold for the fifteenth consecutive month in January, a trend that is expected to underpin prices in the near term.
Market participants said the broader uptrend in COMEX gold remains intact, with the current sideways movement seen as a healthy pause following earlier volatility and profit booking.
Silver has also attracted strong buying interest, with analysts pointing to solid support in the $70–$75 range for COMEX silver. The medium- to long-term outlook remains positive, supported by industrial demand and structural supply constraints.
“Gold has support at Rs 1,58,800 and Rs 1,56,300, while resistance is seen at Rs 1,61,400 and Rs 1,63,000,” an analyst said. “MCX silver has support at Rs 2,54,400 and Rs 2,48,800, with resistance at Rs 2,66,000 and Rs 2,71,000.” (Source: IANS)
