NEW DELHI — Gold and silver prices edged lower Thursday as investors booked profits following recent gains, though rising geopolitical tensions and a weaker U.S. dollar limited the downside.
MCX April gold futures fell 0.25 percent to Rs 1,60,741 per 10 grams during intraday trade. MCX March silver futures declined 1.16 percent to Rs 2,65,200 per kilogram.
The pullback comes after the previous session’s rally, when the MCX April gold contract gained 0.74 percent and the March silver contract surged 3 percent, triggering a round of profit-taking.
The U.S. dollar continued to weaken amid persistent trade uncertainty, with differing positions on tariffs from the U.S. Supreme Court and President Donald Trump. The administration has maintained that tariffs remain central to its trade strategy, while a 10 percent tariff on certain imports remains in place, with rates for some countries expected to rise to 15 percent or higher.
The dollar index slipped 0.13 percent to 97.58, making dollar-denominated bullion more affordable for overseas buyers and offering some support to precious metals.
Analysts said geopolitical developments are also underpinning safe-haven demand. The evolving U.S.–Iran situation, with a third round of nuclear talks scheduled in Geneva on February 27 and reports of a U.S. military buildup in the Middle East, has added to market caution.
Market participants said medium- to long-term sentiment for precious metals remains positive. COMEX gold is trading within a $5,100–$5,300 consolidation band after recent volatility. In COMEX silver, a sustained move above the $92–$96 range could revive momentum toward $100–$105 and potentially retest earlier highs.
“Gold has support at Rs 1,60,000 and Rs 1,57,700 while resistance at Rs 1,62,500 and Rs 1,64,000. MCX silver has support at Rs 2,63,600 and Rs 2,58,800, and resistance is at Rs 2,74,000 and Rs 2,80,000,” an analyst said.
Traders expect continued volatility in the near term and advised investors to consider booking profits at higher levels while waiting for corrective dips before initiating fresh long positions. (Source: IANS)
