Precious metals markets erupted Monday, propelled by a perfect storm of global volatility, a US Supreme Court tariff smackdown, and brewing Middle East conflicts, sending gold above 1.60 lakh and silver over 2.65 lakh on MCX.
By 10:30 AM, MCX’s April 2026 gold contract had risen 1.74% (2,724 rupees) to 1,59,504 rupees, later hitting 1,60,600 rupees. Silver’s March 2026 futures jumped 4.95% (12,531 rupees) to 2,65,475 rupees, with a session high of 2,68,875 rupees.
Overseas, Comex spot gold gained 1.89% to 5,176 dollars per ounce; silver leaped 5.68% to 87.029 dollars. The catalyst? Friday’s Supreme Court verdict, where justices in a 6-3 split declared Trump’s tariffs unconstitutional. Invoking the 1977 International Emergency Economic Powers Act without Congress’s nod, Trump had levied 10% on all imports via Section 122—a move now scrapped as congressional turf.
This ruling has unleashed uncertainty, exacerbated by US-Iran escalations pushing crude oil higher. Safe-haven flows into gold and silver intensified as a result.
From a broader perspective, this rally signals investor flight from riskier assets amid fears of renewed trade barriers and supply disruptions. Analysts predict sustained gains if tensions persist, recommending hedging strategies for portfolios. As markets digest these shocks, gold and silver reaffirm their resilience, offering stability in an era of flux.