Tuesday’s trading in Mumbai’s bullion markets was a rollercoaster, with a fortified dollar index triggering profit-taking and price drops in gold, while silver clawed back strongly. By 12:06 PM, MCX gold for April delivery was down 0.65% at 1,60,541 rupees/10g. Silver for March reversed early losses, gaining 0.46% to 2,66,542 rupees/kg.
Internationally, Comex gold futures eased 1.1% to $5,170.70/oz, spot at $5,150.38/oz off 1.5% following three-week highs. Spot silver tumbled 3.1% to $85.50/oz from two-week tops. Dollar strength, up 10.19% to 97.89 intraday, eroded affordability for global investors.
Market watchers eyed US tariff woes after Supreme Court blocked Trump’s emergency tariffs, prompting threats of tougher penalties on trade renegades. Trump’s looming deadline for Iran talks escalated tensions, positioning gold as a geopolitical shield.
China’s return post-holiday injected fresh liquidity into futures trading. Silver’s premium trading underscores regional supply tightness amid booming industrial use. Experts forecast bullish medium-long term trends, supported by supply-demand imbalances.
Gold could find footing at 1,60,600/1,58,800 rupees, facing hurdles at 1,63,300/1,65,000. MCX silver supports at 2,61,000/2,56,600, resistances at 2,70,000/2,78,000. In uncertain times, these metals continue to captivate as portfolio stabilizers.