Thursday’s trading session saw gold and silver prices retreat on the MCX, driven primarily by profit booking after strong prior gains, though global tensions limited the damage.
April delivery gold futures declined 0.38% to ₹1,60,529 per 10 grams intra-day. March silver contracts shed 1.46%, landing at ₹2,64,395 per kg – a notable drop from Wednesday’s 3% advance.
Profit taking was the dominant theme, but supportive elements included persistent US tariff uncertainties and a softening dollar. Trump’s aggressive trade stance, featuring 10%+ import duties, clashes with judicial oversight, sustaining bullion’s safe-haven status.
Dollar index fell 0.13% to 97.58, enhancing gold-silver’s appeal to non-USD buyers. Meanwhile, US-Iran nuclear talks set for February 27 in Geneva, alongside Middle East escalations, bolster demand.
Longer-term sentiment favors precious metals. Comex gold hovers $5,100-$5,300. Silver poised for upside to $100+ if it stabilizes above $92-96.
Traders eye MCX gold supports at ₹1,60,000/1,57,700 and resistances at ₹1,62,500/1,64,000. For silver, supports ₹2,63,600/2,58,800; resistances ₹2,74,000/2,80,000.
With volatility expected through the week, strategists urge caution: sell highs, buy lows. Amid trade frictions and geopolitical risks, gold and silver continue to shine as uncertainty hedges.