Precious metals had a rather Topsy-turvy session. Gold prices fell over 1% on profit booking after hitting a 3-week high. Silver, in comparison, is seeing a significantly stronger session. It is continuing to trade close to the $90 per troy ounce levels are hitting 2-week highs.
Gold steady
Gold is also holding steady above $5,200/oz mark in international trade. According to experts safe have demand and the return of the Chinese market, along with increased policy uncertainty in the Unites States are maintaining the appeal of gold.
Speaking on the levels for gold in Indian market, Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, believes that “support is placed near Rs 1,58,000/10 gm for the April contract, while resistance remains around Rs 1,62,500/10 gm. Volatility is expected to stay elevated given ongoing geopolitical developments, as any escalation or breakdown in talks could quickly revive safe-haven buying.”
Silver holds above $89 level
The silver prices have seen strong traction in intra-day trade. In international markets, silver is holding strong above $89 per ounce. The key industrial and precious metal recovered from losses as tariff, geopolitical, and broader economic uncertainties boosted demand for safe-haven assets.
Globally, the US began collecting a temporary 10% global tariff on Tuesday, which the White House is reportedly seeking to raise to 15%, following the Supreme Court’s decision last week to strike down President Donald Trump’s sweeping reciprocal tariffs.
Jigar Trivedi, Senior Research Analyst at Indusind Securities pointed out that, “Geopolitical concerns also supported prices, with investors focused on the third round of US-Iran nuclear talks scheduled in Geneva on Thursday. Gains in precious metals, however, may be capped amid diminishing expectations for near-term monetary easing by the Federal Reserve. Fed official Susan Collins noted that holding interest rates steady for some time is likely appropriate, citing improving labor market conditions alongside persistent inflation risks.”
Speaking on the trajectory for teh prices in the Indian markets, he says, “MCX Silver March prices are likely to rebound to Rs 2,66,000/kg amid a bullish undertone in the international market too.”