Gold and silver rates have seen a sharp recovery in overnight trade. Gold surged over 5% and reclaimed $4,850 per ounce on COMEX, while Silver prices surged more than 11% to trade above $85 per ounce. Silver is now up over 20% from its lows.
Silver price today
Silver rebounded above $83 per ounce on COMEX, recovering part of its losses after a dramatic two-day selloff that wiped out nearly 40% of its value from record highs. On MCX, the silver contract with the March expiry was trading at Rs 2,32,500 per kilogram, down 1.6%.
The earlier rally in January was fueled by geopolitical uncertainty, currency debasement fears, and concerns over Federal Reserve independence, alongside a persistent structural supply deficit and strong investment inflows.
The sharp reversal began after President Donald Trump nominated Kevin Warsh as the next Fed chair, a move viewed as hawkish by markets, prompting a rapid unwinding of speculative positions, particularly by Chinese investors.
“While volatility remains elevated, renewed dip-buying from the same investor base could once again provide support to silver prices,” said Ajay Kedia, Founder of Kedia Advisors.
Gold rate today
Gold prices rose more than 2% to trade above $4,770 per ounce on COMEX as investors stepped in to buy after two sessions of heavy selling.
The glittering metal had slumped nearly 5% in the prior session, extending a sharp decline triggered by President Trump’s nomination of Kevin Warsh as the next Federal Reserve Chair, a move seen as signalling a more hawkish policy stance.
Despite heightened volatility, gold remained underpinned by strong central bank purchases and ongoing investor interest in physical assets amid rising fiscal risks. Persistent global uncertainty and concerns about the Federal Reserve’s independence continued to reinforce gold’s role as a key safe-haven asset.
The rate for 24-carat gold today is Rs 1,42,890 per 10 grams, falling sharply for the second day in a row. The price of gold has declined by 3.43% from yesterday. The 24 kt gold rate today in Delhi is Rs 1,42,640 per 10 grams. On the MCX, the precious metal for the April delivery was trading at a price of Rs 1,43,000 per 10 grams, down 0.69%.
What happened earlier?
Earlier, the precious metals plunged significantly in the last two days. The precious metal declined amid pressure from aggressive profit-booking following a sharp rally that had propelled both metals to fresh record highs last month.
The sharp selloff in gold and silver was largely triggered by US President Donald Trump’s nomination of Kevin Warsh as the next Federal Reserve chair, set to succeed Jerome Powell when his term ends in May.