Bullion Prices Ease After Previous Session Gains
Mumbai, February 24: Gold and silver prices declined on Tuesday as a stronger US dollar and profit booking after sharp gains in the previous session pressured the precious metals market.Investor sentiment remained cautious amid uncertainty over tariffs and ongoing US Iran peace talks, which helped limit the downside even as global cues turned negative.
On the domestic front, MCX gold April futures slipped 0.58 percent to Rs 1,60,664 per 10 grams around 10:50 am. MCX silver March futures also declined 0.33 percent to Rs 2,64,450 per kg.
Comex Gold and Silver Retreat from Recent Highs
In the international market, gold futures for April delivery on Comex fell 1.1 percent to $5,170.70 per ounce. Spot gold dropped 1.5 percent to $5,150.38 per ounce, retreating from a three week high touched earlier in the day.Spot silver saw sharper selling pressure, plunging 3.1 percent to $85.50 per ounce after reaching a two week high in the previous session.
The dollar index surged 10.19 percent on an intra day basis to 97.89, making bullion more expensive for holders of other currencies and dampening global demand.
Tariff Uncertainty and Geopolitical Risks Cap Decline
Market participants are closely tracking tariff related developments after the Supreme Court ruling against US President Donald Trump’s emergency tariffs. Analysts said that uncertainty over trade policy could increase the appeal of gold as a hedge against geopolitical risks.President Trump has warned countries against stepping back from trade agreements, indicating that higher tariffs could follow such moves.
At the same time, geopolitical tensions remain elevated following President Trump’s 10 day deadline for a meaningful deal with Iran, offering near term support to gold prices.
China Market Reopening Boosts Liquidity
In China, the precious metals futures market reopened after the Lunar New Year holiday, improving global liquidity conditions. Silver continued to trade at a significant premium to Western spot prices, reflecting tight local supply and strong industrial demand.Despite short term volatility, the medium to long term outlook for precious metals remains constructive, supported by structural supply constraints and steady industrial demand.
Key Technical Levels for MCX Gold and Silver
Gold has immediate support at Rs 1,60,600 and Rs 1,58,800, while resistance is seen at Rs 1,63,300 and Rs 1,65,000.For MCX silver, support levels are placed at Rs 2,61,000 and Rs 2,56,600, with resistance at Rs 2,70,000 and Rs 2,78,000.
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The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
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