Monday’s trading session witnessed a gold rush on MCX, with prices vaulting past 1.60 lakh rupees and silver eclipsing 2.65 lakh, triggered by surging global risks and a seismic US court decision on tariffs.
The April 2026 gold contract on MCX climbed 1.74%, adding 2,724 rupees to reach 1,59,504 rupees at 10:30 AM, and scaled 1,60,600 rupees later. Silver’s 5 March 2026 contract surged 4.95% by 12,531 rupees to 2,65,475 rupees, peaking at 2,68,875 rupees amid heavy volumes.
International benchmarks echoed the frenzy: Comex gold up 1.89% at 5,176 dollars/oz, silver up 5.68% at 87.029 dollars/oz. The primary driver is the US Supreme Court’s 6-3 ruling last Friday, nullifying Trump’s broad tariffs under the 1977 Act. The court held that such powers belong exclusively to Congress, not the executive, effectively dismantling the 10% import duties imposed via Section 122 on goods from every nation.
Parallel pressures from US-Iran frictions have inflated oil costs, heightening worldwide anxiety and boosting bullion appeal.
This confluence of events has redefined market dynamics, with precious metals emerging as premier hedges. Forecasters eye prolonged upside potential, tempered by upcoming policy clarifications. For retail and institutional players alike, today’s action serves as a stark reminder of bullion’s pivotal role in navigating geopolitical and trade headwinds.