Precious metals markets flipped between gains and losses Tuesday amid dollar dominance and strategic profit exits. MCX data showed April gold down 0.65% to 1,60,541 rupees per 10 grams midday, after peaking at three-week highs. March silver futures recovered sharply, up 0.46% to 2,66,542 rupees/kg post-initial slip.
Overseas, Comex April gold futures declined 1.1% to $5,170.70 per ounce; spot gold lost 1.5% to $5,150.38/oz. Spot silver dived 3.1% to $85.50/oz from recent elevations. The dollar index rocketed 10.19% intraday to 97.89, deterring buyers in weaker currencies.
Uncertainty swirled around US tariffs after a Supreme Court smackdown on Trump’s emergency plan, with vows of retaliatory hikes on deal-breakers. Geopolitical heat from Trump’s 10-day Iran ultimatum further burnished gold’s safe-haven status.
Lunar New Year break over, Chinese futures resumed, boosting worldwide flows. Silver’s markup versus Western benchmarks reveals local scarcity and industrial fervor. Analysts project enduring positivity, fueled by foundational market dynamics.
Key gold supports: 1,60,600/1,58,800 rupees; resistances: 1,63,300/1,65,000. Silver MCX supports: 2,61,000/2,56,600; resistances: 2,70,000/2,78,000. Amid swings, discerning investors eye opportunities in this dynamic sector.