A wave of profit booking swept through India’s precious metals market Thursday, pushing MCX gold and silver prices lower despite countervailing supportive forces.
Intra-day, April gold dipped 0.38% to ₹1,60,529/10g, while March silver lost 1.46% to reach ₹2,64,395/kg. This reversal followed Wednesday’s momentum, with gold up 0.74% and silver soaring 3%.
While sellers dominated, buyers found encouragement in US trade policy haze and currency moves. Trump’s tariff push – 10% on some imports, higher for others – persists amid Supreme Court pushback, aiding metals.
Trade negotiation stalls amplify the effect. Dollar index’s 0.13% slip to 97.58 cheapened bullion globally. Geopolitics adds fuel: February 27 US-Iran Geneva talks and US Middle East operations heighten safe-haven bids.
Outlook remains positive medium-term. Comex gold in $5,100-5,300 range; silver eyes $100-105 above $92-96.
MCX technicals: Gold support ₹1,60,000/1,57,700, resistance ₹1,62,500/1,64,000. Silver support ₹2,63,600/2,58,800, resistance ₹2,74,000/2,80,000.
Anticipating swings, advisors suggest profit-taking at peaks and opportunistic dips buys. As world events unfold, precious metals’ role as stabilizers endures.