Monday brought fireworks to India’s gold and silver trading floors, with prices surging on cues from a frail dollar and persistent world tensions. MCX February gold advanced 1.31% to 1,57,484 rupees per 10 grams; March silver vaulted 4.81% to 2,61,900 per kilogram, peaking at 2,64,885—a near-6% intraday surge—eased by late selling.
Dollar weakness at February lows boosted affordability of metals for foreign punters. Iran’s mixed signals on US nuclear deal—positive rhetoric but uranium rights defense—stir the pot of uncertainty.
Prolonged risks mean investors will keep piling into safe assets, per experts. Fed rate cut speculation ramped up post Mary Daly’s push for easing amid labor woes, favoring gold and silver.
Chartwise, gold has backstops at 1,54,000/1,51,800 rupees, overhead pressures at 1,57,700/1,60,000. Silver floors at 2,36,600/2,44,000, tops at 2,55,500/2,62,600.
Silver’s journey from 60,000 to 3,20,000 rupees stems from supply squeezes and industrial hunger. Safe-haven demand, central banks stocking up, and global policy easing bets underpin the rally. Prices may pause for breath, but the trajectory remains bullish for vigilant traders.