Gold rate today: Gold and silver were trading with losses in Tuesday’s session, as investors appeared to be booking profits following the recent run-up, while the rebound in the US dollar is also making precious metals more expensive for holders of other currencies.
The April futures contract on Comex fell $116 per troy ounce to a day’s low of $5,109 on 24 February. Silver prices were, too, trading lower, with the March silver futures contract on Comex falling $2 per troy ounce to reach the day’s low of $84.50.
If silver closes in the red, it will end the white metal’s four-day winning run, during which it gained a cumulative 18%, contributing to a 9.51% gain so far in November. From the month’s lows, the silver prices have recovered by 35%.
Tariff uncertainty, Mideast tensions continue to remain supportive
According to analysts, ongoing US tariff uncertainty and rising tensions in the Middle East are likely to keep safe-haven assets on investors’ radar.
US President Donald Trump on Monday warned countries against backing away from recently negotiated trade deals, saying that he would hit them with much higher duties under different trade laws.
In the latest developments, global logistics giant FedEx filed a lawsuit seeking a full refund after the US Supreme Court struck down President Donald Trump’s emergency tariffs.
The US Supreme Court ruled on Friday that Trump’s use of a 1977 emergency law to impose tariffs exceeded his authority, but Washington imposed a new tariff of 10% on all goods not covered by exemptions on Tuesday, Reuters reported, citing US Customs and Border Protection.
Meanwhile, Iran and the US will hold a third round of nuclear talks on Thursday in Geneva, Oman’s Foreign Minister Badr Albusaidi said on Sunday.
MCX gold drops over ₹3,000 per 10g; silver back below ₹2.55 lakh per kg
In the domestic market, the April gold futures contract on MCX fell ₹3,313 per 10 grams to the day’s low of ₹1,58,285 per 10 grams, while the March silver futures contract dropped ₹11,834 per kilogram to ₹2,53,499, erasing most of the ₹12,389 rally seen in the previous trade.
Looking at monthly performance, silver is down 12.17% in February so far, while gold has remained in the green, gaining 6.18% during the same period.
Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, said, “Gold traded in a range with minor weakness near ₹1,60,650 as CME Gold faced resistance around $5,175. Optimism over possible US–Iran talks on Thursday has slightly cooled the risk premium, keeping prices capped at higher levels.”
“Support is placed near ₹1,58,000 for the April contract, while resistance remains around ₹1,62,500. Volatility is expected to stay elevated given ongoing geopolitical developments, as any escalation or breakdown in talks could quickly revive safe-haven buying,” he further added.
The US dollar index rebounded 0.25% to 97.98 against the basket of currencies
(With inputs from Reuters)
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