Precious metals — gold and silver — were trading with healthy gains in Monday’s session, as the US Supreme Court ruling against President Donald Trump’s tariffs lowered demand for the US dollar, making dollar-priced commodities more attractive for overseas investors.
The April futures contract on Comex jumped $140 per troy ounce to a day’s high of $5,220, extending its winning run to a second straight day.
The US Supreme Court on Friday struck down Trump’s sweeping tariffs, which he had pursued under a law intended for use in national emergencies, in a ruling with significant implications for global trade and the economy.
On Saturday, Trump said that he will raise a temporary tariff on US imports from all countries from 10% to 15%, the maximum allowed under the law.
Given the court ruling and the uncertainty over tariffs following the judgment, India has delayed plans to send a trade delegation to Washington this week, Reuters reported, citing a source in the trade ministry.
The tariff uncertainty has led the US dollar to pull back from last week’s gains, with the greenback falling nearly 0.50% against a basket of currencies to 97.35.
Meanwhile, data on Friday showed underlying US inflation increased more than expected in December, and signs point to a further acceleration in January. This could discourage the Federal Reserve from easing interest rates soon, lessening the appeal of holding non-yielding gold.
Comex silver stays higher for fourth day, up $5.34
Silver prices were trading with bigger gains, with the March silver futures contract on Comex rallying $5.5 per troy ounce to reach the day’s high of $87.84, extending the winning run to fourth straight session.
Ponmudi R, CEO of Enrich Money, said that silver is trading near the $85–$90 zone after a sharp correction from record highs above $121. While the broader bullish structure remains intact on higher timeframes, prices have climbed above the major moving averages, signalling a shift from the prior corrective phase to a fresh bullish structure.
Ponmudi further said strong buying interest is visible in the $70–$75 support band, aligned with prior swing lows and long-term trend support. He said a sustained hold above this base, followed by a recovery and close above $92–$96, could revive upside momentum toward $100–$105 and potentially retest previous highs.
On Comex Gold, Ponmudi said it is trading near the $5,100–$5,200 zone after a sharp correction from recent highs above $5,500–$5,600. The broader uptrend remains intact, with the recent pullback reflecting profit booking and healthy price digestion. Prices continue to sustain above important moving averages and have started to edge higher after a period of sideways consolidation, indicating strengthening momentum and a continuation of the upward bias.
He said strong buying interest is visible in the $4,650–$4,800 support band, and sustained stability above this zone could set the stage for renewed upside momentum. He added that a breakout above $5,200–$5,300 would open the path toward a retest of record highs.
MCX gold tops ₹1.60 lakh, silver rebounds over ₹40,000 in five sessions
In the domestic market, the ₹3,724 per 10 grams to reach the day’s high of ₹1,60,600″>April gold futures contract on MCX gained ₹3,724 per 10 grams to reach the day’s high of ₹1,60,600, the highest level in three weeks, contributing to a 7% rally in February.
The March silver futures contract gained ₹15,931 per kilogram to ₹2,68,875. Over the last five trading sessions, including today, silver prices have regained ₹40,092 per kilogram.
(With inputs from Reuters)
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