Gold rate today: Gold and silver prices saw renewed buying in Wednesday’s session, as growing tensions in the Middle East have boosted safe-haven appeal, while a pullback in the US dollar index also aided sentiment, coupled with ongoing US tariff uncertainty.
The April futures contract on Comex rebounded $54 per troy ounce to a day’s high of $5,230 on 25 February. Silver prices, too, regained strength, with the March silver futures contract on Comex surging $3.7 per troy ounce to reach the day’s high of $91.18.
If silver closes in the green, it will extend the white metal’s winning run to a sixth straight session. Over the last five trading sessions, silver has gained $14 per ounce, or 19%, which has contributed to a 15.52% jump in February so far.
Tariff uncertainty
US President Donald Trump said in his State of the Union speech that “almost all” countries and corporations want to stick to tariff and investment agreements previously made with Washington.
Trump expressed confidence that foreign countries would honour their trade agreements and suggested that tariffs could eventually replace income taxes.
The country began collecting a temporary 10% global import tariff on Tuesday, but Donald Trump had earlier raised the global tariffs to 15%, shortly after announcing the initial 10% following the Supreme Court’s decision to strike down Trump’s reciprocal tariffs.
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.
Meanwhile, the US dollar index slipped below 97.8, giving back some of the previous session’s gains and making greenback-priced commodities more attractive for overseas buyers.
US-Iran nuclear talks in focus
On the geopolitical front, tensions between Iran and the US are intensifying, as Tehran is reportedly nearing a deal with China to purchase anti-ship cruise missiles, Reuters reported, citing sources.
Both the US and Iran are poised to hold further nuclear talks in the Swiss city of Geneva on Thursday.
The upcoming round of negotiations over the future of Tehran’s nuclear programme comes as the US continues to build up military forces in the region and as President Trump warns of “bad things” if Iran does not agree to a nuclear deal.
MCX gold jumps over ₹1,600 per 10g; silver tops ₹2.70 lakh per kg
In the domestic market, the April gold futures contract on MCX surged ₹1,683 per 10 grams to the day’s high of ₹1,61,652 per 10 grams, while the March₹9,756 per kilogram to ₹2,70,500″> silver futures contract regained ₹9,756 per kilogram to ₹2,70,500, recouping all of the previous day’s loss of ₹4,589.
Looking at monthly performance, silver is down 8.39% in February so far, while gold has remained in the green, gaining 7.39% during the same period.
(With inputs from Reuters)
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