MCX gold falls nearly 1% to ₹1.6 lakh/10 grams amid global uncertainties; Silver rises

At around 3:18 pm, the yellow metal contract was trading ₹944 or 0.58% lower at ₹1,60,654 per 10 grams in turnovers of 7,595 lots, trailing international gold prices as investors booked profits amid global uncertainties triggered by US tariffs.

Globally, COMEX gold (April expiry) dropped as much as 1.18% to the session’s low of $5,164.10 per ounce. At the time of writing, it stood at $5,192.50 per ounce, marking a 0.63% decline.

The Trump administration is seeking to revive its global tariff agenda after the Supreme Court last week blocked many of the levies imposed last year.

Following the decision, President Donald Trump announced a new 10% tariff, which takes effect on Tuesday. He has also threatened to raise it to 15%.

This comes as many countries reassess their trade positions after the ruling. The EU has halted the ratification process of its trade agreement, while India deferred talks with the US.

On the geopolitical front, Iran and the US are set to meet in Geneva for the next round of nuclear talks on Thursday, February 26, amid escalating tensions.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.15% higher at 97.85. As gold is priced in dollars globally, a stronger dollar usually makes it more expensive in other currencies, reducing its demand.

Silver futures

However, silver futures turned to trade in the positive, surging as much as ₹2,792 or 1.05% to an intraday low of ₹2,68,130 per kilogram. The white metal contract stood at ₹2,66,000 per kilogram, reflecting a ₹667 or 0.25% jump in business turnover of 6,067 at the time of writing.

In the international market, COMEX silver gained as much as 2.51% to the day’s peak of $88.75 per troy ounce. At the time of writing, it was trading 1.53% higher at $87.90 per troy ounce.