MCX gold jumps over ₹1,800 to ₹1.57 lakh/10 gms, silver climbs over 2% on March 17

At around 11:30 AM, the yellow metal futures were trading ₹683 or 0.44% higher at ₹1,56,419 per 10 grams in business turnovers of 7,822 lots.

In the international market, COMEX gold with expiry in April gained as much as 0.89% to the day’s peak of $5,046.70 per troy ounce, compared to the close of $5,002.20 per troy ounce in the previous session. At the time of writing, it was trading 0.72% higher at $5,038.30 per troy ounce.

On the MCX, silver futures for delivery in May rallied as much as ₹6,367 or 2.48% to an intraday high of ₹2,62,899 per kilogram, compared to the previous session’s close of ₹2,56,532 per kilogram.

The white metal contract stood at ₹2,57,229 per kilogram, up by ₹697 or 0.27% at the time of writing.

Globally, COMEX silver contracts (May expiry) gained as much as 2.58% to the day’s peak of $82.76 per ounce on Tuesday, in comparison to the previous session’s closing price of $80.68 per ounce. At the time of writing, it was trading 1.81% higher at $82.14 per ounce.

Precious metals gained over the persistent uncertainties across West Asia. Oil prices were trading above the $100 per bbl mark on Tuesday, as Iran attacked critical oil infrastructure in the Shah natural gas field and the Fujairah oil-export terminal in the UAE.

On the macroeconomic front, traders expect the US Federal Reserve to keep policy rates steady at its current range of 3.5% to 3.75% at the upcoming Fed meeting from March 17 to 18, according to the CME group’s Fedwatch.

Rising oil prices have been a cause of concern among traders about the US Fed taking a hawkish policy stance in 2026.