SRINAGAR: Gold and silver prices surged sharply on the Multi Commodity Exchange (MCX) on Tuesday, tracking strong gains in international bullion markets amid heightened global uncertainty and volatile currency movements.
On the MCX, gold prices climbed over 6 per cent to trade near Rs 1.53 lakh per 10 grams after opening higher at Rs 1.48 lakh for April futures, compared to the previous close of Rs 1.41 lakh. The rally marked a strong rebound following losses recorded in earlier sessions.
Silver prices also witnessed a sharp jump. MCX silver for March futures surged nearly 13 per cent to around Rs 2.67 lakh per kg after opening at Rs 2.45 lakh, supported by aggressive buying and improved global sentiment.
In the international market, spot gold rallied 3.7 per cent to $4,837.16 per ounce, while US gold futures for April delivery rose 4.5 per cent to $4,859.30 per ounce. Spot silver advanced 5.9 per cent to $84.09 an ounce.
Market sentiment remains cautious as precious metals, equities and the US dollar have seen sharp swings following US President Donald Trump’s nomination of Kevin Warsh to lead the Federal Reserve. Concerns over the Federal Reserve’s policy direction, coupled with a partial US government shutdown, have fuelled volatility across global markets.
Despite short-term fluctuations, analysts said gold continues to be supported by strong physical demand, central bank purchases and its appeal as a safe-haven asset amid geopolitical and economic uncertainties.
Experts expect gold and silver prices to remain volatile in the near term, with investors closely monitoring global monetary cues, dollar movements and macroeconomic developments.
