Gold, Silver Trade in Narrow Range as Investors Book Profits
NEW DELHI — Gold and silver prices edged lower on Thursday as investors booked profits after recent gains, though rising geopolitical tensions and a weaker U.S. dollar helped limit the downside.
On the Multi Commodity Exchange, April gold futures slipped 0.25 percent to Rs 1,60,741 per 10 grams in intraday trade, while March silver futures declined 1.16 percent to Rs 2,65,200 per kilogram.
The pullback followed a strong previous session in which MCX gold and silver contracts had risen 0.74 percent and 3 percent, respectively, prompting traders to lock in gains.
The U.S. dollar continued to weaken amid ongoing trade uncertainty, driven by differing signals on tariffs from the U.S. Supreme Court and President Donald Trump, who has reiterated that tariffs remain central to his trade strategy. The United States currently imposes a 10 percent tariff on certain imports, with rates expected to rise to 15 percent or higher for some countries, adding to uncertainty around trade negotiations and supporting precious metals.
The dollar index eased 0.13 percent to 97.58, making dollar-denominated bullion cheaper for overseas buyers.
Analysts said safe-haven demand remains supported by evolving tensions between the United States and Iran, with a third round of nuclear talks scheduled in Geneva on February 27 amid reports of a U.S. military buildup in the Middle East.
Medium- to long-term sentiment for precious metals remains bullish, analysts noted, with COMEX gold trading within a $5,100 to $5,300 consolidation band after recent volatility. In silver, a sustained move above the $92 to $96 range could revive momentum toward $100 to $105 and potentially retest earlier highs.
Technically, gold has support near Rs 1,60,000 and Rs 1,57,700, with resistance seen at Rs 1,62,500 and Rs 1,64,000. Silver support levels are placed at Rs 2,63,600 and Rs 2,58,800, while resistance is seen at Rs 2,74,000 and Rs 2,80,000.
Market participants expect continued volatility in the coming sessions and advised booking profits at higher levels, with fresh long positions to be considered on corrective dips. (Source: IANS)
