Gold price today: Gold rate climbed on the MCX on Wednesday, February 25, morning, supported by increased geopolitical uncertainties, a decline in the US dollar and healthy spot market demand.
MCX gold April futures climbed by over ₹1,100, or 0.70%, to ₹1,61,072 per 10 grams, while MCX silver March contracts jumped by over ₹7,200, or nearly 3%, to ₹2,67,990 per kg.
International gold prices also climbed as investors rushed for safe-haven buying amid persisting US-Iran tensions and uncertainty over US tariffs.
U.S. gold futures for April delivery climbed by almost 1% to 5,211.80.
The dollar index eased by over 0.10% to 97.70, making greenback-backed bullion slightly cheaper for buyers in overseas currencies.
News flows about the US-Iran situation continue to weigh on market sentiment, driving investors to safe-haven gold.
Iran and the US are all set to hold the third round of nuclear talks in Geneva on Thursday, February 27.
Meanwhile, US President Donald Trump, in his State of the Union address on Tuesday, slammed Iran, terming it “the world’s no 1 sponsor of terrorism”, reported the Hindustan Times. He, however, said that he wants to resolve the issue with Iran diplomatically.
Besides, uncertainty over US tariffs remains a key positive trigger for precious metals.
After the US Supreme Court struck down Trump’s tariffs last week, the US is collecting the new 10% tariffs on imports, but as per news agency Reuters, White House official said tariffs will be increased to 15% soon.
Confusion over US tariffs and the reopening of the Chinese market are supporting gold prices.
China is aggressively buying gold. China’s central bank, the People’s Bank of China (PBOC), bought gold for the 15th consecutive month in January.
“We are experiencing very high price volatility in both precious metals. Trump’s global tariff of 10% came into effect from Monday and increased uncertainty in global trade once again. U.S. tariff uncertainty and geopolitical tensions could support prices of precious metals,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
“We expect gold and silver prices to remain volatile this week. We suggest buying gold on dips around ₹1,59,000 and ₹1,57,000 with a stop loss below ₹1,55,500 for the targets of ₹1,61,000 and ₹1,62,500,” said Jain.
According to Jain, gold has support at $5,122 and $5,084, while resistance is at $5,220 and $5,264 per troy ounce, and silver has support at $84.80 and $82, while resistance is at $90 and $92.40 per troy ounce in today’s session.
MCX gold has support at ₹1,58,800 and ₹1,56,300, and resistance is at ₹1,61,400 and ₹1,63,000, while silver has support at ₹2,54,400 and ₹2,48,800 and resistance is at ₹2,66,000 and ₹2,71,000, said Jain.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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