Silver price today was muted on MCX, following weakness in the white metal across global markets on Tuesday, February 24 as gains in the dollar capped gains from support stemming from uncertainty over US tariff policy and rising tensions between Washington and Tehran.
In global markets, Shanghai Silver prices gained around 1% in early deals after opening after a week, however, it later declined over 3% to 589.57 yuan. The China commodity markets were closed for a week since February 16 on account of Lunar New Year 2026.
Moreover, spot silver declined 3.1% to $85.50 an ounce after touching a more than two-week high on Monday. Spot gold slipped 1.5% to $5,150.38 an ounce by 0125 GMT, after earlier hitting its highest level in over three weeks. U.S. gold futures for April delivery eased 1.1% to $5,170.70.
Among other precious metals, spot platinum fell 2.9% to $2,092.31 an ounce, while palladium dropped 2.1% to $1,706.50.
The dollar strengthened, making dollar-denominated bullion more expensive for holders of other currencies. Global markets remained unsettled after President Donald Trump said he would raise a global import levy to 15% following the US Supreme Court’s ruling against his so-called reciprocal tariffs. On Monday, Trump also cautioned countries against reneging on recently negotiated trade agreements with the U.S. after the Supreme Court struck down his emergency tariffs, warning that any such move would invite much steeper duties under alternative trade laws.
Federal Reserve Governor Christopher Waller said he was open to keeping interest rates unchanged at the March meeting if forthcoming February employment data showed that the labour market had “pivoted to a more solid footing” after a weak 2025.
Markets are currently pricing in three 25-basis-point rate cuts this year, according to CME’s FedWatch Tool.
What are experts saying – key levels to watch
Gaurav Garg, Research Analyst at Lemonn Markets Desk said, “Despite recent sharp swings earlier in February, current price action suggests investors are responding to macro triggers rather than a structural shift in trend. Near term, metals may remain sensitive to global cues including currency movements and policy expectations. Volatility is likely to persist, and traders are advised to manage risk as bullion consolidates within its broader corrective phase.”
Meanwhile, Renisha Chainani, Head – Research at Augmont expects silver continues to trade within a consolidation range. Prices are gradually approaching the resistance level around $92 (approximately ₹2,80,000).
“Unless a strong breakout occurs above this zone, silver may remain range-bound with intermittent volatility. Given the current setup, a disciplined buy-on-dips and sell-on-rallies strategy remains advisable, particularly in silver, while gold maintains a stronger upward momentum bias,” the expert suggested.
For Gold, Chainani said, “Gold has delivered a decisive breakout, sustaining above the key psychological level of $5,000 and moving past its earlier consolidation ceiling near $5,130. This technical breakout indicates renewed bullish momentum, with prices now likely targeting the next resistance zones at $5,300 (approximately ₹1,63,000) and $5,400 (approximately ₹1,66,000). The move suggests fresh buying interest rather than short covering, keeping the near-term bias positive.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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