Silver rate today: Silver prices climbed on Tuesday, supported by a weaker US dollar and easing crude oil prices after US President Donald Trump indicated that the conflict in the Middle East could end soon. Gold also moved higher as investor sentiment stabilised.
On MCX, silver prices jumped 4.2% or ₹11,179 to ₹2,78,339 per kg while gold prices advanced 1.15% or ₹1,850 to ₹1,62,149 per 10 grams.
Spot silver advanced 3% to $89.60 per ounce, while spot gold gained 0.8% to $5,179.52 per ounce as of 0233 GMT. Meanwhile, US gold futures for April delivery rose 1.7% to $5,188.70.
Other precious metals also traded higher. Spot platinum increased 1.2% to $2,208.16, while palladium edged up 0.2% to $1,693.84.
Silver, Gold Prices: Why are precious metals rising today?
The rebound followed comments from Trump suggesting the conflict could be resolved “very soon,” which helped ease market anxiety. Trump also warned that US military action could escalate significantly if Iran attempts to block tanker traffic through the Strait of Hormuz, a key maritime route that carries roughly 20% of global oil supply.
At the same time, a gauge of the US dollar slipped 0.1%, extending the previous day’s decline. The US dollar weakened 0.4%, making dollar-denominated bullion more affordable for investors holding other currencies.
The near-closure of the Strait of Hormuz, combined with Iranian missile strikes targeting energy infrastructure, had earlier pushed oil prices sharply higher and intensified concerns about rising inflation. However, oil prices tumbled more than 10% after Trump signalled that the war might conclude sooner than expected, easing fears of prolonged disruptions to global oil supplies.
The conflict has effectively disrupted traffic through the strait for over a week, leaving oil tankers stranded and forcing several producers to cut output as storage facilities filled up, which had previously driven energy prices sharply higher.
Silver and gold prices had fallen in the previous session as the surge in energy costs raised inflation concerns and reduced expectations that the US Federal Reserve would cut interest rates in the near term.
What should investors do?
According to Joseph Thomas, Head of Research at Emkay Wealth Management, precious metal prices in global markets are influenced by geo-political developments. This is also be a time when the level of volatility is likely to be much higher in precious metals like gold and silver.
Thomas noted that the ongoing conflict has been a key factor driving fluctuations in bullion prices, keeping investors cautious and contributing to sharp swings in both gold and silver markets. According to him, now that the war-related uncertainties have eased, traditional macroeconomic drivers such as the outlook for US interest rates and movements in the Dollar Index are likely to regain importance in shaping the direction of precious metals prices.
Renisha Chainani, Head – Research at Augmont believes Silver remains firmly supported and is continuing its upward momentum, with the next upside target seen around $90 (~ ₹282,000). On the downside, strong support is placed near $80 (~ ₹255,000), suggesting that any short-term corrections could attract fresh buying interest.
For gold, she said, “Gold continues to maintain a bullish bias, with prices expected to move towards $5250 (~ ₹165,000) and $5300 (~ ₹167,000) in the near term. Strong support is seen around the $5000 (~ ₹158,000) level, which is likely to act as a key buying zone on any corrective dips.”
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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