Gold prices experienced a notable increase at the opening on the MCX on Wednesday, as investors gravitated towards safe haven assets in response to escalating geopolitical tensions and uncertainty surrounding U.S. tariffs following the Supreme Court’s decision to invalidate several measures implemented by President Donald Trump. MCX Gold futures due April 2026 increased by Rs 1,103, reflecting a rise of 0.7%, now priced at Rs 1,61,072 per 10 grams. Meanwhile, silver futures for March 5, 2026 delivery increased by Rs 7,246 or 2.7% to Rs 2,67,990 per kg. In the international market, gold prices increased by 0.5% to $5,174.76 per ounce as of 0159. Bullion concluded the prior session with a decline exceeding 1%, as investors realized profits following a peak that reached a three-week high earlier in the day. Meanwhile, spot silver increased by 1% to $88.23 per ounce, following a rise to a more than two-week high on Monday.
Manoj Kumar Jain noted that the global tariff of 10% implemented by Donald Trump took effect on Monday, thereby heightening uncertainty in global trade dynamics. Markets are exhibiting caution in anticipation of the upcoming US-Iran discussions on February 26 in Geneva concerning the nuclear agreement. The dollar index remains stable above the 97 threshold, constraining upward movement in both precious metals. Nonetheless, uncertainties surrounding tariffs and geopolitical tensions may persist in bolstering the prices of precious metals. Jain notes that price volatility continues to be significantly elevated in both gold and silver markets. Silver may find support at $68.00 per troy ounce, whereas gold could establish support at $4,880 per troy ounce on a closing basis this week.
He noted that gold and silver prices are expected to exhibit volatility this week due to variations in the dollar index, ongoing tensions between the United States and Iran, and in anticipation of Trump’s speech. Gold exhibits support levels ranging from $5,122 to $5,084 and faces resistance between $5,220 and $5,264 per troy ounce. In contrast, silver shows support at $84.80 to $82 and resistance at $90 to $92.40 per troy ounce in the current trading session.
On the Multi Commodity Exchange of India, gold exhibits support levels ranging from Rs 1,58,800 to Rs 1,56,300, with resistance identified between Rs 1,61,400 and Rs 1,63,000. In contrast, silver shows support at Rs 2,54,400 to Rs 2,48,800, while resistance is observed at Rs 2,66,000 to Rs 2,71,000. Jain advises purchasing gold during price corrections in the range of Rs 1,59,000 to Rs 1,57,000, implementing a stop loss beneath Rs 1,55,500, with target prices set between Rs 1,61,000 and Rs 1,62,500.