Comex Gold and Silver Prices Experience Significant Gains Amid Safe-Haven Buying

Gold and Silver Prices Surge Amid Global Tensions and US Tariff Uncertainty

Market Overview

On 25 February, gold and silver prices experienced a significant rebound in the global market, driven by growing tensions in the Middle East and a pullback in the US dollar index. The April futures contract on Comex surged to a day's high of $5,230 per troy ounce, up $54 from the previous session. Meanwhile, the March silver futures contract on Comex reached a day's high of $91.18 per troy ounce, up $3.7 from the previous session.

Market Analysis

Read also: Gold and Silver Prices Decline Amid Strengthening Dollar and Inflation Concerns

The surge in gold and silver prices can be attributed to the increasing safe-haven appeal, driven by the escalating tensions between the US and Iran. The US dollar index slipped below 97.8, making greenback-priced commodities more attractive for overseas buyers. Additionally, the ongoing US tariff uncertainty, including the temporary 10% global import tariff, has contributed to the market volatility.

Domestic Market

In the domestic market, the April gold futures contract on MCX surged ₹1,683 per 10 grams to the day's high of ₹1,61,652 per 10 grams. The March silver futures contract regained ₹9,756 per kilogram to ₹2,70,500, recouping all of the previous day's loss of ₹4,589. Looking at monthly performance, silver is down 8.39% in February so far, while gold has remained in the green, gaining 7.39% during the same period.