Precious Metals Report

Gold and Silver Prices Climb Amid Rising Tensions

On 27 February, gold prices held firm, advancing $65 per troy ounce to a day's high of $5,259 on the Comex exchange, driven by safe-haven demand and uncertainty over US trade policy. This marks the seventh consecutive monthly gain for gold. Silver prices rose even more sharply, surging $5.75 per troy ounce to cross the $93 mark at $93.33.

Market Analysis

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The April futures contract on Comex recouped losses from the previous session, positioning gold for its best weekly performance in a month. Silver prices rose $20,131 per kilogram to touch the day's high of ₹2,79,800 on the MCX exchange, the highest level since early February. This marks the tenth straight monthly advance for silver.

Geopolitical Risks and Tariffs

Rising tensions in the Middle East, including indirect talks between the US and Iran, continue to support safe-haven demand for precious metals. The US tariff rate for certain countries could rise to 15% or higher, without further specifics provided by US Trade Representative Jamieson Greer. This uncertainty has kept risk-off sentiment intact, positioning gold and silver for further gains.

Domestic Market

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In the domestic market, the April gold futures contract on MCX gained ₹2,156 per 10 grams to reach the day's high of ₹1,61,865. The March silver futures contract gained ₹20,131 per kilogram to touch the day's high of ₹2,79,800, the highest level since early February.