Gold Prices Surge on MCX Amid US-Iran Diplomatic Impasse

Indian Commodity Market Update: February 27, 2026

Gold Price:

• ₹1,60,177: MCX gold April contracts rose by ₹500 (0.30%) to ₹1,60,177 per 10 grams in early deals, driven by healthy spot market demand amid geopolitical uncertainties and a weak US dollar.
• ₹1,59,709: MCX gold's April futures closed at ₹1,59,709 per 10 grams in the previous session, falling by nearly 1%.

Silver Price:

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• ₹2,66,800: MCX silver March contracts climbed by ₹7,100 (3%) to ₹2,66,800 per kilogram, supported by safe-haven demand.
• ₹2,59,669: Silver's March futures ended at ₹2,59,669 per kilogram in the previous session, losing over 3%.

Market Factors:

• US-Iran Talks: The US-Iran talks ended without a deal, creating geopolitical uncertainty and supporting safe-haven demand for precious metals.
• US Dollar Index: The US dollar index cooled to 97.69, down from its previous close of 97.79, facilitating buying interest in gold.
• US Jobless Claims: US weekly jobless claims increased by 4,000 to 212,000, weighing on expectations of a rate cut by the US Federal Reserve.

Market Expectations:

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• CME's FedWatch Tool: Market participants expect three 25-basis-point rate cuts from the Federal Reserve this year.
• Commodity Research: Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile, with support and resistance levels at ₹1,58,200 and ₹1,62,500 for gold, and ₹2,55,000 and ₹2,71,000 for silver.