New Delhi, Feb 26 Gold and silver prices eased on Thursday, amid profit booking by investors, although rise in geopolitical tensions and decline in US dollar capped the slide.
MCX gold April futures lost 0.25 per cent to Rs 1,60,741 per 10 grams on an intra-day basis. Meanwhile, MCX silver March futures declined 1.16 per cent to Rs 2,65,200 per kg.
In the previous session, the MCX April gold contract and March silver contract had gained 0.74 per cent and 3 per cent, respectively, prompting a round of profit booking.
The dollar continues to fall in the aftermath of persistent trade uncertainty amid diverse takes on tariffs by US Supreme Court and US President Donald Trump with the latter continuing to stress that tariffs remain central to his trade strategy.
The US collects a 10 per cent tariff on certain imports, with rates set to rise to 15 per cent or higher for some countries causing uncertainty over US tariffs and ongoing trade negotiations acting as tailwinds to the precious metals.
The dollar index eased by 0.13 per cent to 97.58, making greenback-backed bullion cheaper for buyers in overseas currencies.
Analysts said that the evolving US–Iran situation with a third round of nuclear talks due in Geneva on February 27, amid a US military buildup in the Middle East, fuels safe‑haven demand.
Medium‑to‑long‑term sentiment for precious metals remains bullish, with COMEX Gold trading within the $5,100–$5,300 consolidation band following recent volatility, they said.
In COMEX silver, a sustained recovery above $92–$96 could re-ignite momentum toward $100–$105 and potentially retest prior peaks, market participants said.
"Gold has support at Rs 1,60,000 and Rs 1,57,700 while resistance at Rs 1,62,500 and Rs 1,64,000. MCX silver has support at Rs 2,63,600 and Rs 2,58,800, and resistance is at Rs 2,74,000 and Rs 2,80,000," an analyst said.
Gold and silver prices may see volatility during the session week, market participants forecasted, urging investors to book profits in gold and silver at higher levels and wait for corrective dips to take fresh long positions.
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