Gold and silver prices surged at the opening on the MCX on Wednesday as investors flocked to safe haven assets amid rising geopolitical tensions and uncertainty over U.S. tariffs after the Supreme Court of the United States struck down a range of measures introduced by US President Donald Trump.

MCX Gold futures due April 2026 were up Rs 1,103 or 0.7% at Rs 1,61,072 per 10 grams. Meanwhile, silver futures for March 5, 2026 delivery jumped by Rs 7,246 or 2.7% to Rs 2,67,990 per kg.

In the international market, gold prices climbed 0.5% to $5,174.76 per ounce as of 0159 GMT. Bullion had ended the previous session down more than 1% as investors booked profits after prices touched a three week high earlier in the day. Meanwhile, spot silver gained 1% to $88.23 per ounce, after hitting a more than two week high on Monday.

How should you trade gold?

Manoj Kumar Jain of Prithvi Finmart said the global tariff of 10% imposed by Donald Trump came into effect on Monday, once again increasing uncertainty in global trade. Markets are also cautious ahead of the scheduled US Iran talks on February 26 in Geneva regarding the nuclear deal. The dollar index is holding steady above the 97 mark, limiting gains in both precious metals.

However, tariff related uncertainty and geopolitical tensions could continue to support prices of precious metals. According to Jain, price volatility remains very high in both gold and silver. Silver may hold support at $68.00 per troy ounce, while gold could hold support at $4,880 per troy ounce on a closing basis this week.

He added that gold and silver prices are likely to remain volatile this week amid fluctuations in the dollar index, tensions between the United States and Iran, and ahead of Trump’s speech. Gold has support at $5,122 to $5,084 and resistance at $5,220 to $5,264 per troy ounce, while silver has support at $84.80 to $82 and resistance at $90 to $92.40 per troy ounce in today’s session.

On the Multi Commodity Exchange of India, gold has support at Rs 1,58,800 to Rs 1,56,300 and resistance at Rs 1,61,400 to Rs 1,63,000, while silver has support at Rs 2,54,400 to Rs 2,48,800 and resistance at Rs 2,66,000 to Rs 2,71,000. Jain recommends buying gold on dips around the Rs 1,59,000 to Rs 1,57,000 range, with a stop loss below Rs 1,55,500 for targets of Rs 1,61,000 to Rs 1,62,500.

Courtesy : ET