Gold and silver prices slipped on Tuesday as a stronger US dollar weighed on bullion, even as global uncertainty around tariffs and tensions between the US and Iran kept investors cautious. The fall comes after a recent sharp correction, with both metals now moving within a consolidation range.
At around 5 pm on February 24, MCX gold was trading at Rs 1,60,696 per 10 grams down Rs 902 or 0.56%. Silver fell more sharply, dropping Rs 5,010 or 1.89% to Rs 2,60,323 per kg.
GOLD SHOWS SIGNS OF REGAINING STRENGTH
Despite the day’s decline, market experts say gold is showing early signs of recovery after last week’s correction. Renewed buying at lower levels suggests investors still see value in the metal.
Aksha Kamboj, Vice President at the India Bullion & Jewellers Association (IBJA) and Executive Chairperson of Aspect Global Ventures, said, “Gold is continuing its recovery as it advances further with renewed buying interest. Although the recovery has been sharp, gold seems to be regaining its upward momentum as investors seem to be regaining confidence after the recent correction from last week.”
This indicates that while prices may remain volatile in the short term, investor sentiment towards gold remains broadly positive.
SILVER ALSO SEES BUYING AFTER SHARP FALL
Silver, which tends to move more sharply than gold, has also begun recovering from lower levels. Its price movements often reflect both investment demand and industrial demand, making it more sensitive to changes in economic outlook.
Kamboj noted, “Silver is advancing along with gold as it registers a sharp recovery from its previous levels. The sharp recovery in silver suggests that risk appetite has improved, and industrial demand is also expected to pick up. Although the volatility in silver prices is expected to remain wide, the current trend suggests that buyers are also making a comeback.”
KEY PRICE LEVELS INVESTORS ARE WATCHING
Market participants are closely watching technical levels to assess the next direction for bullion prices. Experts say gold is currently moving within a defined range after falling from its recent highs.
Ponmudi R, CEO of Enrich Money, said, “MCX Gold futures are trading in the Rs 1,55,000–Rs 1,62,000 range after consolidating post the sharp correction from all-time highs near Rs 1,80,000–Rs 1,81,000. While short-term price action reflects consolidation with a mild upward bias, the broader structure remains supportive above long-term support zones.”
He added that strong buying interest has been seen at lower levels. “Strong demand is visible in the Rs 1,45,000–Rs 1,55,000 band. A sustained hold above this base, followed by a breakout above Rs 1,65,000, may revive momentum toward Rs 1,70,000–Rs 1,75,000, keeping the medium-term outlook constructive.”
SILVER MAY REMAIN VOLATILE BUT OUTLOOK INTACT
Silver is also trading within a wide range after correcting from higher levels. While the long-term trend remains positive, short-term movements may continue to fluctuate.
Ponmudi said, “MCX Silver futures are trading around Rs 2,60,000–Rs 2,80,000 following consolidation. While the long-term bullish framework remains intact, short-term momentum reflects corrective undertones.”
He added that key support levels will be important for the next move. “A sustained hold above this region could trigger recovery toward Rs 3,00,000–Rs 3,25,000. Dips toward strong support zones may offer accumulation opportunities for positional traders, though a decisive breakdown below these levels could accelerate downside pressure.”
WHAT IT MEANS FOR INVESTORS
For now, both gold and silver remain under pressure from global currency movements, especially the stronger US dollar.
However, steady buying at lower levels and supportive long-term trends suggest investors continue to see bullion as an important hedge against uncertainty.
