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18 days ago
Silver rate today jumps over ₹8,000 amid uncertainty around Iran-US talks, firm dollar - Key levels
Summary
Silver rate today jumped over 3% on MCX on Friday, February 27 amid uncertainty in US-Iran nuclear negotiations, which were extended without a clear breakthrough, keeping geopolitical tensions elevated. At the same time, the US dollar hovered near three-week highs, limiting gains in the yellow metal by making dollar-denominated gold more expensive for holders of other currencies.
MCX Silver rate rose 3.2% or ₹8,340 to ₹2,68,009 per kg, while MCX Gold price added 0.3% to ₹1,60,234 per 10 grams.
In international markets, Spot silver gained 0.6% to $88.81 per ounce, after touching a three-week high on Wednesday. Spot gold was steady at $5,187.39 per ounce as of 0146 GMT. Earlier in the week, bullion had climbed to a more than three-week high on Tuesday. US gold futures for April delivery edged up 0.2% to $5,204.10.
Among other precious metals, Spot platinum advanced 0.6% to $2,286.53 per ounce, while palladium rose 0.5% to $1,794.13.
In Geneva, indirect talks between the US and Iran over Tehran’s nuclear programme showed some progress on Thursday, according to mediator Oman. However, after several hours of discussions, there was no sign of a concrete breakthrough that could definitively avert potential US military action, especially amid a significant military buildup in the Middle East. The US and Iran have remained locked in a tense standoff over Iran’s nuclear activities, with both sides exchanging warnings after President Donald Trump ordered an expanded US military presence in the region. The ongoing uncertainty has underpinned gold’s recent strength.
Meanwhile, expectations of swift interest rate cuts in the US appeared to fade. Federal Reserve chair nominee Kevin Warsh may face a narrowing path toward immediate rate reductions aligned with President Trump’s preferences, as signs of resilience in the US economy, improving CEO confidence, and a more hawkish tone from central bank policymakers dampened hopes of aggressive easing.
Renisha Chainani, Head - Research at Augmont noted gold and silver prices extended their gains, hovering near a four-week high as safe-haven demand strengthened amid rising geopolitical tensions and continued uncertainty around U.S. trade policy.
Moreover, geopolitical risks also remain a key driver. The buildup of U.S. troops in the Middle East ahead of nuclear talks in Geneva has heightened market anxiety. At the same time, Washington intensified pressure on Iran by imposing fresh sanctions targeting entities linked to oil and weapons exports, reinforcing the risk premium in precious metals," she added.
The expert noted that silver has achieved the target of $90 (~ ₹2,66,000). Prices are now gradually approaching the next resistance level of $92 (~ ₹272,000) and $93 (~ ₹2,75,000).
For Gold, Chainani stated, "gold has achieved the target of $5200 (~ ₹1,61,000). This technical breakout indicates renewed bullish momentum, with prices now likely targeting the next resistance zones at $5,300 (~ ₹1,64,000) and $5,400 (~ ₹1,67,000)."
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Pranati Deva is a financial journalist with over a decade of newsroom experience, currently serving as Senior Sub Editor at LiveMint. She brings sharp...Read More
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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MCX Silver rate rose 3.2% or ₹8,340 to ₹2,68,009 per kg, while MCX Gold price added 0.3% to ₹1,60,234 per 10 grams.
In international markets, Spot silver gained 0.6% to $88.81 per ounce, after touching a three-week high on Wednesday. Spot gold was steady at $5,187.39 per ounce as of 0146 GMT. Earlier in the week, bullion had climbed to a more than three-week high on Tuesday. US gold futures for April delivery edged up 0.2% to $5,204.10.
Among other precious metals, Spot platinum advanced 0.6% to $2,286.53 per ounce, while palladium rose 0.5% to $1,794.13.
In Geneva, indirect talks between the US and Iran over Tehran’s nuclear programme showed some progress on Thursday, according to mediator Oman. However, after several hours of discussions, there was no sign of a concrete breakthrough that could definitively avert potential US military action, especially amid a significant military buildup in the Middle East. The US and Iran have remained locked in a tense standoff over Iran’s nuclear activities, with both sides exchanging warnings after President Donald Trump ordered an expanded US military presence in the region. The ongoing uncertainty has underpinned gold’s recent strength.
Meanwhile, expectations of swift interest rate cuts in the US appeared to fade. Federal Reserve chair nominee Kevin Warsh may face a narrowing path toward immediate rate reductions aligned with President Trump’s preferences, as signs of resilience in the US economy, improving CEO confidence, and a more hawkish tone from central bank policymakers dampened hopes of aggressive easing.
Renisha Chainani, Head - Research at Augmont noted gold and silver prices extended their gains, hovering near a four-week high as safe-haven demand strengthened amid rising geopolitical tensions and continued uncertainty around U.S. trade policy.
Moreover, geopolitical risks also remain a key driver. The buildup of U.S. troops in the Middle East ahead of nuclear talks in Geneva has heightened market anxiety. At the same time, Washington intensified pressure on Iran by imposing fresh sanctions targeting entities linked to oil and weapons exports, reinforcing the risk premium in precious metals," she added.
The expert noted that silver has achieved the target of $90 (~ ₹2,66,000). Prices are now gradually approaching the next resistance level of $92 (~ ₹272,000) and $93 (~ ₹2,75,000).
For Gold, Chainani stated, "gold has achieved the target of $5200 (~ ₹1,61,000). This technical breakout indicates renewed bullish momentum, with prices now likely targeting the next resistance zones at $5,300 (~ ₹1,64,000) and $5,400 (~ ₹1,67,000)."
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Pranati Deva is a financial journalist with over a decade of newsroom experience, currently serving as Senior Sub Editor at LiveMint. She brings sharp...Read More
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Download the Mint app and read premium stories
AI Description
The article discusses the surge in silver prices amid geopolitical tensions and a strong US dollar. It highlights the impact of US-Iran nuclear talks on metal markets.