Gold prices rose on the Multi Commodity Exchange of India (MCX) after US-Iran talks ended without a deal, heightening geopolitical uncertainty. April gold futures gained nearly ₹500, while silver surged almost 3% in early trade.
MCX Gold Jumps ₹500; Silver Surges Nearly 3% in Early Trade
New Delhi: Gold prices firmed in early trading on Friday, February 27. Gold futures for April delivery on the Multi Commodity Exchange of India (MCX) rose nearly ₹500, or 0.30%, to ₹1,60,177 per 10 grams. Silver for March delivery also saw a strong rally, rising more than ₹7,100 to trade at ₹2,66,800 per kilogram.
Notably, gold and silver prices weakened in the previous trading session. April gold futures on MCX closed at ₹1,59,709 per 10 grams, a decline of nearly 1%. March silver futures closed at ₹2,59,669 per kilogram, a decline of over 3%. Today's rally is being attributed to a partial recovery and safe-haven demand.
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A major reason for the rise in gold prices is the inconclusive conclusion of talks between the US and Iran. Oman's Foreign Minister, Sayyed Badr Al-Busaidi, who is mediating the negotiations between the two countries, stated on the social media platform X that progress has been made in the talks, but no final agreement has been reached. He stated that both sides will resume negotiations soon after consultations in their respective capitals, and technical discussions will take place in Vienna next week.
Although talks are ongoing, tensions have not completely subsided. US Secretary of State Marco Rubio stated that Iran remains a serious threat to the US. Such rhetoric increases geopolitical uncertainty, which supports demand for safe-haven investments like gold.
Meanwhile, the US Dollar Index eased after reaching 97.82 and settled at 97.69. A weak dollar typically supports gold prices, as it makes gold cheaper in other currencies.
According to experts, the ₹1,59,500 level is a key support for gold on MCX, while strong resistance is seen between ₹1,61,000 and ₹1,62,000. Investors are advised to keep an eye on global developments and dollar movements.
