Overview
- Spot gold jumped as much as about 6% toward $4,940 an ounce and silver leapt more than 10% back above roughly $87 as the dollar eased.
- In India, MCX silver hit the 6% upper circuit at Rs 2,50,436 per kg and MCX gold rose around 3% to near Rs 1.48 lakh per 10 grams.
- Sentiment improved with reports of a new India–US trade deal that lowered US tariffs on Indian goods, helping draw buyers back after days of steep losses.
- The rebound follows a rapid slide from late-January records, with the decline linked to President Trump’s nomination of Kevin Warsh and subsequent CME margin increases that forced deleveraging.
- Analysts described the drop as a technical correction from overbought levels, noting that longer-term supports such as geopolitical risks and central-bank demand remain, though volatility is still elevated.