Overview
- MCX gold futures rose roughly 1.8–2% to about ₹1.59–₹1.60 lakh per 10g, while silver jumped around 5–6% to ₹2.65–₹2.68 lakh per kg during intraday trade on February 23.
- The surge followed the Supreme Court’s curbs on the president’s emergency tariff powers and President Trump’s announcement of a 15% global levy, which weakened the dollar and heightened policy uncertainty.
- Heightened US–Iran tensions and a looming negotiation window reinforced demand for havens, lifting bullion after a mid‑month selloff.
- Analysts flagged tightness in silver supply, citing heavy withdrawals from COMEX warehouses that supported silver’s sharper rebound.
- India’s finance minister said central banks’ continued accumulation is a key driver of bullion strength, with traders now watching US data, Trump’s remarks and China’s market reopening for direction.