Overview
- MCX gold eased about 0.4–0.5% on Wednesday to roughly Rs 1.62 lakh per 10 grams after jumping near Rs 1.62 lakh on Tuesday when a softer dollar lifted safe‑haven demand.
- Silver retreated in early Wednesday trade to around Rs 2.73–2.75 lakh per kg after futures had surged roughly 4% on Tuesday to about Rs 2.77–2.79 lakh.
- Tuesday’s rebound followed President Donald Trump’s remarks suggesting the Iran conflict could be nearing an end, which weakened the dollar and helped bullion recover.
- Global benchmarks held near elevated levels, with spot gold around $5,170–$5,210 an ounce and silver in the high‑$80s, while crude oil swung lower below $90 after an emergency‑reserves proposal.
- Domestic retail gauges showed silver dropping to about Rs 2.68 lakh/kg on March 9 before leaping to roughly Rs 2.79 lakh on March 10, as traders tracked Strait of Hormuz risks, currency moves and positioning ahead of US CPI and PCE data.