Silver topped $90 an ounce and gold futures ruled above $5,200 an ounce on Wednesday on renewed haven demand as tensions over the US-Iran standoff rose. A softening of the dollar and uncertainty over US trade tariffs also aided the uptrend in the precious metals complex.
“Ongoing tariff uncertainties and persistent US–Iran tensions continue to support safe-haven demand, keeping prices elevated despite intermittent profit booking,” said Jateen N Trivedi, VP, Commodity and Currency Research, LKP Securities.
“The US Supreme Court struck down several tariffs imposed by President Donald Trump. But he has exceeded his authority (leading to uncertainty),” said Renisha Chainani, head of research at Augmont.
Silver gains 4%
At 1915 hours, gold was up nearly a per cent at $5,187.86 an ounce. Gold April futures on Comex ruled at $5,205.80 an ounce. In India’s Mumbai spot market, gold ended the day at ₹1,59,008 per 10 gm, down from Tuesday’s close of ₹1,59,241. On MCX, gold April futures were quoted at ₹1,61,000.
Silver was up four per cent at $90.51 an ounce, while March futures ruled at $90.44 an ounce. In the Mumbai spot market, silver closed at ₹2,65,417 a kg against ₹2,62,912 on Tuesday. On MCX, silver March contracts were quoted at ₹2,67,197. On the Shanghai Futures Exchange, silver March contracts ruled at 23,301 yuan a kg ($105.28 a troy ounce).
The platinum group of metals, which have been surging along with soaring gold and silver prices, also gained. Platinum increased by 6.5 per cent at $2,329.50 an ounce. Palladium was 2.5 per cent at $1,866.50 an ounce.
Gold has gained nearly 20 per cent this year, silver over 26 per cent, platinum 11 per cent and palladium 11.5 per cent. At the same time, the dollar has declined nearly 8 per cent year-on-year, with the March index futures at 97.78.
Shift in investors thinking
Manav Modi, Commodities Analyst, Motilal Oswal Financial Services Ltd, said: “Gold’s strength despite positive real interest rates shows a clear shift in investor thinking. Real returns are increasingly seen as temporary and policy-driven, which reduces the cost of holding gold and strengthens its role as a safeguard against broader financial risks.”
“The key forces that lifted silver prices in 2025 are expected to continue supporting the market in 2026. Strong industrial demand driven by rapid digitalization, AI expansion, and growth in data centers and IT infrastructure, is boosting the need for silver-intensive computing and electrical systems,” said Geojit investments in a note.
Trivedi said immediate support for gold on MCX is seen near ₹1,55,000, while resistance at ₹1,64,000. “Trend remains firm as long as key supports hold,” he said.
“Tight physical supply, geopolitical instability, US trade policy uncertainty, and concerns over Federal Reserve independence are sustaining bullion’s haven appeal. Meanwhile, strength in gold should help cushion downside risks for silver, even as elevated price volatility remains likely in the near term,” said Geojit investments.
US inflation up
Chainani said the US and Iran are scheduled to hold a third round of talks in Geneva this week. “While the dialogue suggests diplomatic engagement, lingering uncertainty over Iran’s nuclear programme continues to embed a risk premium in markets, supporting bullion,” she said.
On the economic front, US inflation rose more than expected in December, with indications of further acceleration in January. Persistent inflation could delay Federal Reserve rate cuts, which may cap gold’s upside.
“However, weaker-than-expected Q4 GDP growth at 1.4 per cent signals economic slowing, which could ultimately reinforce expectations of monetary easing and provide underlying support to gold and silver,” said Chainani.
Published on February 25, 2026
