New Delhi, Feb 03 (ANI): Prime Minister Narendra Modi speaks at the NDA parliamentary party meeting at GMC Balayogi Auditorium in the Parliament premises, in New Delhi on Tuesday. (@narendramodiX/ANI Photo)
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Prime Minister Narendra Modi on Tuesday reportedly told NDA MPs at a parliamentary party meeting that India’s trade agreement with the US is the result of sustained patience. According to sources, the PM told the MPs that the trade deal has created a positive economic environment, reflecting the government’s consistent and measured approach to global trade negotiations.

He said the Opposition criticised the tariffs, but the government remained patient with the results now visible. The PM said the world order is changing and that its trajectory is increasingly tilting towards India.

‘landmark deal’

From the ruling coalition, the trade agreement, whose contours have not yet been explained by the government, the political message was self-congratulatory, with the NDA MPs felicitating the PM for what they described as a landmark deal. BJP National President Nitin Nabin, Union Ministers Amit Shah, Rajnath Singh, JP Nadda, Ashwini Vaishnaw, Bhupender Yadav, Lok Janshakti Party MP Chirag Paswan, AIADMK MP M Thambi Durai, NCP MP Praful Patel, Apna Dal (S) MP Anupriya Patel and other NDA MPs were present at the meeting.

All top Union Ministers and BJP Chief Ministers joined in the drive to create a celebratory mood with congratulatory messages on social media. Uttar Pradesh Chief Minister Yogi Adityanath described it as a “landmark moment” for India-US economic partnership, reflecting rising global confidence in ‘Make in India’, while Union Ministers Ashwini Vaishnaw, Piyush Goyal and other joined in with similar social media posts.

In the NDA parliamentary party meet, the PM is learnt to have told the MPs that the world is now tilting towards India…these trade deals have showcased India’s strength despite the global uncertainty.

Later, giving details of the trade pacts that India has signed with different countries, Parliamentary Affairs Minister Kiren Rijiju said: “There is excitement among the MPs that these trade deals have been concluded under the leadership of PM. The trade deals have been signed with a total of 39 countries. This is historic. All these 39 countries are developed countries…This is historic. There has been a very good atmosphere in the country.”

The PM also commended Finance Minister Nirmala Sitharaman for presenting her ninth consecutive Budget, adding that it was a Budget that laid the roadmap for the country and its development to 2047, when India completes a century as a modern independent state.

Shiv Sena MP Milind Deora said: “PM Modi explained to all the MPs that the government works in favour of India, be it a trade deal or Budget.”

“The credit for the trade deal between India and America and India and India-Europe goes to PM Modi. This has happened because of his determination. The trade deal will give benefits to small-scale businessmen,” he asserted.

Published on February 3, 2026

Gold and silver prices staged a sharp recovery on Tuesday, rebounding nearly 5 per cent and 8 per cent, respectively, as bargain hunters emerged after last week’s historic correction, though analysts warned volatility is likely to persist.

COMEX gold surged above $4,900 before settling around $4,860, while MCX gold rallied above ₹1,51,000, gaining nearly ₹8,000 intraday. Silver climbed to around $79-$80, while MCX silver traded around ₹2,69,000 after hitting a bottom of ₹2,25,805 in the previous session.

“Gold and silver have rebounded nearly 10 per cent from recent lows as markets factor in the absence of key US economic data due to a partial government shutdown and renewed bargain hunting. The sharp correction—around 25 per cent in gold and 45 per cent in silver from recent highs—has attracted strong physical buying from investors who were waiting for meaningful price retracements,” said Renisha Chainani, Head of Research at Augmont.

The Monday session had extended losses from Friday’s brutal selloff. “Spot gold plunged more than 4.5 per cent on Tuesday, closing below $4,700/oz, while silver tumbled around 7 per cent to settle near $79.3. The selloff was driven by a rebound in the US dollar and a shift towards a more hawkish Federal Reserve outlook following the nomination of Kevin Warsh as the next Fed Chair,” said Kaynat Chainwala, AVP – Commodity Research, Kotak Securities.

“Additional pressure came from firmer US Treasury yields after US manufacturing data surprised to the upside. The ISM manufacturing index jumped to 52.6 in January from 47.9, returning to expansion territory after 26 consecutive months of contraction,” Chainwala added.

The Tuesday rebound came despite continued dollar strength following the US-India trade deal announcement. “Gold and silver remained weak early in the session due to margin-call driven liquidation. Positions were unwound aggressively due to margin pressure, although prices recovered from the day’s lows on short-covering and bargain buying at lower levels,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

The US-India trade agreement, which reduced tariffs on Indian goods from 50 per cent to around 18 per cent, had mixed implications for precious metals. “The US–India trade deal has supported the Indian rupee, with USD/INR appreciating towards 90.20, up nearly 1 per cent. While tariff cuts improve trade relations, reduced uncertainty and a stronger rupee may temporarily cap domestic gold and silver prices by easing safe-haven demand and lowering import costs,” Chainani said.

Ross Maxwell, Global Strategy Operations Lead at VT Markets, offered perspective on the trade deal’s impact. “Gold and silver prices will be looking to balance between lower trade tensions and persistent macro uncertainty. A clearer trade outlook can reduce risk aversion, which will limit upside moves in precious metals. However, gold remains well supported by ongoing concerns around inflation, currency stability and geopolitical risks,” Maxwell said.

Despite the rebound, analysts expect continued volatility. “Looking ahead, gold and silver are likely to remain volatile, with markets focused on the upcoming US jobs report for clues on the timing of the Fed’s next rate cut. Chinese markets will also draw attention, as previously elevated Shanghai-COMEX premiums highlighted physical-paper divergence that fuelled silver’s unprecedented swings,” Chainwala said.

“Gold traded strongly positive as CME Gold surged above $4,900, triggering sharp upside momentum in MCX Gold. This week, US Nonfarm Payrolls and Unemployment data will be closely tracked. Technically, Gold has immediate support near ₹1,45,000, while resistance is seen around ₹1,55,000,” said Jateen Trivedi, VP Research Analyst, LKP Securities.

Aamir Makda, Commodity & Currency Analyst at Choice Broking, provided technical levels. “Gold price has rebounded significantly from the bottom of 137,000 by ~12 per cent. Immediate resistance would be at 154,215. Breakout of this level will boost upside momentum towards 160,000–167,000. Silver has started trading over 253,468, with next hurdle at 341,773. We are expecting moderately bullish trend ahead,” Makda said.

Hareesh V, Head of Commodity Research at Geojit Investments Limited, offered a cautiously optimistic view. “Gold and silver are showing early signs of stabilisation after last week’s historic selloff. The drivers for bullion remain intact, suggesting the correction was largely due to short term catalysts rather than a shift in long term fundamentals. Going forward, choppy trading is likely,” Hareesh said.

Chainani provided specific technical triggers. “Gold prices may extend the ongoing rebound towards $5,000 (₹155,000), with strong support seen near $4,600 (₹139,000). Silver is expected to consolidate in the $72–$87 range. A buy-on-dips and sell-on-rallies strategy is advisable within this range amid elevated volatility,” she said.

Kalantri offered support and resistance levels. “Gold has support at $4,655-$4,575 while resistance at $4,860-$4,950. Silver has support at $74.8-$69.75 while resistance is at $88.15-$94.80. In INR gold has support at ₹1,38,650-₹1,35,310 while resistance at ₹1,48,850-₹1,50,950,” he said.

Published on February 3, 2026