Silver rate today: Silver prices moved higher on Monday as the dollar weakened amid lingering uncertainty over the fate of trade agreements negotiated with the US, while tensions between the US and Iran also stayed in focus. Markets were unresolved after the US Supreme Court curtailed President Donald Trump’s tariff authority, supporting demand for safe-haven assets. Gold prices also climbed to a three-week high.
On MCX, silver price jumped 6% or ₹15,176 to ₹2,68,120. MCX gold price, on the other hand, added 1.4% or ₹3,724 to ₹1,60,600.
In the international market, Spot silver jumped 3.1% to $87.10 per ounce, marking its strongest level in more than two weeks. Meanwhile, Spot gold gained 1.2% to $5,163.60 per ounce by 0210 GMT, touching a more than three-week high. US gold futures for April delivery advanced 2% to $5,184.90.
Among other precious metals, platinum rose 1.2% to $2,182.60 per ounce, while palladium edged up 0.5% to $1,753.75.
Why precious metals rose today?
The dollar weakened after traders viewed the US Supreme Court’s decision to strike down most of Trump’s tariffs as supportive for global growth. However, confusion around trade policy and ongoing Middle East risks kept market moves relatively contained.
On Saturday, Trump said he would impose a global tariff of 15% to preserve trade protections after the court ruled against his use of emergency powers to levy reciprocal duties. The softer dollar following the ruling made precious metals cheaper for overseas buyers, lending support to prices.
The court decision also cast doubt on trade deals negotiated by the US with key partners. The European Parliament’s trade chief said he would propose delaying ratification of an agreement with Washington, Indian officials indicated they would postpone a planned US visit, while a member of Japan’s ruling party described the situation as “a real mess.”
Meanwhile, US economic growth slowed more than expected in the fourth quarter. Inflation-adjusted GDP rose at an annualized pace of 1.4%, down from 4.4% in the previous quarter, as government spending recorded its steepest decline since 1972 due to last year’s shutdown. For the full year, the economy expanded 2.2%, according to the Bureau of Economic Analysis.
On the geopolitical front, Iran signaled it was willing to make concessions on its nuclear program in talks with the US in exchange for sanctions relief and recognition of its right to enrich uranium, as it sought to avert a potential US attack.
Adding to market volatility, mainland China markets were closed for Lunar New Year holidays, leading to thin trading volumes. Trading is set to resume on Tuesday.
