Silver price today was muted on MCX, following weakness in the white metal across global markets on Tuesday, February 24 as gains in the dollar capped gains from support stemming from uncertainty over US tariff policy and rising tensions between Washington and Tehran.
MCX silver price fell 0.3% to ₹2,64,327 per kg while MCS gold lost 0.6% to ₹₹1,60,615 per 10 grams.
In global markets, Shanghai Silver prices gained around 1% in early deals after opening after a week, however, it later declined over 3% to 589.57 yuan. The China commodity markets were closed for a week since February 16 on account of Lunar New Year 2026.
Moreover, spot silver declined 3.1% to $85.50 an ounce after touching a more than two-week high on Monday. Spot gold slipped 1.5% to $5,150.38 an ounce by 0125 GMT, after earlier hitting its highest level in over three weeks. US gold futures for April delivery eased 1.1% to $5,170.70.
Among other precious metals, spot platinum fell 2.9% to $2,092.31 an ounce, while palladium dropped 2.1% to $1,706.50.
The dollar strengthened, making dollar-denominated bullion more expensive for holders of other currencies. Global markets remained unsettled after President Donald Trump said he would raise a global import levy to 15% following the US Supreme Court’s ruling against his so-called reciprocal tariffs. On Monday, Trump also cautioned countries against reneging on recently negotiated trade agreements with the US after the Supreme Court struck down his emergency tariffs, warning that any such move would invite much steeper duties under alternative trade laws.
Federal Reserve Governor Christopher Waller said he was open to keeping interest rates unchanged at the March meeting if upcoming February employment data showed that the labor market had “pivoted to a more solid footing” after a weak 2025.
Markets are currently pricing in three 25-basis-point rate cuts this year, according to CME’s FedWatch Tool.
