New Delhi, February 23 Precious metal prices rose by 3 per cent in the national capital on Monday, with silver surging to Rs 2.7 lakh per kilogram and gold advancing to Rs 1.6 lakh per 10 grams, due to strong demand for safe-haven assets amid growing global trade uncertainties following the US Supreme Court ruling against Trump's tariffs.
According to the All India Sarafa Association, silver jumped by Rs 8,000, or 3.03 per cent, to Rs 2,72,000 per kilogram (inclusive of all taxes) from Friday's closing level of Rs 2,64,000 per kg.
Gold of 99.9 per cent purity also increased by Rs 3,300, or 2.06 per cent, to Rs 1,62,800 per 10 grams (inclusive of all taxes). It had closed at Rs 1,59,500 per 10 grams in the previous trading session.
Silver and gold maintained their upward momentum on Monday, with both metals trading at a three-week high, supported by renewed demand for safe-haven assets.
The rally came after a landmark ruling by the US Supreme Court against Trump's tariffs, which triggered sharp volatility in various asset classes and prompted investors to seek safe-haven assets, Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
In response to the ruling, US President Donald Trump swiftly moved to preserve his trade agenda by announcing an increase in the global tariff rate from 10 per cent to 15 per cent on Saturday.
Gandhi added that the sudden policy shift has intensified global uncertainty, with several governments across the globe reacting cautiously – some reaffirming trade agreements, while others are waiting for Washington's next move.
In the international market, spot silver gained 1.79, or 2.2 per cent, to USD 86.50 per ounce, while gold was trading nearly 1 per cent higher at USD 5,151 per ounce.
"Gold prices have risen amid the turmoil and uncertainty surrounding Trump's tariffs. Even if the Supreme Court views the tariffs as invalid, the ongoing trade tensions may still put pressure on the US dollar and support gold," Hareesh V, Head of Commodity Research, Geojit Investments Ltd, said.
Beyond tariffs, factors such as sustained central-bank buying, expectations of lower US interest rates, ongoing geopolitical risks, and slower global growth are likely to underpin gold in the long run, keeping its overall outlook constructive, he added.
