Gold, silver rate today: Silver prices plunged 11% on Tuesday, reversing gains after touching a more than four-week high a day earlier. Gold price also fell paring early gains. The sharp fall in precious metals came as the U.S. dollar climbed to a one-month high, offsetting safe-haven flows triggered by an escalating U.S.-Israeli air war against Iran that has rattled global markets.
Meanwhile, spot retreated 3%.
The stronger dollar made dollar-denominated commodities more expensive for holders of other currencies, limiting fresh buying in precious metals despite heightened geopolitical uncertainty.
However, the broader market backdrop remains tense. Global oil and gas shipping rates surged after an Iranian Revolutionary Guards official stated that the Strait of Hormuz had been closed to marine traffic and warned that ships attempting passage could face military action. Inflation fears intensified as energy supply disruptions loomed. Israeli Prime Minister Benjamin Netanyahu said the war with Iran could take “some time,” reinforcing uncertainty across financial markets.
What’s next for the precious metals?
Market experts believe silver’s dual role as both a precious and industrial metal is amplifying price swings. While safe-haven demand typically rises during geopolitical conflicts, industrial demand sensitivity makes silver more volatile than gold.
Ross Maxwell, Global Strategy Operations Lead at VT Markets, highlighted that volatility could remain elevated in the near term.
“Silver is likely to open with increased volatility after Holi, as markets remain sensitive to the US-Israel-Iran conflict as well as normal market drivers. Heightened geopolitical tensions typically increase safe-haven demand for precious metals, and silver may benefit from risk-off flows if the threat of escalation remains.”
Maxwell indicated that threats to Middle East energy supply routes could push crude oil prices higher, stoking inflation concerns and indirectly supporting silver as an inflation hedge. However, he cautioned that a sharply stronger U.S. could cap gains in the short term.
“However, gains may be contained if the USD strengthens sharply amid global uncertainty, as a stronger USD can put pressure on metal prices in the short term. Industrial demand remains a supportive medium-term factor, but near-term direction will be driven largely by headlines related to the conflict and broader risk sentiment.”
According to Maxwell, while silver’s medium-term structure appears cautiously positive, traders should prepare for significant price swings driven by geopolitical headlines and currency movements.
Meanwhile, Renisha Chainani, Head – Research at Augmont, also stressed that geopolitical developments will remain the primary driver of sentiment in the coming weeks. She noted that U.S. macroeconomic data and comments from President Donald Trump suggesting the conflict could persist for several weeks have added to the uncertainty.
“Going forward, geopolitical headlines will remain the dominant driver of sentiment, although upcoming US macroeconomic data will provide additional trading cues. Comments from US President Donald Trump suggesting the conflict could persist for several weeks add to uncertainty.”
Chainani explained that elevated , driven by supply disruption fears, could further reinforce inflation risks — historically a supportive backdrop for precious metals. In her assessment, gold and silver continue to benefit from their enduring role as strategic portfolio hedges amid conflict risk and fiscal imbalances.
On the front, she noted that silver has confirmed a breakout above the key $95 resistance level, paving the way for potential moves toward $100 and $105. Strong support is now seen at $85, and holding above this level would keep the broader bullish structure intact.
Gold, meanwhile, has resumed its upward trajectory after breaking above $5,250, with near-term targets seen at $5,450 followed by $5,600. Technical support stands at $5,200, and dips toward that level may attract fresh buying interest as long as the zone holds, added the expert.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.