Silver rate today jumped over 3% on MCX on Friday, February 27 amid uncertainty in US-Iran nuclear negotiations, which were extended without a clear breakthrough, keeping geopolitical tensions elevated. At the same time, the US dollar hovered near three-week highs, limiting gains in the yellow metal by making dollar-denominated gold more expensive for holders of other currencies.
MCX Silver rate rose 3.2% or ₹8,340 to ₹2,68,009 per kg, while MCX Gold price added 0.3% to ₹1,60,234 per 10 grams.
In international markets, Spot silver gained 0.6% to $88.81 per ounce, after touching a three-week high on Wednesday. Spot gold was steady at $5,187.39 per ounce as of 0146 GMT. Earlier in the week, bullion had climbed to a more than three-week high on Tuesday. US gold futures for April delivery edged up 0.2% to $5,204.10.
Among other precious metals, Spot platinum advanced 0.6% to $2,286.53 per ounce, while palladium rose 0.5% to $1,794.13.
In Geneva, indirect talks between the US and Iran over Tehran’s nuclear programme showed some progress on Thursday, according to mediator Oman. However, after several hours of discussions, there was no sign of a concrete breakthrough that could definitively avert potential US military action, especially amid a significant military buildup in the Middle East. The US and Iran have remained locked in a tense standoff over Iran’s nuclear activities, with both sides exchanging warnings after President Donald Trump ordered an expanded US military presence in the region. The ongoing uncertainty has underpinned gold’s recent strength.
Meanwhile, expectations of swift interest rate cuts in the US appeared to fade. Federal Reserve chair nominee Kevin Warsh may face a narrowing path toward immediate rate reductions aligned with President Trump’s preferences, as signs of resilience in the US economy, improving CEO confidence, and a more hawkish tone from central bank policymakers dampened hopes of aggressive easing.
more to come…