New Delhi, Feb 10 || Gold and silver prices dipped moderately on Tuesday due to a stronger dollar and profit booking, even as geopolitical uncertainties extended medium-term support to precious metals.
MCX gold February futures dipped 0.33 per cent to Rs 1,57,550 per 10 grams on an intra-day basis. Meanwhile, MCX silver March futures declined 1.92 per cent to Rs 2,57,567 per kg.
Earlier, silver prices dipped over 2 per cent to its day's low of Rs 2,57,100 per kg and gold prices dipped 1.3 per cent to Rs 1,56,001 per 10 grams, before the precious metals rebounded slightly.
The dollar index rose to 97.01 on Tuesday from 96.82 in the previous session, making greenback-backed bullion slightly expensive for overseas buyers.
Markets are currently pricing in at least two rate cuts of 25 basis points this year, generally positive for bullion due to expectations of a more relaxed monetary policy. Despite indications of diplomatic progress, tensions between the US and Iran remain high, as Washington cautioned US-flagged ships to avoid Iranian seas.