Mumbai, Feb 24 || Gold and silver prices retreated on Tuesday, amid uptick in US dollar and profit‑taking after huge gains in previous session.
Investors weighed in tariff uncertainty and ongoing US-Iran peace talks which capped the decline in prices.
MCX gold April futures dipped 0.58 per cent to Rs 1,60,664 per 10 grams around 10.50 am on an intraday basis. Meanwhile MCX silver March futures declined 0.33 per cent to Rs 2,64,450 per kg.
On Comex, gold futures for April delivery fell 1.1 per cent to $5,170.70 an ounce, while spot gold dropped 1.5 per cent to $5,150.38, retreating from a three‑week high earlier in the day. Spot silver plunged 3.1 per cent to $85.50 per ounce, after hitting a two‑week high in the previous session.
The dollar index surged 10.19 per cent on an intra-day basis to 97.89 making bullion more expensive for holders of other currencies.
Tariff-related uncertainty after the Supreme Court’s ruling against US President Donald Trump’s emergency tariffs will drive gold’s appeal as a hedge against geopolitical risks, analysts said. President Trump has warned countries against backing away from trade deals, saying such action will invite higher tariffs.