Mumbai, Feb 23 || Gold and silver prices surged significantly on Monday, amid growing geopolitical tensions and the US dollar's steep fall.
MCX gold April futures gained 1.83 per cent to Rs 1,59,749 per 10 grams on an intra-day basis. Meanwhile, MCX silver March futures gained 5.10 per cent to Rs 2,65,836 per kg.
Earlier in the day, gold had jumped 2 per cent while silver soared 6 per cent. Analysts attributed the surge to geopolitical tensions as US President Donald Trump's 10-day deadline for a "meaningful deal” with Iran drew closer.
Iran has indicated it is prepared to make concessions on its nuclear programme in talks with the US in return for the lifting of sanctions and recognition of its right to enrich uranium, as it seeks to avert a US attack.
Further, the dollar fell after the US Supreme Court struck down a vast swathe of President Trump's tariffs on Friday.
"The US Supreme Court's decision to strike down a large swath of Trump's tariffs has weakened his ability to threaten and impose tariffs at a moment's notice, but it won't end gnawing uncertainty for trade partners or companies," said Manav Modi, Commodities Analyst, Motilal Oswal Financial services Ltd.
"Silver is witnessing a large draw of inventories from all warehouses especially, Comex very significantly indicating the tightness in supply and surge in demand as China remains shut," the analyst said.