Gold Price Today: MCX Gold Jumps ₹500, Silver Surges 3% as US-Iran Talks End Without Deal
Gold price today surged in early trade on Friday, February 27, with bullion rates rising on the Multi Commodity Exchange (MCX) amid persistent geopolitical tensions and weakness in the US dollar.
MCX gold April futures climbed nearly ₹500, or 0.30%, to ₹1,60,177 per 10 grams during early deals. Meanwhile, MCX silver March contracts jumped sharply by more than ₹7,100, gaining nearly 3% to ₹2,66,800 per kilogram.
Previous Session Performance
In the previous trading session:
- MCX gold April futures closed at ₹1,59,709 per 10 grams, down nearly 1%.
- MCX silver March futures ended at ₹2,59,669 per kg, falling over 3%.
- The sharp rebound today reflects renewed safe-haven buying in precious metals.
Why Are Gold Prices Rising Today?
US-Iran Talks End Without Agreement
Gold prices gained after the latest round of US-Iran negotiations ended without a deal. Although mediator Oman indicated that both nations made progress and technical-level talks will resume next week in Vienna, tensions remain elevated.
Oman’s Foreign Minister Sayyid Badr Albusaidi confirmed that discussions will continue after consultations in respective capitals.
Adding to geopolitical concerns, US Secretary of State Marco Rubio stated that Iran continues to pose a “very grave threat” to the United States. Ongoing uncertainty has boosted safe-haven demand for gold and silver.
US Dollar Weakness Supports Bullion
The US dollar index cooled slightly after rising to 97.82. It slipped to 97.69 from its previous close of 97.79 amid importer selling pressure.
A weaker dollar makes gold cheaper for holders of other currencies, supporting buying interest in the yellow metal.
US Jobless Claims & Fed Rate Cut Expectations
US weekly jobless claims rose by 4,000 to 2,12,000 for the week ended February 21, indicating a stable labour market. This has reduced immediate expectations of aggressive rate cuts by the US Federal Reserve.
According to CME’s FedWatch Tool, market participants still anticipate three 25-basis-point rate cuts from the Federal Reserve this year.
Gold & Silver Price Outlook: Key Levels to Watch
Commodity expert Manoj Kumar Jain of Prithvifinmart Commodity Research expects volatility in gold and silver prices today.
Gold Trading Strategy (MCX)
Buy on dips: ₹1,59,100 – ₹1,58,000
Stop loss: Below ₹1,56,500
Targets: ₹1,60,600 and ₹1,61,800
Support: ₹1,58,200 and ₹1,56,500
Resistance: ₹1,61,000 and ₹1,62,500
Silver Trading Strategy (MCX)
Buy on dips: ₹2,58,000 – ₹2,53,000
Stop loss: Below ₹2,48,800
Targets: ₹2,62,000 and ₹2,68,000
Support: ₹2,55,000 and ₹2,48,800
Resistance: ₹2,64,600 and ₹2,71,000
International Price Levels
Gold Support: $5,164 and $5,122 per troy ounce
Gold Resistance: $5,222 and $5,265
Silver Support: $84.40 and $80.80
Silver Resistance: $90.00 and $92.40
Final Take
Gold and silver prices remain highly sensitive to geopolitical developments, US dollar movement, and Federal Reserve policy expectations. With US-Iran tensions still unresolved and markets pricing in potential rate cuts, bullion may continue to witness volatility in the near term.
Investors should closely monitor key support and resistance levels before taking fresh positions.
Disclaimer
All content published on Morning News is for informational and educational purposes only. We do not provide financial, investment, legal, or professional advice. Morning News is not responsible for any loss arising from the use of this information. Readers should do their own research before making any decisions.
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