Gold Price Today: Gold and silver prices opened higher today across international markets, supported by fresh buying interest and a mix of geopolitical and macroeconomic developments. On the COMEX, gold prices jumped sharply, rising by nearly $160 to trade above the $4,800 per ounce mark, while silver gained around $5 to trade near $82 per ounce.
In the spot market, gold prices climbed more than $100 to trade around $4,770 per ounce, while spot silver advanced by nearly $2 to trade above $81 per ounce, reflecting renewed demand after last week’s sharp correction. At 9:15 am, gold prices on the India MCX were trading higher by Rs5,078 at Rs1,49,069 per 10 grams, while MCX silver prices jumped Rs14,175 to trade at Rs2,50,436 per kilogram.
Trump Backs Continuation of Powell Investigation
Market sentiment remains sensitive to political developments in the United States. Donald Trump said the criminal investigation into Federal Reserve Chairman Jerome Powell should be allowed to continue. Speaking in the Oval Office, Trump said U.S. Attorney for Washington Jeanine Pirro should “take it to the end and see.”
Meanwhile, Republican Senator Thom Tillis of North Carolina said he would oppose any new Federal Reserve nominee until the investigation into Powell is fully resolved, adding to uncertainty around U.S. monetary policy leadership.
US–India Trade Deal Cuts Tariffs, Impacts Dollar and Bullion
In another major development, Donald Trump on Monday announced a trade agreement with India that reduces U.S. tariffs on Indian goods to 18% from 50%, in return for New Delhi halting purchases of Russian oil and lowering trade barriers.
Trump said the agreement followed a call with Indian Prime Minister Narendra Modi, adding that India would instead import oil from the United States and potentially Venezuela. A White House official told Reuters that the U.S. would rescind a punitive 25% duty imposed on all Indian imports over its Russian oil purchases, which had been stacked on top of an existing 25% “reciprocal” tariff.
The agreement strengthened the dollar index, which in turn capped gains in precious metals, particularly in domestic markets.
US Government Shutdown Developments in Focus
Political uncertainty continues to linger as House Speaker Mike Johnson said on Sunday that he is “confident” the U.S. government will reopen by Tuesday. The House needs to pass a Senate-approved spending package to end the partial shutdown. Johnson said he is not relying on Democratic support to fast-track the measure.
China Gold Buying Ahead of Lunar New Year Supports Prices
China remains a key driver for bullion prices. The extent to which Chinese investors step in to buy the dip is expected to play a critical role in shaping near-term market direction. Over the weekend, buyers crowded into Shenzhen, the country’s largest bullion trading hub, to stock up on gold jewellery and bars ahead of the Lunar New Year.
Chinese markets will remain closed for just over a week from February 16 for the holiday period. At the same time, major state-owned banks in China are tightening controls on gold investments to manage heightened volatility.
Banks Maintain Bullish Gold Outlook, Iran Talks Watched
Some banks continue to remain constructive on gold’s medium-term outlook. Deutsche Bank AG said in a note on Monday that it continues to stand by its forecast for bullion to climb to $6,000 an ounce.
Investors are also closely monitoring developments in Iran after U.S. President Donald Trump said talks on a new nuclear deal could take place in the coming days. Any diplomatic breakthrough could reduce gold’s appeal as a safe-haven asset and weigh on prices.
Gold, Silver Settled Lower on Monday After Heavy Sell-Off
On Monday, gold and silver settled on a weaker note in international markets. Gold April futures were settled at $4,652.60 per troy ounce, down 1.95%, while silver March futures ended at $77.009 per troy ounce, down 1.94%.
Domestic markets also closed lower. Gold April futures settled at Rs1,43,991 per 10 grams, down 2.55%, while silver March futures ended at Rs2,36,261 per kilogram, registering a sharp loss of 11.06%.
Gold and silver extended last week’s steep decline amid a stronger dollar index and heavy margin call pressures. Positions were liquidated early in the session due to margin calls, though prices recovered from the day’s lows on short-covering and bargain buying. A recovery in the rupee from record low levels also limited gains in domestic bullion prices.
Analyst View: Volatility to Remain High
Manoj Kumar Jain said:
”We are experiencing very high price volatility in both precious metals but silver prices could hold its support level of $65 per troy ounce and gold prices could also hold its support level of $4,440 per troy ounce on a closing basis this week. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, ahead of the U.S. job data and geo-political tensions.”
Manoj Kumar Jain View Today | 3/02/2026
Gold has support at $4620–4555 while resistance is seen at $4770–4910 per troy ounce in today’s session. Silver has support at $71.20–67.00, while resistance is placed at $84.00–88.80 per troy ounce.
On MCX, gold has support at 140000–136600 and resistance at 148800–152500. Silver has support at 228000–221100 and resistance at 247700–261000.
Kedia Commodity View: Technical Levels
Technically, the market is under long liquidation, with open interest down 1.14% to 8,518 alongside a steep price decline of Rs3,762. Support is seen at Rs137,070, below which prices may test Rs130,155. Resistance is placed at Rs150,895, and a breakout could open the way toward Rs157,805.
In silver, the market remains under long liquidation, with open interest falling 11.99% to 6,704 alongside a sharp price drop of Rs29,391. Support is seen at Rs218,880, with a break opening the door to Rs201,495, while resistance stands at Rs260,575. A move above this level could test Rs284,885.
Nirmal Bang Gold Silver View
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