New Delhi: Gold and Silver prices recorded a decline on Tuesday. Both the precious metals were under under the pressure of a strong US dollar. Despite factors such as US President Donald Trump’s latest tariff threat and the simmering tensions between US and Iran, the impact of the dollar outweighed everything in the market.
On the Multi Commodity Exchange of India (MCX), the Gold and Silver rates were sluggish. MCX Gold April futures declined by more than 0.50% to Rs 1,60,750 per 10 grams. Meanwhile, MCX Silver April futures went down 0.20% to Rs 2,64,972 per kilogram. Gold became cheaper by around Rs 700 today.
In the previous trading session, the yellow metal surged 3% and settled at Rs 1,61,550 per 10 grams. Silver soared 5 per cent and ended at Rs 2,65,279 per kilogram.
Gold price: US Dollar Dominance & Market Impact
Giving a detailed picture on Gold price, Kedia Advisory stated that the US Economic Policy Uncertainty (EPU) Index has surged dramatically to 706.97, marking one of the highest readings in recent history. For context, the long-term average band historically hovered near 114–242, indicating that current levels are significantly elevated compared to the structural norm.
The financial advisory for, which advised people in financial planning in regards to Commodity market, said the renewed tariff escalation and US Supreme Court rulings on tariff frameworks have created confusion over future trade implementation.
It also mentioned geopolitical risks and shift in market narrative, i.e., earlier in 2024, markets priced policy continuity and calmer Fed communication, keeping EPU subdued. The recent spike signals a reversal toward instability.
“Technically, the index has broken sharply above the upper historical range, indicating a volatility regime shift. Such extreme EPU readings historically coincide with capital rotation toward safe-haven assets like gold and U.S. Treasuries. The magnitude of this move suggests that uncertainty is no longer cyclical — it is structural,” Kedia Advisory stated.
Gold’s bullish horizon: Future price targets & volatility shift
Gold has started 2026 with extraordinary volatility. On 9th January, prices surged to nearly $5,597–$5,600, but within just four trading sessions, the market sharply collapsed to around $4,400, wiping out over $1,100 in value. This rapid
correction was driven by margin pressure and heavy speculative liquidation, it added.
On the future of Gold, the advisory group said, both technical and macro indicators now suggest that the structure is gradually turning bullish again.
On the upside, a decisive breach of $5,230 (78.6% Fibonacci retracement) could trigger the next rally phase.
Immediate upside targets remain:
● $5,600 – previous high
● $6,060 – 127.2% Fibonacci extension level
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