In a dramatic response to worldwide instability, gold and silver prices exploded on Indian exchanges Monday, with gold breaching 1.60 lakh rupees and silver soaring past 2.60 lakh for the first time in recent memory.
MCX data showed the 2 April 2026 gold futures contract up 1.74% at 1,59,504 rupees by mid-morning, after peaking at 1,60,600 rupees during the session. Silver’s 5 March 2026 contract gained 4.95%, reaching 2,65,475 rupees and an intraday high of 2,68,875 rupees, reflecting robust buying interest.
The global rally mirrored these moves: Comex gold advanced 1.89% to 5,176 dollars/oz, and silver surged 5.68% to 87.029 dollars/oz. At the heart of the surge is the US Supreme Court’s landmark 6-3 decision on Friday invalidating Trump’s expansive tariffs. Citing violations of the Constitution, the court ruled that the president overstepped by using the 1977 Act sans Congress, reserving tariff powers for legislators.
Trump’s Section 122 maneuver had imposed 10% levies on worldwide imports, sparking market mayhem. Adding fuel to the fire, heightened US-Iran hostilities have driven oil prices higher, amplifying economic jitters.
Experts attribute the precious metals’ rally to their status as ultimate safe havens. As trade wars loom and geopolitical risks mount, bullion demand is expected to remain elevated. Investors are urged to monitor US policy developments closely, as they could dictate the next leg of this bull run. This episode highlights how swiftly global events can reshape commodity landscapes.