Mumbai’s bullion markets ignited Monday as gold and silver prices skyrocketed amid escalating global uncertainties and fresh twists in US tariff policies. Investors flocked to safe-haven assets, driving gold futures to a staggering high.
On the Multi Commodity Exchange (MCX), the April 2026 gold contract surged 1.74%, or 2,724 rupees, to 1,59,504 rupees by 10:30 AM. Trading later pushed it beyond 1,60,600 rupees, marking a significant peak. Silver followed suit, with the March 2026 contract leaping 4.95%, or 12,531 rupees, to 2,65,475 rupees, and touching 2,68,875 rupees intraday.
Internationally, Comex gold climbed 1.89% to 5,176 dollars per ounce, while silver rocketed 5.68% to 87.029 dollars per ounce. The rally stems from a pivotal US Supreme Court ruling last Friday, where a 6-3 majority struck down broad tariffs imposed by former President Trump under the 1977 International Emergency Economic Powers Act without congressional approval. The court deemed it unconstitutional, asserting that tariff authority rests solely with Congress.
Trump had invoked Section 122 privileges to slap a 10% duty on imports from all countries, rattling global markets. Compounding the volatility, rising US-Iran tensions have spiked crude oil prices, further fueling safe-haven demand for precious metals.
Market analysts warn that ongoing geopolitical frictions and policy shifts could sustain this upward momentum. Traders are closely watching for congressional responses and potential retaliatory measures from trade partners. For investors, this surge underscores gold and silver’s enduring role as bulwarks against economic turbulence, with experts advising diversified portfolios in these uncertain times.