COMEX gold was trading at $5,175 per ounce, up $71.30 or 1.40%. Silver outperformed, with COMEX silver rising 5.87% to $89.49 per ounce.
The gains follow recent volatility across global markets driven by geopolitical tensions and shifting risk sentiment. Markets have been reacting to developments surrounding the Middle East conflict and comments from US President Donald Trump suggesting the war could be “over soon,” which helped ease some risk aversion in financial markets.
Asian equities rebounded strongly on Tuesday (March 10) while oil prices fell sharply, indicating improving investor sentiment after the previous session’s turbulence. Analysts say such shifts in risk appetite often influence precious metals, which are widely viewed as safe-haven assets.
Despite the near-term fluctuations, market participants say the broader trend for precious metals remains supported by macroeconomic factors including geopolitical uncertainty, elevated global debt levels and expectations around monetary policy.
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Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions, said gold and silver continue to show structural strength amid persistent global risks.
“Gold and silver remain in a structurally strong uptrend, supported by geopolitical uncertainty and expectations of accommodative monetary policy,” he said, adding that dips in gold are likely to attract buying interest rather than sustained selling.
Silver, meanwhile, is also benefiting from industrial demand linked to sectors such as renewable energy, electric vehicles and technology infrastructure, which analysts say could support prices over the medium term.
In the near term, traders are expected to keep a close watch on geopolitical developments, crude oil prices and signals from the US Federal Reserve, all of which could influence the direction of precious metals.
–With agencies inputs
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