Mumbai, February 23: Gold and silver prices witnessed a significant rise on Monday due to increasing global instability and updates regarding U.S. tariffs. As of 10:30 AM on the Multi Commodity Exchange (MCX), the April 2, 2026 contract for gold rose by 1.74 percent or ₹2,724, reaching ₹1,59,504. During the trading session, gold hit a peak of ₹1,60,600.
Meanwhile, silver also saw increased buying activity, with the March 5, 2026 contract price climbing by ₹12,531 or 4.95 percent to ₹2,65,475. Silver reached a high of ₹2,68,875 in current trading.
Internationally, gold and silver prices are also on the rise, with gold increasing by 1.89 percent to $5,176 per ounce and silver up by 5.68 percent to $87.029 per ounce on COMEX.
The surge in gold and silver prices is attributed to the U.S. Supreme Court’s decision to remove tariffs. Last Friday, the Supreme Court ruled 6-3 that former President Trump imposed extensive tariffs under the International Emergency Economic Powers Act of 1977 without Congressional approval, which is unconstitutional. The authority to impose tariffs lies solely with the U.S. Congress, not the President, leading to the cancellation of these tariffs.
Additionally, Trump had previously imposed a 10 percent tariff on products imported from all countries using Section 122 privileges, contributing to market instability. The rising tensions between the U.S. and Iran have further exacerbated global instability, impacting crude oil prices as well.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
