At 1245 hours IST, gold was up by $227 or nearly 5 per cent at $4,887.05 an ounce. Gold April futures on COMEX gained over 5.5 per cent at $4,913.14 an ounce. | Photo Credit: matejmo

Bargain hunting put an end to the fall in gold and silver prices, as the precious metals gained handsomely on Tuesday in the global market.

“The sharp correction — around 25 per cent in gold and 45 per cent in silver from recent highs — has attracted strong physical buying from investors who were waiting for meaningful price retracements to accumulate precious metals,” said Renisha Chainani, head of research at Augmont.

Silveragain, outshone gold, gaining over 8 per cent, while gold rose nearly 5 per cent by mid-day. In India, the yellow precious metal gained by 10 per cent and silver marginally in the Mumbai spot market. But on mcxgold futures were 5.5 per cent and silver contracts by 11 per cent as investors saw a buying opportunity after the precious metals complex was mauled on Friday and Monday.

At 1245 hours IST, gold was up by $227 or nearly 5 per cent at $4,887.05 an ounce. Gold April futures on COMEX gained over 5.5 per cent at $4,913.14 an ounce. In the Mumbai spot market, gold opened at ₹1,50,708 per 10 gm and on MCX, the precious metal’s April futures ruled at ₹1,51,900, a gain of nearly ₹8,000.

Silver at premium in China

Silver surged to $86.3 an ounce, up by over $7. On COMEX, silver March futures increased to $86.06 an ounce. In the Mumbai spot market, silver opened at ₹2,55,372 against ₹2,59,500 last evening. On MCX, silver March futures increased by over ₹27,800 a kg to ₹2,64,100.

On the Shanghai Futures Exchange, silver March futures ruled at 21,750 yuan a kg ($97.39 an ounce). The white precious metal is at a premium in China as it is in demand for a slew of industries, such as electric vehicles, electronics and data centres.

Platinum was up over 5% at $2,219.40 an ounce. Palladium gained nearly 7 per cent at $1,822 an ounce.

Hareesh V, Head of Commodity Research, Geojit Investments Limited, said, “A dramatic unwind hit gold and silver markets over the past two days, erasing a chunk of their record‑breaking January gains. The plunge began after CME Group hiked margin requirements on both metals, forcing leveraged traders to liquidate positions and accelerating a wave of selling.”

Lack of key data

The correction was amplified by extreme overbought conditions after gold and silver touched unprecedented highs just days earlier, with silver having surged more than 60 per cent in a month and gold over 20 per cent. Profit‑taking cascaded into panic selling as liquidity thinned and volatility spiked, he said.

“The violent drop is more like a technical correction than a deterioration in core fundamentals, noting that longer‑term drivers—geopolitical tensions, central‑bank buying and macro uncertainty—remain intact,” said Hareesh.

Chainani said gold and silver rebounded nearly 10 per cent from recent lows as markets factor in the absence of key US economic data due to a partial government shutdown and renewed bargain hunting.

Gold prices may extend the ongoing rebound towards $5,000 (₹155,000), with strong support seen near $4,600 (₹139,000).

Silver is attempting to build a base and is expected to consolidate in the $72–$87 range (~₹225,000–₹270,000). A buy-on-dips and sell-on-rallies strategy is advisable within this range amid elevated volatility, she said.

The precious metals complex has had a dazzling run up to a record high of $5,608 on geopolitical crises, US trade disputes with other nations, and investors switching over to precious metals, fearing slack economic growth. In addition, silver is facing physical deficit for over seven years in a row.

Published on February 3, 2026

The company handled 123 million metric tonnes of cargo in the quarter, a 9 per cent increase, with its all-India container market share expanding to 45.8 per cent. | Photo Credit: ANI

Adani Ports and Special Economic Zone Limited (APSEZ) reported a profit after tax of ₹3,043 crore for the third quarter ended December 31, 2025, up 21 per cent on year, led by revenue growth on higher cargo volumes and logistics business.

The strong performance prompted India’s largest private port operator to raise its full-year EBITDA guidance to ₹22,800 crore, ₹800 crore above its previous top-end estimate, while revenue guidance has been raised to Rs 38,000 crore at the upper of its previous guidance of Rs 36,000-38,000 crore.

In the reporting quarter, revenue rose 22 per cent to ₹9,705 crore, while EBITDA rose by a fifth to ₹5,786 crore.

The upward revision stems from stronger-than-anticipated operational growth contributing approximately ₹500 crore, with the remaining ₹300 crore coming from the fourth-quarter inclusion of recently acquired North Queensland Export Terminal in Australia.

The port operator also announced the appointment of Sreedhar Krishnan Menon, currently Chief Financial Officer of Adani Connex, as Adani Port’s CFO from March 1, replacing D Muthukumaram, who will be transitioning to a new role within the group.

The company handled 123 million metric tonnes of cargo in the quarter, a 9 per cent increase, with its all-India container market share expanding to 45.8 per cent. Domestic ports revenue increased 15 per cent while international ports quarterly revenue crossed the ₹1,000 crore milestone for the first time, reaching ₹1,067 crore.

The logistics segment showed accelerated growth with revenue jumping 62 per cent to ₹1,121 crore, driven by asset-light services including trucking and international freight networks. Marine operations revenue surged 91 per cent to ₹773 crore, with the fleet now totaling 129 vessels.

The company’s net debt-to-EBITDA stood at 1.9 times despite the Australian acquisition. Gross debt at the end of the quarter was at Rs 53,097 crore.

Japan Credit Rating Agency recently assigned it an “A-“ rating with stable outlook, a notch above India’s sovereign rating, allowing it to tap the Japanese debt market for long-tenor loans.

Published on February 3, 2026

DSP Mutual Fund will launch one of its kind DSP Multi Asset Omni Fund of Funds, that invests in best performing equity schemes across the industry, besides debt and commodity (gold and silver).

The fund is powered by DSP Netra, the fund house’s in-house market intelligence framework. DSP Netra uses market data, valuations and long-term historical patterns to assess risk and margin of safety across asset classes, helping guide allocation decisions as market conditions evolve.

The fund helps investors in asset allocation and invests in top performing equity schemes in the most tax efficient manner. Investors usually rejig their portfolio to chase the best performing equity schemes but in that process had to incur capital gain tax once they exist the schemes.

DSP Multi Asset FoF, which will invest up to 75 per cent of its portfolio in equity, will track the best performing fund manager across the industry and invest in those schemes to deliver best return to investors.

It will use the stock picking ability of the best equity fund managers in the industry along with asset allocation strategies of DSP Netra.

Besides equity, the fund will invest 15–50 per cent in debt schemes and 10–50 per cent in gold and silver ETFs, with allocations adjusted based on prevailing market conditions.

Sahil Kapoor, Head of Product and Market Strategist, DSP Mutual Fund said investor outcomes often suffer when decisions are driven by narratives or short-term forecasts. DSP Netra was built to rely on data and market history to assess risk and margin of safety across asset classes. This Netra-powered approach comes together in the DSP Multi Asset Omni Fund of Funds, guiding allocation decisions in a systematic manner rather than reacting to market noise, he said.

On the current US tariff cut, he said the average US tariff was 12 per cent before it was increased to 25 per cent and further to 50 per cent and now it has been reduced to 18 per cent.

After the euphoria dies down, the markets will start focusing on corporate earnings growth in December quarter as the impact of US tariff cut is limited and subject to few sectors, he said.

Published on February 3, 2026

Gold and silver prices staged a sharp recovery on Tuesday, rebounding nearly 5 per cent and 8 per cent, respectively, as bargain hunters emerged after last week’s historic correction, though analysts warned volatility is likely to persist.

COMEX gold surged above $4,900 before settling around $4,860, while MCX gold rallied above ₹1,51,000, gaining nearly ₹8,000 intraday. Silver climbed to around $79-$80, while MCX silver traded around ₹2,69,000 after hitting a bottom of ₹2,25,805 in the previous session.

“Gold and silver have rebounded nearly 10 per cent from recent lows as markets factor in the absence of key US economic data due to a partial government shutdown and renewed bargain hunting. The sharp correction—around 25 per cent in gold and 45 per cent in silver from recent highs—has attracted strong physical buying from investors who were waiting for meaningful price retracements,” said Renisha Chainani, Head of Research at Augmont.

The Monday session had extended losses from Friday’s brutal selloff. “Spot gold plunged more than 4.5 per cent on Tuesday, closing below $4,700/oz, while silver tumbled around 7 per cent to settle near $79.3. The selloff was driven by a rebound in the US dollar and a shift towards a more hawkish Federal Reserve outlook following the nomination of Kevin Warsh as the next Fed Chair,” said Kaynat Chainwala, AVP – Commodity Research, Kotak Securities.

“Additional pressure came from Firmer US Treasury yields after US manufacturing data surprised to the upside. The ISM manufacturing index jumped to 52.6 in January from 47.9, returning to expansion territory after 26 consecutive months of contraction,” Chainwala added.

The Tuesday rebound came despite continued dollar strength following the US-India trade deal announcement. “Gold and silver remained weak early in the session due to margin-call driven liquidation. Positions were unwound aggressively due to margin pressure, although prices recovered from the day’s lows on short-covering and bargain buying at lower levels,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

The US-India trade agreement, which reduced tariffs on Indian goods from 50 per cent to around 18 per cent, had mixed implications for precious metals. “The US–India trade deal has supported the Indian rupee, with USD/INR appreciating towards 90.20, up nearly 1 per cent. While tariff cuts improve trade relations, reduced uncertainty and a stronger rupee may temporarily cap domestic gold and silver prices by easing safe-haven demand and lowering import costs,” Chainani said.

Ross Maxwell, Global Strategy Operations Lead at VT Markets, offered perspective on the trade deal’s impact. “Gold and silver prices will be looking to balance between lower trade tensions and persistent macro uncertainty. A clearer trade outlook can reduce risk aversion, which will limit upside moves in precious metals. However, gold remains well supported by ongoing concerns around inflation, currency stability and geopolitical risks,” Maxwell said.

Despite the rebound, analysts expect continued volatility. “Looking ahead, gold and silver are likely to remain volatile, with markets focused on the upcoming US jobs report for clues on the timing of the Fed’s next rate cut. Chinese markets will also draw attention, as previously elevated Shanghai-COMEX premiums highlighted physical-paper divergence that fueled silver’s unprecedented swings,” Chainwala said.

“Gold traded strongly positive as CME Gold surged above $4,900, triggering sharp upside momentum in MCX Gold. This week, US Nonfarm Payrolls and Unemployment data will be closely tracked. Technically, Gold has immediate support near ₹1,45,000, while resistance is seen around ₹1,55,000,” said Jateen Trivedi, VP Research Analyst, LKP Securities.

Aamir Makda, Commodity & Currency Analyst at Choice Broking, provided technical levels. “Gold price has rebounded significantly from the bottom of 137,000 by ~12 per cent. Immediate resistance would be at 154,215. Breakout of this level will boost upside momentum towards 160,000–167,000. Silver has started trading over 253,468, with next hurdle at 341,773. We are expecting moderately bullish trend ahead,” Makda said.

Hareesh V, Head of Commodity Research at Geojit Investments Limited, offered a cautiously optimistic view. “Gold and silver are showing early signs of stabilization after last week’s historic selloff. The drivers for bullion remain intact, suggesting the correction was largely due to short term catalysts rather than a shift in long term fundamentals. Going forward, choppy trading is likely,” Hareesh said.

Chainani provided specific technical triggers. “Gold prices may extend the ongoing rebound towards $5,000 (₹155,000), with strong support seen near $4,600 (₹139,000). Silver is expected to consolidate in the $72–$87 range. A buy-on-dips and sell-on-rallies strategy is advisable within this range amid elevated volatility,” she said.

Kalantri offered support and resistance levels. “Gold has support at $4,655-$4,575 while resistance at $4,860-$4,950. Silver has support at $74.8-$69.75 while resistance is at $88.15-$94.80. In INR gold has support at ₹1,38,650-₹1,35,310 while resistance at ₹1,48,850-₹1,50,950,” he said.

Published on February 3, 2026