Precious metals are navigating a period of high volatility as gold prices face downward pressure after a historic rally. After touching record peaks earlier in the week, spot gold retracted by 1.02% to trade near $5,172 per ounce. This pullback follows a massive surge throughout February 2025, where the metal rose nearly 9% month-over-month. The primary driver behind the current cooling is a rotation into US Treasuries. Despite a 10% global tariff taking effect today, investors are momentarily prioritizing fixed income. The 10-year Treasury yield is hovering around 4.05%, creating a headwind for non-yielding bullion. Domestic markets show a different trend. In India, 24-carat gold rose slightly to ₹87,880 per 10 grams. This domestic strength is fueled by a weaker Rupee and persistent retail demand. Central banks also remain a solid floor for the market, with institutions like the RBI increasing gold's share in their forex reserves to over 11%. Silver is currently outperforming gold as an industrial hedge. While gold futures dipped, spot silver gained 1.41% to reach $87.79 per ounce. The gold-to-silver ratio has tightened to 58.9, reflecting silver's relative resilience amid shifting trade policies. In the PGM sector, palladium hit a three-week high, climbing over $1,700 per ounce. Supply concerns are mounting due to a preliminary 132% US antidumping duty on certain imports. Platinum saw minor gains, trading at $974.60, as industrial accounts maintain cautious positions. Geopolitical risks remain at the forefront of market sentiment. Global attention is fixed on Geneva, where US-Iran nuclear talks are set to resume this Thursday. The potential for an interim deal is being weighed against the risk of military escalation, keeping the "fear premium" embedded in metal prices. Equities are finding support through persistent AI enthusiasm. The "Magnificent Seven" continue to drive indices higher, even as traditional sectors react to trade frictions. However, rich valuations have sparked warnings of a potential pullback if AI growth does not meet enterprise-level profit expectations soon. Market participants are now looking toward upcoming economic data and central bank commentary. While a stronger dollar typically weighs on commodities, the emergence of a "stagflationary" setup—marked by stalled retail growth and accelerating inflation signals—is decoupling gold from standard interest rate expectations.