Precious metals are navigating a volatile trading landscape today as global geopolitical shifts and trade policy adjustments reshape investor sentiment. Gold and silver prices opened with a cautious tone following a period of intense fluctuations driven by the legal battle over US trade measures. In the domestic market, gold futures on the MCX for April delivery recently traded near **162,000 INR** per 10 grams. This follows a significant recovery from previous lows, as market participants reacted to the US Supreme Court striking down initial "reciprocal" tariffs. However, the immediate implementation of a flat **15%** global import tariff by the US administration has kept trade uncertainty at the forefront. Silver has shown even more dramatic movement, with MCX futures consolidating around the **285,000 INR** to **295,000 INR** per kg range. Despite recent daily softenings, silver remains up approximately **175%** year-on-year, supported by sustained industrial demand in the solar and electric vehicle sectors. On the international stage, spot gold is holding firm near **5,190 USD** per ounce. The yellow metal reached a three-week high earlier this week as the US Dollar Index eased to approximately **97.60**. A weaker dollar historically makes bullion more affordable for international buyers, providing a technical floor for prices. Geopolitical tensions remain a primary catalyst for safe-haven buying. Investors are closely monitoring the third round of nuclear negotiations between Washington and Tehran in Geneva. Any escalation in rhetoric or a breakdown in these talks typically triggers a flight to safety, bolstering gold’s position as a protective asset. Economic indicators are further complicating the outlook. Recent US GDP data showed an annualized growth of **1.4%**, trailing the **2.8%** forecast, while inflation data remains hotter than expected. This environment has led traders to anticipate at least three interest rate reductions of **25 basis points** each from the Federal Reserve throughout the year. Central bank activity continues to underpin the long-term bullish trend. The People’s Bank of China extended its gold-buying streak for a fifteenth consecutive month in January, contributing to a broader structural support for the metal. Current technical levels suggest immediate support for gold at **158,800 INR** on the MCX, with resistance seen at **163,000 INR**. Silver faces resistance near the **278,000 INR** mark, with strong buying interest reported in the lower support zones. Market participants are now pivoting toward upcoming weekly jobless claims and further trade policy clarity to determine if the current consolidation phase will lead to a fresh breakout toward record highs.