National News
Gold and silver rates rise on COMEX recovery
Gold and silver rates in India opened higher on MCX, rebounding from recent losses amid COMEX recovery signals. Spot gold and silver gained after two days of declines, with MCX gold up around 1% near Rs 1.53 lakh per 10 grams and silver up 2% above Rs 2.33 lakh per kg.
MCX gold hovered at approximately Rs 1,53,000 per 10 grams early morning, reflecting a 1% rise. Silver traded above Rs 2,33,000 per kg with nearly 2% gains, touching intraday highs around Rs 2,33,673 per kg.
COMEX gold showed technical recovery signs, ending prior weeks up 1.43% at around $5,022/oz, while silver rose 3.1% to $77.58/oz. A firmer USD and Fed rate pause signals tempered gains, but safe-haven demand persists.
India’s trade deficit swelled to a three-month peak of $34.6 billion in January, driven by soaring gold and silver imports that inflated the import bill even as exports stagnated amid slumping shipments to the U.S.
Import Surge
Imports climbed 19.1%—the steepest rise since April—to $71.2 billion, marking the second-highest monthly figure on record, with gold inflows rocketing 4.5-fold to $12 billion and silver doubling 2.3 times to $2 billion. This spike overshadowed modest export growth of just 0.8% to $36.6 billion, hampered by declines in gems and jewelry as well as textiles, despite slight gains in electronics and pharmaceuticals.
Export Outlook
Commerce Secretary Rajesh Agrawal expressed optimism for record annual exports, projecting merchandise nearing $860 billion and services surpassing $410 billion for the first time, buoyed by sustained upward momentum. Confidence partly hinges on rebounding U.S. demand for gems, jewelry, and textiles following the early-February withdrawal of punitive 25% secondary tariffs
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