Gold and silver prices increased. Silver increased by Rs. 6,600 to Rs. 2.67 lakh per kg, and gold increased by Rs. 690 to Rs. 1.61 lakh per 10 grams. On the MCX, silver decreased by Rs. 3,764 to Rs. 2.61 lakh. Gold decreased by Rs. 1,590 to Rs. 1.60 lakh per 10 grams.

In international markets, gold and silver prices also increased. Spot gold increased around 0.48% to $5,202 per ounce, and spot silver increased around 0.96% to $88.25 per ounce. Earlier on Tuesday, both metals had decreased by around 1.6%, ending their four-day winning streak.

According to market analysts, prices remained volatile due to the low likelihood of the US Federal Reserve cutting interest rates in the near future. Boston Fed President Susan Collins indicated that the Fed may keep interest rates stable for some time due to the strong labor market.

Minutes from the January Fed meeting also revealed that officials are adopting a cautious stance on rate cuts. Higher interest rates typically put pressure on non-interest-bearing safe-haven investments like gold and silver.

Furthermore, uncertainty over US tariffs and rising tensions in West Asia have kept demand for safe-haven investments strong. Former President Donald Trump recently threatened higher tariffs on countries that withdraw from trade agreements, adding to global market volatility.

Meanwhile, logistics company FedEx has filed a lawsuit seeking a refund after the US Supreme Court struck down emergency tariffs. However, the US subsequently imposed a new 10% tariff on certain goods, further pressuring global trade and commodity markets.