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Explained: Why gold and silver are trading range-bound despite rate cut betsGold steadied near $5,146.18 an ounce as a firm US dollar capped gains. US trade tariffs and Iran-US nuclear talks in Geneva add uncertainty. Silver eased to $87.13 per ounce.By Anshul  February 25, 2026, 7:49:40 AM IST (Published)2 Min ReadGold and silver prices steadied in early trade on February 25 after a sharp pullback in the previous session, as a firm US dollar capped gains and tempered safe-haven demand.

Spot gold held near $5,146.18 an ounce by 0054 GMT, after rising to a more than three-week high earlier this week. The metal had fallen over 1% an ounce on Tuesday (February 24) after touching that peak in early Asian hours. US gold futures for April delivery slipped 0.2% to $5,165 an ounce.

Silver prices also eased marginally. Spot silver declined 0.2% to $87.13 per ounce, after hitting a more than two-week high on Monday (February 23).

The US dollar index inched up 0.02%, extending the previous session’s gains. A stronger greenback typically makes dollar-denominated commodities more expensive for overseas buyers, limiting upside in bullion.

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Market participants continued to track developments around U.S. trade policy and geopolitics. The United States began collecting a temporary 10% global import tariff on Tuesday (February 24), with indications that it may be raised to 15%, creating some uncertainty around trade policy direction. At the same time, Iran and the United States are scheduled to hold a third round of nuclear talks in Geneva on Thursday (February 25), according to Oman’s foreign minister.

Two US Federal Reserve officials signalled no immediate change in interest rate settings. However, markets are pricing in three 25-basis-point rate cuts this year, according to CME’s FedWatch tool, reflecting expectations of easing monetary conditions over the medium term — a factor that typically supports non-yielding assets such as gold.

Adding to the cross-currents, global equities advanced after fresh optimism around artificial intelligence-driven business growth, which somewhat reduced safe-haven flows into bullion.

In the domestic market, Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, placed support for the April gold contract near ₹1,.58 lakh per 10 grams and resistance around ₹1.62 lakh per 10 grams.

He added that volatility is likely to remain elevated amid ongoing geopolitical developments, noting that any escalation or breakdown in talks could quickly revive safe-haven buying.

-With Reuters inputs

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