Silver futures on India’s Multi Commodity Exchange surged Rs 8,584, or 3.5 percent, last week. Gold advanced Rs 981, nearly 1 percent, in the same period. Analysts at Choice Broking expect both metals to build on those gains as global trade strains intensify.

U.S. President Donald Trump raised global tariffs to 15 percent through executive order after a Supreme Court ruling, according to the brokerage. The dollar dipped to 97.8 before rebounding on the news. Investors turned to precious metals for protection.

Middle East tensions added fuel. A major U.S. military deployment near Iran heightened risks around the Strait of Hormuz. Combined with the Russia-Ukraine conflict, these factors revived a geopolitical risk premium for bullion, Choice Broking said.

Prathamesh Mallya, deputy vice president of research for non-agri commodities and currencies at Angel One, pointed to softer U.S. economic data. MCX gold traded between Rs 1.5 lakh and Rs 1.6 lakh per 10 grams through February 20. He forecasts prices pushing toward Rs 1.61 lakh.

Silver drew extra support from industrial demand. Post-Lunar New Year liquidity boosted buying, especially in solar and aluminum sectors, Choice Broking noted.

Overseas, Comex silver futures rose $4.38, or 5.62 percent, to $82.34 per ounce last week. Gold climbed $34.6, almost 1 percent, closing at $5,080.9 per ounce. The brokerage tied the moves to the U.S. court’s tariff decision and Iran standoff.

Traders eye several U.S. reports this week: Producer Price Index, housing data, consumer confidence, regional Federal Reserve indicators, and weekly initial jobless claims. China’s People’s Bank lending rate decision looms large too. Those releases could sway precious metals directions, analysts said.

Mallya highlighted market volatility from broader uncertainties. A risk-off mood dominated, he said. Gold’s appeal strengthened as traders bet on potential Federal Reserve rate cuts.

Recent spot prices in India reflected choppy action. Gold hit Rs 1,57,380 per 10 grams on one day, up Rs 10. Silver traded at Rs 2,69,900, down Rs 100. Demand softened domestically from price swings, while China stayed dark for holidays.

Exchange-traded funds tracking gold and silver rebounded with the metals rally. Global cues provided tailwinds. Choice Broking emphasized how Trump’s tariff escalation post-ruling revived safe-haven flows, overriding initial dollar weakness.