Gold on Feb 24, 2026: Gold trades below Rs 1.61 lakh on MCX after three-week high amid US dollar strength; uptrend remains intact

Gold prices on the Multi Commodity Exchange (MCX) staged a mild recovery on Tuesday but continued to trade in negative territory, reflecting cautious sentiment amid a firmer US dollar and lingering global trade uncertainty. As of 11:10 am IST on February 24, gold futures were down 0.64% at ₹1,60,565, while silver declined 0.27% to ₹2,63,728. April 2026 gold futures fell ₹983, or 0.55%, to ₹1,60,615 per 10 grams. Silver futures for March 5, 2026 delivery slipped ₹1,006, or 0.3%, to ₹2,64,327 per kilogram.

Bullion began Tuesday’s session slightly in the red on the MCX as market participants assessed the impact of a stronger US dollar alongside persistent uncertainty over US tariff policy and escalating tensions between Washington and Tehran.

Global pullback after three-week high

In international markets, spot gold dropped 1.5% to $5,150.38 per ounce as of 0125 GMT, after earlier touching its highest level in more than three weeks. Spot silver also retreated sharply, sliding 3.1% to $85.50 per ounce, following a rally that had pushed it to a two-week peak in the previous session.

On Monday, the US dollar weakened marginally against a basket of currencies, while Bitcoin briefly dipped below the $65,000 mark before stabilising. Gold, however, extended gains, underpinned by its traditional role as a safe-haven asset during periods of macroeconomic and geopolitical stress.

Market participants increasingly believe that clarity on the future direction of global trade could take time to emerge, potentially involving additional legal challenges before policy contours become clearer.

Technical structure remains constructive

Ponmudi R, CEO of Enrich Money, said: “COMEX Gold is trading in the $5,100–$5,300 zone following consolidation in recent sessions. The broader uptrend remains intact, with the sideways movement serving as a healthy pause after earlier volatility and profit-booking. Prices continue to hold above key moving averages and are gradually edging higher, signalling strengthening momentum. Strong buying interest is visible in the $4,850–$5,000 support band. A sustained breakout above $5,500–$5,600 could open the path toward fresh record highs.”

On the domestic front, he added: “MCX Gold futures are trading in the ₹1,55,000–₹1,62,000 range after consolidating post the sharp correction from all-time highs near ₹1,80,000–₹1,81,000. While short-term price action reflects consolidation with a mild upward bias, the broader structure remains supportive above long-term support zones. Strong demand is visible in the ₹1,45,000–₹1,55,000 band. A sustained hold above this base, followed by a breakout above ₹1,65,000, may revive momentum toward ₹1,70,000–₹1,75,000, keeping the medium-term outlook constructive.”

Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures, said: “Gold is continuing its recovery as it advances further with renewed buying interest. Although the recovery has been sharp, gold seems to be regaining its upward momentum as investors seem to be regaining confidence after the recent correction from last week.”

Trade policy and tariff shock in focus

According to Kotak Securities, gold slipped below $5,200 as investors booked profits after a four-session rally driven by trade policy uncertainty and Middle East tensions. Despite the pullback, bullion remains supported by hedging demand amid fiscal risks, with markets awaiting key US confidence and manufacturing index data.

The latest Augmont report noted that gold and silver climbed to a three-week high amid renewed safe-haven demand. Sentiment turned cautious after US President Donald Trump imposed a blanket 15% tariff on imports following a court decision, while maintaining that trade agreements with nearly 20 countries would remain intact.

Augmont estimates that after gold achieved the $5,200 (₹1,60,000) target, a technical breakout signals renewed bullish momentum, with the next resistance levels seen at $5,300 (₹1,63,000) and $5,400 (₹1,66,000). Silver, having met the $85 (₹2,60,000) target, is now approaching resistance at $90 (₹2,70,000) and $92 (₹2,80,000).

For now, gold’s broader uptrend remains intact, even as near-term volatility persists amid shifting global trade dynamics and geopolitical risks.