Safe Haven Demand
MCX April gold contract opens higher on trade uncertainty, US-Iran tension
This story was originally published at 10:00 IST on 23 February 2026
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MUMBAI – Gold futures contracts opened higher on the Multi Commodity Exchange on Monday due to global trade uncertainty and rising safe haven demand because of rising tensions between the US and Iran. The most-traded April gold futures contract opened at INR 158,458 per 10 grams, up 1% from the previous close of INR 156,876 per 10 grams.
Renewed global trade tensions and heightened economic uncertainty spurred safe-haven demand for the precious metal, analysts said. The US Supreme Court on Friday struck down many of US President Donald Trump's "reciprocal" tariffs, which were invoked based on the International Emergency Economic Powers Act. Hours later, Trump announced imposition of 10% tariffs globally under Section 122 of the 1974 Trade Act. He raised it to 15% the very next day.
The global trade scenario now seems to be under a cloud, with many countries who are negotiating trade deals with the US giving it a rethink. The ruling has cast doubt over deals the US has negotiated with major trading partners, Bloomberg reported. The resultant delay is creating uncertainty, thereby raising safe haven demand for gold.
US President Donald Trump has warned Iran to reach a nuclear agreement within 10–15 days, intensifying global uncertainty. "The heightened risk backdrop supported bullion despite firm U.S. economic data. Federal Reserve Governor Stephen Miran pushed back against aggressive expectations for rate cuts, citing resilient data. Initial jobless claims fell to 206,000, and January FOMC minutes revealed policymakers remain divided, with some open to further tightening if inflation persists," Kedia Advisory said in a note.
At 0915 IST, the most-active April gold contract on MCX was trading at INR 160,041 per 10 grams, up nearly 2%. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Abhijit Doshi
Edited by Ashish Shirke
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