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Informist, Monday, Feb. 23, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold surged to a three-week high on the Multi Commodity Exchange of India and the COMEX Monday as renewed trade tensions and geopolitical uncertainties fuelled the safe-haven appeal for the precious metal. Silver prices also climbed to a near two-week high on the domestic bourse.

 

US President Donald Trump announced new temporary tariffs and quickly raised them after the original tariffs imposed last year were struck down by the US Supreme Court. The court Friday struck down Trump's original slate of tariffs, announced in April, saying the president had exceeded his authority by invoking the International Emergency Economic Powers Act without the approval of the US Congress.

 

Shortly after the ruling, Trump imposed a new 10% global levy under another trade law, then quickly increased it to 15% Saturday. The new provision, under section 122 of the Trade Act of 1974, allows tariffs of up to 15% for 150 days without Congressional approval.  

 

At 1626 IST, the most-active April GOLD contract on the MCX was up 1.9% at INR 159,860 per 10 grams. The most-active April contract on the COMEX was up 1.8% at $5,173.7 per ounce. The most-active March SILVER contract on the MCX was up 5.2% at INR 266,159 per kilogram and the same-month contract on the COMEX was up 5.3% at $86.70 per ounce.

 

Gold prices rose to a three-week high of $5,198.8 per ounce on COMEX and INR 160,600 per 10 grams on MCX. Similarly, silver prices rose to a nearly two-week high of INR 268,875 per kg on the domestic bourse and $87.68 per ounce on COMEX. "As the US Supreme Court decision invalidating large swaths of Trump's tariff regime weighed on the US dollar, with the dollar index sliding about 0.3%, enhancing bullion's appeal," Kotak Securities said in a report.

 

"(US) Trade negotiations with the EU and India have been disrupted, and escalating tensions around the Middle East (West Asia) loom over markets, even as Chinese exchanges resume activity after holiday closures," the brokerage said. Bullion markets are likely to remain sensitive to shifts in US trade policy, currency dynamics and geopolitical risk, supporting a cautiously constructive outlook for precious metals in the near term, it added.

 

The MCX March silver contract is expected to move higher towards INR 274,000 per kg as long as it holds above INR 260,000 per kg, according to ICICI Direct. Prices could move towards INR 282,000 per kg only if it crosses INR 274,000 per kg, it said.

 

Outlook for the rest of the session:

--MCX gold seen at INR 156,000–INR 162,000 per 10 grams

--COMEX gold seen at $5,120.0–$5,250.0 an ounce

--MCX silver seen at INR 260,000-INR 272,000 per kg

--COMEX silver seen at $84.00-$89.00 an ounce

End

 

US$1 = INR 90.88

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Saji George Titus

 

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