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Informist, Tuesday, Feb. 24, 2026

By Reshma Ravi

MUMBAI – Futures contracts of gold fell Tuesday on the Multi Commodity Exchange of India and the COMEX as traders booked profit after prices surged to a three-week high in the previous session. Gold prices fell on the domestic exchange, tracking losses on the international exchange due to a strong dollar. Both gold and silver prices are expected to be volatile this week amid ongoing uncertainties around tariffs, analysts said.

At 1625 IST, the dollar index, which measures the strength in the greenback against a basket of six currencies, was up 0.1% at 97.81. A strong dollar makes commodities priced in the currency, such as gold, less appealing for those holding other currencies, thereby, denting demand.

However, the fall in prices is likely to be limited due to rising safe-haven appeal of the precious metal amid renewed trade tensions and geopolitical uncertainty, analysts said. 

At 1625 IST, the most-active April GOLD contract on the MCX was down 0.5% at INR 160,737 per 10 grams. The most-active April contract on the COMEX was down 0.7% at $5,189.3 per ounce.

On Monday, US President Donald Trump warned countries against backing away from recently negotiated trade deals with the US after the Supreme Court struck down his emergency tariffs, saying that if they did, he would impose significantly higher tariffs under alternative trade regulations, Reuters reported.

"Any Country that wants to 'play games' with the ridiculous supreme court decision, especially those that have 'Ripped Off' the USA for years, and even decades, will be met with a much higher Tariff, and worse, than that which they just recently agreed to. BUYER BEWARE!!!" Trump wrote on Truth Social.

Last week, the US Supreme Court struck down Trump's original slate of tariffs, in response to which Trump imposed a new 10% global levy under another trade law provision before increasing that to 15% on Saturday.

"Prices would also get support on uncertainty over US-Iran tension, with growing fears of a potential military strike on Iran. Meanwhile, negotiators are scheduled to meet again in Geneva on Thursday," ICICI Direct said in a report. As a new round of talks between the two countries is scheduled to take place this week, Iran has reiterated that it wants to find a diplomatic solution with the US on its nuclear programme but will defend itself if Washington resorts to military action, Al Jazeera reported. On Friday, Trump had said that he was considering a limited strike if Tehran did not reach a deal with the US, the report said. 

"Chinese markets are re-opening today (Tuesday) after long festival holidays and could also support prices of both precious metals," Manoj Jain, director of Prithvi Finmart, said in a note. "We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, US-Iran tensions and reopening of Chinese markets after week long holidays," Jain added.

SILVER contracts on the MCX were down after trading in the green for most of the session while those on the COMEX were up. At 1626 IST, the most-active March silver contract on the MCX was down 0.8% at INR 263,341 per kilogram and the same-month contract on the COMEX was up nearly 2% at $87.87 per ounce. "Silver held relatively firm around $88 per ounce, signaling that broader precious metals sentiment remains constructive despite near-term volatility," Kotak Securities said in a report. 

Outlook for the rest of the session:

--MCX gold seen at INR 158,000–INR 162,000 per 10 grams

--COMEX gold seen at $5,120.0–$5,260.0 an ounce

--MCX silver seen at INR 258,000-INR 270,000 per kg

--COMEX silver seen at $85.00-$91.00 an ounce

End

US$1 = INR 90.95

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

Edited by Akul Nishant Akhoury

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