Gold price today: Gold and silver rates declined on the MCX on Thursday, February 26, morning, amid profit booking after healthy gains in the previous session. However, persisting geopolitical uncertainties and concerns over US tariffs capped losses for the previous metals.
MCX gold April futures dropped by over ₹600, or 0.40%, to ₹1,60,516 per 10 grams, while MCX silver March contracts declined by over ₹5,400, or 2%, to ₹2,62,892 per kg.
In the previous session, the MCX gold April futures contract settled at ₹1,61,145 per 10 grams, rising 0.74% and the silver’s March futures contract closed at ₹2,68,316 per kg, gaining nearly 3%.
Gold prices declined in international markets, too. US gold futures April contracts slipped by half a per cent.
Meanwhile, the dollar index slipped by 0.20%, making the greenback-backed yellow metal cheaper for overseas buyers.
Investors are booking some profit in precious metals even as their medium to long-term trend remains bullish.
Uncertainty surrounding US tariffs remains a key trigger for gold prices. Besides, the evolving situation between the US and Iran is also supportive of gold.
The US administration has started collecting 10% tariffs on imports, but the rate is to rise to 15% or higher for some countries.
US President Donald Trump has again hinted that tariffs will likely remain a core part of his global trade strategy.
As Mint reported, Trump said on Wednesday that he believed the tariffs paid by foreign countries would largely replace the current income tax system, thereby easing the significant financial burden on the people he cares about.
On the geopolitical front, the US and Iran are all set to hold the third round of nuclear talks in Geneva on February 27, even as a large US military build-up gathers pace in the Middle East.
Gold, silver outlook
Given the volatility in the dollar index and focus on the US-Iran talks, gold and silver prices may see volatility during the session.
Manoj Kumar Jain of Prithvifinmart Commodity Research suggests booking profits in gold and silver at higher levels and waiting for some corrective dips to take fresh long positions.
According to Jain, gold has support at $5,164 and $5,122, while resistance is at $5,258 and $5,300 per troy ounce, and silver has support at $88 and $84.80, while resistance is at $93.20 and $96 per troy ounce in today’s session.
On the MCX, Jain said gold has support at ₹1,60,000 and ₹1,57,700, and resistance at ₹1,62,500 and ₹1,64,000, while silver has support at ₹2,63,600 and ₹2,58,800, and resistance at ₹2,74,000 and ₹2,80,000.
On the other hand, Jigar Trivedi, Senior Research Analyst at IndusInd Securities, believes MCX gold April futures may touch ₹1,62,500 per 10 grams as the trend in the world markets is positive.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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