Gold prices in India rallied sharply on February 23, 2026, as escalating trade tensions and geopolitical uncertainty fuelled a global flight to safety. Strong international cues pushed domestic futures higher. The MCX gold market started at Rs. 1,58,458 per 10 grams, which quickly reached an intraday peak of Rs. 1,60,600 within several minutes.
The momentum reflects growing investor preference for bullion after the US tariff shock and persistent strain in US-Iran negotiations. With COMEX gold hovering near the key US$5,200-an-ounce mark, the yellow metal remains firmly in a long-term bull phase, analysts said.
Retail prices across India moved in line with the global trend. Hyderabad, Mumbai, Kolkata, and Bengaluru quoted 24K gold at Rs. 16,135 per gram, while 22K and 18K stood at Rs. 14,790 and Rs. 12,101 per gram, respectively.
Delhi traded slightly higher at Rs. 16,150 per gram for 24K, Rs. 14,805 for 22K, and Rs. 12,116 for 18K. The narrow price gap reflects the strong alignment of domestic bullion with international rates and currency movements.
The current upward trend continues because the US Supreme Court issued its tariff decision and the United States government imposed a 15% trade restriction. The Middle Eastern tensions before the upcoming US-Iran discussions have increased the danger assessment. According to a news published by Mint, COMEX gold price increased by almost 2% in the global market to reach US$5,198.41 per ounce.
Market experts are expecting more upside this week. Sugandha Sachdeva, founder of SS WealthStreet, said trade uncertainty and macroeconomic crosscurrents continue to provide a structurally supportive backdrop for gold.
SEBI-registered analyst Anuj Gupta expects a breakout above US$5,200 to push prices towards $US5,500 in the near term. UBS has projected gold at US$6,200 per ounce by the end of 2026.
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Silver also followed the trend of gold’s strength. In India, it is priced at Rs. 300 per gram or Rs. 3,00,000 per kg. MCX silver opened at Rs. 2,63,061 per kg and climbed to Rs. 2,68,120, while COMEX silver surged more than 6% to US$87.753 per ounce on February 23, 2026, signalling sustained investor interest in precious metals.