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Gold rose 0.3% to $5,244.96 an ounce as US tariff uncertainty and Middle East tensions boosted safe-haven demand, while silver eased 0.1% to $88.12 an ounce.
By Anshul February 24, 2026, 7:24:29 AM IST (Published)
2 Min Read
Gold and silver prices were mixed in Asian trade on Tuesday (February 24), supported by safe-haven demand as uncertainty over US tariff policy and geopolitical tensions weighed on investor sentiment.
Spot gold gained 0.3% to $5,244.96 an ounce, while silver eased 0.1% to $88.12 an ounce.
The uptick in gold came even as broader Asian markets wavered following an overnight selloff on Wall Street, triggered by renewed concerns around US trade measures and global growth risks.
On Monday (February 23), precious metals rallied sharply after the US Supreme Court struck down most of former President Donald Trump’s emergency tariffs, prompting fresh questions about the trajectory of US trade policy. Comex gold rose $83.7 to $5,130 per ounce, while Comex silver advanced $8.04 to $86.01 per ounce.
Satish Dondapati, Fund Manager – ETF at Kotak Mutual Fund, said the court’s decision weakened the dollar and increased safe-haven buying amid persistent tensions in the Middle East. He added that uncertainty around global trade, coupled with firm US inflation data, could keep bullion prices sensitive to expectations around the Federal Reserve’s rate path.
In the domestic market, gold and silver mirrored global trends. On the Multi Commodity Exchange (MCX), gold traded about 1.8% higher near ₹1.59 lakh per 10 grams, while silver surged 4% to around ₹2.63 lakh per kilogram. Lower trading volumes due to holidays in mainland China amplified price swings, with activity expected to normalise as markets reopen.
Analysts noted that stronger-than-expected US inflation data has tempered expectations of an early rate cut, with markets pricing in a high probability that the Federal Reserve will hold rates steady at its next meeting. Rising U.S. Treasury yields — the 10-year yield hovered near 4.03% — typically cap gains in non-yielding assets such as gold, but current geopolitical and policy uncertainties have offset some of that pressure.
Nikunj Saraf, CEO of Choice Wealth, said gold’s recent rally was driven largely by policy-led uncertainty that weakened the dollar and pushed investors towards safe havens. He said the sustainability of gains will depend on whether tariff-related risks persist and how real yields move.
Saraf advised investors to treat gold as a hedge within a diversified portfolio, favouring a systematic investment approach over lump-sum bets to manage timing risks.
Separately, the finance ministry said India’s gold and silver imports were not alarming and largely reflected seasonal demand. It noted that central bank purchases globally had contributed to higher prices and said the government is closely monitoring import trends and price movements.
