MCX Metals Brief: February 24, 2026 Precious metals are navigating a landscape of intense volatility. Gold and silver prices on the MCX saw a modest pullback in early Tuesday trade as investors balanced a resilient U.S. Dollar against escalating global trade uncertainties and geopolitical friction. Current Market Rates MCX Gold futures for April delivery are trading near **₹160,615** per 10 grams, a slight dip of **0.55%** from the recent peak. Despite this morning's minor correction, gold remains in a powerful uptrend, having recently surged past the psychological barrier of **₹161,000**. Silver has mirrored this volatility, with MCX futures trading near **₹264,327** per kg. This follows a dramatic 24-hour window where spot silver prices in major Indian cities like Delhi and Mumbai surged by nearly **₹25,000** to hit the **₹3,00,000** per kg milestone. Core Market Triggers The primary driver remains the shifting U.S. trade policy. Recent court rulings against emergency tariffs were quickly met with new executive orders proposing a **10% to 15%** global tariff. This "tariff chaos" has sent investors rushing toward safe-haven assets. In Asia, the reopening of Chinese markets after the Lunar New Year break is providing a "sentiment reset." China's return to the market typically increases liquidity, though it has also introduced a "liquidity vacuum" that exaggerated price swings over the last week. International Context On the global stage, Spot Gold is hovering around **$5,150** per ounce, cooling slightly from a one-month high of **$5,200**. The U.S. Dollar Index (DXY) remains a critical factor; while it has shown recent resilience, it is trading near four-year lows, providing a long-term floor for bullion prices. Technical Outlook and Targets Analysts maintain a "buy on dips" stance. For gold, immediate support is identified at **₹154,200**, with upside targets fixed at **₹155,500** and **₹156,300** for short-term traders. A stop loss is recommended at **₹153,300**. Silver exhibits a wider trading range. Support is currently pegged at **₹237,000**, while resistance stands at **₹252,000**. If momentum breaks above **₹290,000** again, a retest of higher levels is anticipated. The gold-silver ratio has recently compressed from **100x** to approximately **64x**, signaling that silver is attempting a catch-up rally relative to gold’s consistent performance throughout February.