Precious Metals Market Update: February 25, 2026 Gold and silver markets are experiencing significant upward momentum as investors react to a complex mix of legal rulings, trade policy shifts, and geopolitical risks. **Gold Price Performance** MCX Gold futures have firmly reclaimed the **Rs 1,62,000 per 10 grams** level. This represents a recovery of more than **Rs 7,500** from mid-February lows near **Rs 1,54,350**. In major retail hubs like Delhi and Hyderabad, 24K gold is trading at approximately **Rs 16,200 per gram**. **Silver Market Surge** Silver has delivered an even more aggressive catch-up rally. After plunging to **Rs 2,55,000 per kg** earlier this month, MCX Silver futures have surged back toward the **Rs 3,00,000 per kg** mark in spot markets. On the MCX, active contracts recently recorded single-day jumps of over **Rs 7,200**, supported by industrial demand from the solar and EV sectors. Key Market Drivers The primary catalyst for the current rally is the sudden spike in safe-haven demand. This follows a high-profile U.S. Supreme Court ruling that struck down specific "reciprocal" trade measures. In immediate response, the U.S. administration signaled a move toward a flat **15% global tariff** on all trading partners, fueling fears of a renewed trade war. * **Geopolitical Jitters:** Markets are on edge ahead of critical nuclear talks between the U.S. and Iran scheduled for late February in Geneva. * **Dollar and Yields:** While the U.S. Dollar Index remains steady near **97.00**, the uncertainty regarding the Federal Reserve's June rate path—currently seen as a **52% probability** for a cut—has kept bullion attractive. * **Physical Demand:** Domestic markets are benefiting from robust wedding season buying, while the reopening of Chinese markets after festival holidays has provided a secondary floor for global spot prices. Technical Outlook Analysts note that gold is successfully holding above its short-term moving averages. The immediate resistance for gold is pegged at **Rs 1,63,300**, with a potential extension toward **Rs 1,65,000** if trade tensions escalate. Silver’s volatility remains high. The metal has seen a massive **27% swing** within the month of February alone. While it has recovered sharply, it still remains below its January peak of **Rs 4,10,000**, suggesting room for further catch-up if the gold-silver ratio continues to narrow from its current **85:1** level. Traders are advised to watch the **Rs 1,60,000** support zone for gold. A sustained hold above this level is considered essential for maintaining the current bullish structure. For silver, support is building near the **Rs 2,60,000** mark, with resistance expected as it approaches **Rs 3,10,000**.