Gold prices demonstrated resilience on Friday, February 20, 2026, as the market navigated a landmark legal decision and shifting economic fundamentals. The yellow metal pared earlier gains following a U.S. Supreme Court ruling that struck down President Donald Trump’s broad tariff plan, a move that momentarily eased trade-related anxieties. Despite this, the safe-haven asset found firm support in underwhelming economic data. Recent figures show U.S. GDP grew at an annual rate of 1.4% in the fourth quarter of 2025, a sharp deceleration from the 4.4% growth recorded in the third quarter. This cooling economy, coupled with ongoing geopolitical tensions, has kept investor interest high. **International Market Movements** On the COMEX, spot gold was trading near $5,017.60 per ounce, reflecting a daily increase of $20.20 or 0.40%. This follows a turbulent start to 2026 where the metal hit fresh record highs before a significant correction in late January. Currently, the market is in a consolidation phase, struggling to regain the peak levels seen earlier in the year. **Domestic Performance and Technicals** In the Indian market, gold futures rose by ₹1,315 to reach ₹1.56 lakh per 10 grams. The 24-carat gold rate in major cities like Delhi and Mumbai is currently valued at approximately ₹8,800 per gram. While prices have retreated roughly 25% from their all-time highs of ₹1.93 lakh, the technical structure remains a focal point for traders. Key technical levels to watch: - Immediate Resistance: ₹1,56,000 – ₹1,58,000 - Major Resistance: ₹1,60,000 - Immediate Support: ₹1,53,000 - Major Support: ₹1,50,500 **Economic and Policy Drivers** The Supreme Court’s 6-3 decision determined that the International Emergency Economic Powers Act (IEEPA) does not grant the executive branch the authority to impose broad tariffs without clear congressional approval. This ruling specifically invalidated duties ranging from 10% to 40% on trading partners including China, Mexico, Canada, and India. While the removal of these tariffs is expected to lower cost pressures and inflation expectations, the weakening GDP and high-impact macro events remain the primary catalysts for gold. Markets are also pricing in the likelihood of Federal Reserve interest rate cuts, as a softer economic outlook often enhances the appeal of non-yielding bullion. Volatility is expected to persist in the near term as investors await the Personal Consumption Expenditures (PCE) price index data. Expert sentiment suggests a "sell on rise" strategy for short-term traders, even as the long-term bull run for precious metals remains structurally intact.