Domestic gold prices have surged to a notable level of 1,60,600 INR per 10 grams as of February 23, 2026. This rally is primarily driven by intensifying global trade uncertainties and geopolitical friction. A key trigger for this upward movement is the recent announcement of a new 10% to 15% global tariff on imports following a US Supreme Court ruling on trade powers. On the Multi Commodity Exchange (MCX), gold futures for April delivery have climbed by approximately 3,010 INR, or 1.92%, reaching a trading range near 1,59,886 INR. In the international market, spot gold has reclaimed the psychologically significant 5,000 USD per ounce threshold, currently trading around 5,163 USD. This shift reflects a flight to safety as investors hedge against potential US military developments in the Middle East and stalled nuclear negotiations with Iran. LKP Securities has identified a potential upside of up to 3,400 INR for the current week. Technical indicators supporting this bullish outlook include a stabilizing MACD and the RSI holding firm. Analysts highlight that the metal is currently following a pattern of higher highs and higher lows, reinforcing a strong medium-term uptrend. Market experts recommend a buy-on-dips strategy within the 1,58,500 INR to 1,59,000 INR zone. Immediate support is established at 1,57,000 INR, while the next major resistance level is pegged at 1,60,800 INR. A decisive break above this resistance could pave the way for a move toward 1,65,000 INR in the near term. City-wise rates across India show 24K gold trading at approximately 1,59,420 INR per 10 grams in Delhi and Mumbai. Chennai continues to trade at a slight premium, with rates hovering around 1,60,720 INR. Despite a 25% retreat from January's lifetime highs of 1,81,000 INR, the current consolidation phase is viewed by bullion traders as a healthy base-building period. The broader market remains sensitive to upcoming US economic data, including the Producer Price Index and consumer confidence reports. Central bank demand also remains a core pillar of support, with emerging economies continuing to diversify reserves away from the US dollar. This structural demand, combined with tariff-related volatility, is expected to maintain upward pressure on precious metal prices throughout the quarter.