Precious Metals Market Brief: February 23, 2026 Gold and silver prices surged this Monday as geopolitical instability and trade policy shifts redirected global capital into safe-haven assets. Spot gold rose **0.8%** to reach **$5,148.08** per ounce, maintaining its position above the critical **$5,000** threshold. Silver followed with a stronger gain of **2%**, climbing to **$86.52** per ounce. In India, the Multi Commodity Exchange (MCX) reflected this upward momentum. Gold futures held steady near **₹1,59,420** per 10 grams, while silver prices in major metros like Delhi and Mumbai were quoted at approximately **₹2,74,900** per kilogram. Trade Policy and Geopolitical Catalysts The primary driver for today's rally is the escalating trade tension following a landmark US Supreme Court decision. The court struck down President Donald Trump’s broad tariff powers, ruling the use of emergency laws to levy reciprocal duties was unlawful. In immediate retaliation, President Trump announced a temporary **15%** global tariff on imports, up from the previous **10%**. This move has heightened market uncertainty, causing India to postpone scheduled trade talks with the US and prompting European officials to reassess their trade commitments. Simultaneously, persistent US-Iran tensions have fueled risk aversion. Investors are increasingly pivoting away from volatile equities and moving toward bullion to hedge against potential regional escalations. Domestic Regulatory Shifts and Liquidity Trading conditions in India have become significantly more favorable for participants. The MCX and NSE recently withdrew additional margin requirements that were previously imposed to curb extreme volatility. The removal of the **3%** additional margin on gold and the **7%** additional margin on silver has dramatically improved capital efficiency. This reduction in the cost of carry is expected to boost trading volumes and encourage broader participation in precious metal futures. Despite the recent rally, silver remains in a consolidation phase. It has recovered roughly **₹20,000** from its February 18 low of **₹2,55,000**, though it still sits well below its January all-time high of **₹4,10,000**. Technical Outlook and Sentiment Market analysts note that gold continues to show relative strength compared to silver. The gold-silver ratio remains elevated, reflecting gold's superior performance as a defensive asset during this period of high-frequency news cycles. Support for gold is currently established in the **$4,964** to **$4,915** range, with resistance anticipated between **$5,055** and **$5,122**. For silver, immediate support is seen at **₹2,38,000** on the MCX, with upside resistance nearing **₹2,54,400**. Long-term sentiment remains bullish, supported by consistent central bank demand. Global institutions are projected to average **585 tonnes** of quarterly gold demand throughout 2026 as they diversify official reserves away from fiat currencies.