New Delhi | February 23, 2026: Gold and silver prices began the week with a clear message from traders: when uncertainty rises, bullion gets bought first.
In early trade on Monday, gold crossed Rs 1.60 lakh per 10 grams on the Multi Commodity Exchange (MCX), while silver climbed close to 6% to around Rs 2.67 lakh per kilogram, extending a rally that has been building through recent sessions.
What’s driving the surge?
Market watchers linked the move to a mix of risk-off sentiment, tariff-related jitters, and geopolitical headlines, all of which typically push investors towards “safe” assets like gold.
Industry expert says, said bullion has seen “strong rebounds” lately, with gold up about 4% and silver outperforming with nearly 10% upside in recent sessions. they attributed the rebound to safe-haven demand and “fresh investor flows into bullion” as concerns rise around global growth, trade policy, and geopolitical risks.
In the day’s trade, MCX gold was hovering near Rs 1.60 lakh per 10 grams (24-carat) around midday, up from the previous close, while silver was higher on MCX as well .
Tariffs, geopolitics, and the “risk-off” rotation
The rally also comes amid policy uncertainty after the U.S. Supreme Court struck down a significant portion of President Donald Trump’s tariffs, according to commentary attributed to Manav Modi, Commodities Analyst at Motilal Oswal Financial Services. Modi noted that while the judgment may limit “at a moment’s notice” tariff threats, it doesn’t erase uncertainty for businesses and trade partners.
Separately, the live updates cited that a 15% global tariff announcement had rattled risk assets and triggered a rotation toward safe-havens . Alongside that, geopolitical cues, including references to U.S.-Iran nuclear talks and Russia-Ukraine negotiations, were also cited as supportive for safe-haven demand.
Why silver is moving faster than gold
Silver’s jump has been sharper and that’s not unusual when momentum turns. The updates also pointed to tightness in inventories, noting a “large drawdown” in warehouse stocks, especially on Comex, signalling tighter supply against demand.
That mix, supply signals plus a macro risk-off backdrop, can amplify silver’s moves because the metal tends to be more volatile than gold.
All eyes on the Fed narrative
Beyond geopolitics and tariffs, traders are still reading the U.S. rate path closely. A Senior Market Analyst, said markets are increasingly pricing in rate cuts as headline inflation cools to around 2.4%, though he cautioned underlying inflation remains uneven and that the Federal Reserve may not ease in a “fast and furious” way.
Expert also added that in such a setup, price action may stay driven by technical levels and momentum, with gold remaining sensitive to rate expectations .
Gold and Silver Prices: Key rates snapshot
Here’s how the day’s key benchmarks and reference prices looked in the updates:
Gold (by purity, India reference table)
- 24K (10 grams): Rs 1,59,280
- 22K (10 grams): Rs 1,46,000
- 18K (10 grams): Rs 1,19,460
City-wise gold (per gram, reference table)
- Chennai: 24K Rs 16,015, 22K Rs 14,680, 18K Rs 12,560
- Delhi: 24K Rs 15,943, 22K Rs 14,615, 18K Rs 11,961
- Mumbai: 24K Rs 15,928, 22K Rs 14,600, 18K Rs 11,946
Overseas benchmarks referenced in the updates
Gold and silver were also reported higher on Comex in the same news flow, with gold above $5,175/oz at one point and silver around $86.59/oz, alongside corresponding MCX moves .
For now, the bigger takeaway is simple: gold’s move above Rs 1.60 lakh and silver’s near-6% spike show that investors are still willing to pay up for safety and silver is once again behaving like the high-octane cousin of gold.
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