Gold prices continued their upward momentum for the second straight session on Thursday, driven by rising geopolitical tensions, uncertainty surrounding the US Federal Reserve’s policy outlook, and the removal of additional margins on domestic bullion futures.
On the Multi Commodity Exchange (MCX), April gold futures climbed 0.22% to ₹1,56,100 per 10 grams during intraday trading. Silver also advanced, with March futures rising 0.29% to ₹2,44,971 per kg.
Geopolitical Concerns Lift Safe-Haven Demand
The rally follows reports that the US Defence Department has positioned additional military resources — including warships, air defence systems and submarines — in the Middle East amid the possibility of action against Iran if diplomatic efforts fail. Escalating tensions have boosted safe-haven demand, supporting gold prices.
Concerns over security in the Strait of Hormuz, stalled US-Iran nuclear negotiations, and continued uncertainty around the Russia-Ukraine conflict have further strengthened bullion’s appeal.
Margin Withdrawal Supports Domestic Market
Domestic sentiment also improved after both MCX and the National Stock Exchange of India (NSE) withdrew additional margins — 3% on gold futures and 7% on silver futures — across all contracts from Thursday. The decision is expected to increase speculative participation and boost intraday trading, lending further support to prices.
Global Cues and Fed Outlook
In the international market, gold hovered close to the $5,000 level as investors engaged in dip buying ahead of the release of US Federal Reserve meeting minutes. According to Manav Modi of Motilal Oswal Financial Services Ltd, mixed US economic data has left policymakers divided on the future interest rate path.
While some officials support maintaining a tighter stance if inflation persists, others have signaled possible rate cuts later this year. Expectations of prolonged higher interest rates have strengthened the US dollar and Treasury yields, capping the upside in gold.
Also read : Silver Prices Today Feb 10, 2026: Slips Over 2% Amid Profit Booking
Market participants are now watching key US economic indicators, including PCE inflation and GDP data, for clearer guidance on the Federal Reserve’s next move.
Technical Levels to Watch
For MCX gold, support levels are seen at ₹1,54,400 and ₹1,52,200, while resistance is placed at ₹1,56,800 and ₹1,59,100.
In silver, support stands at ₹2,38,000 and ₹2,32,800, with resistance at ₹2,49,000 and ₹2,54,400.
Gold Rates in Major Indian Cities on February 19
Delhi (Per 1 Gram)
24K: ₹15,664
22K: ₹14,360
18K: ₹11,752
Chennai (Per 1 Gram)
24K: ₹15,818
22K: ₹14,500
18K: ₹12,400
Bengaluru (Per 1 Gram)
24K: ₹15,649
22K: ₹14,345
18K: ₹11,737
Mumbai (Per 1 Gram)
24K: ₹15,649
22K: ₹14,345
18K: ₹11,737
Pune (Per 1 Gram)
24K: ₹15,649
22K: ₹14,345
18K: ₹11,737
Kolkata (Per 1 Gram)
24K: ₹15,649
22K: ₹14,345
18K: ₹11,737
Overall, gold prices in India have strengthened across major metros, reflecting both global uncertainties and supportive domestic market developments.