Gold price today dips marginally near Rs 1.59 lakh on MCX; what should investors track?

Gold price today

• Gold price dipped 0.25 percent on MCX amid tariff uncertainty
• US court ruling on tariffs fuels safe-haven demand for gold
• Gold targets next resistance at $5,300 after technical breakout

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The gold price dipped marginally on February 24 amid global tariff uncertainty following the US Supreme Court's ruling that President Donald Trump’s use of emergency economic powers to impose sweeping tariffs was unlawful.

The metal opened the Tuesday session on MCX at Rs 1,58,882 per 10 grams of 24-carat purity, down 0.25 percent from the previous close. Gold was trading at $5,197 per ounce on MCX during the early trade on Tuesday, down 0.53 percent over the last 24 hours.

The Indian Bullion Jewellers Association (IBJA) pegged the standard gold price 2.58 percent higher at Rs 1,58,428 per 10 grams of 999 purity on its evening rate session on Monday.

Meanwhile, the rupee traded at 90.99 against the US dollar in early trade on Tuesday. Analysts estimate that immediate resistance is near 90.65, while support is around 91.20, and further movement will depend on follow-up trade clarity and the direction of the dollar index.

Here's how gold prices have moved.

City-wise gold prices in India today

Gold rates across India’s major cities showed remarkable uniformity, with only marginal differences due to local taxes, jeweller margins, and logistics costs.

Why are gold prices rising? Should you invest?

Gold traded positively after the US Court blocked President Trump’s reciprocal tariff framework, though the administration has retained a flat 15% import tariff under executive powers. This mixed development has revived uncertainty around global trade dynamics, prompting renewed safe-haven buying in bullion.

"Gold has formed a short-term base near Rs 1,55,000 on MCX and $5,000 on CME, and the ongoing tariff adjustments continue to keep economic outlooks fluid. As long as trade policy remains unpredictable, allocation toward gold is likely to stay firm," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

The Augmont Bullion report, published on February 23, estimates that gold has delivered a decisive breakout, sustaining above the key psychological level of $5,000 and moving past its earlier consolidation ceiling near $5,130.

"This technical breakout indicates renewed bullish momentum, with prices now likely targeting the next resistance zones at $5,300 (approximately Rs 1,63,000) and $5,400 (approximately Rs 1,66,000). The move suggests fresh buying interest rather than short covering, keeping the near-term bias positive," the report stated.