Gold price today crosses Rs 1.60 lakh per 10 grams on MCX, is now the time to invest?

• Gold prices rise on MCX and Comex amid geopolitical tensions
• Stronger US dollar and safe-haven demand drive gold higher
• Experts suggest buy-on-dips, sell-on-rallies strategy for now

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The gold price is on an upward trajectory, driven by geopolitical tensions and President Trump's global tariff threats. Gold price on MCX opened the February 23 session higher at Rs 1,60,049 per 10 grams of 24-carat purity, up 2.02 percent from the previous close.

Gold was trading higher on Comex at $5,182 per ounce during the morning trade, up 2 percent in the last 24 hours.

Likewise, the Indian Bullion Jewellers Association (IBJA) pegged the standard gold price at Rs 1,55,066 per 10 grams of 999 purity, up 0.33 percent from the previous close. These rates form the benchmark for the RBI’s Sovereign Gold Bond (SGB) valuations, calculated using the previous week’s average closing price.

Meanwhile, the rupee weakened to 90.73 against the US dollar on Monday. The rupee weakened amid the standoff, keeping risk sentiment elevated. The AI Summit in India promises India-focused AI and innovation, which can keep fund inflows into India, with the Euro joining hands with India.

Gold futures are edging higher as the US–Iran standoff keeps risk sentiment elevated. However, with President Trump reportedly giving Iran a 10-day window for a deal, price action could swing either way over the weekend sharply. Any diplomatic breakthrough may trigger profit booking, while escalation could push bullion into another spike. Volatility remains the key theme.

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?

According to Manav Modi, Commodities Analyst at Motilal Oswal Financial Services, gold and Silver rose to a more than three-week high, as the dollar fell after the US Supreme Court struck down a vast swathe of President Trump's tariffs on Friday and as US-Iran tensions simmered. The US Supreme Court's decision to strike down a large swath of Trump's tariffs has weakened his ability to threaten and impose tariffs at a moment's notice, but it won't end gnawing uncertainty for trade partners or companies.

The US Trade Representative, Jamieson Greer, said none of the countries that have reached trade deals with the U.S. had shared plans to withdraw following the judgment. The US Supreme Court did not mention anything on tariff refunds, but after the announcement, President Trump announced a temporary tariff of 15 perent and hoped for Congress as well to levy this tariff legally and permanently. Iran has indicated it is prepared to make concessions on its nuclear programme in talks with the US in return for the lifting of sanctions and recognition of its right to enrich uranium, as it seeks to avert a US attack.

The Augmont Bullion report, published on February 20, noted that in the short term, gold prices are likely to consolidate within the $4,650–$5,100 range (Rs 1,47,000–R 1,60,000). "A buy-on-dips and sell-on-rallies approach is advisable."