Gold price today surged 0.31% on MCX, tops $5,000 on Comex; is now the time to invest?

• Gold prices rose 0.43 percent to $5,018 per ounce on Comex
• Domestic gold closed at Rs 1,54,700 per 10g, down 0.08 percent
• Volatility expected due to Fed minutes and China market reopening

Did our AI summary help?

Gold prices surged marginally on February 20 amid easing geopolitical tensions and a stronger dollar.  The domestic futures price of gold on MCX opened the Friday session higher at Rs 1,55,297 per 10 grams of 24-carat purity, representing 0.31 percent gain from the previous close.

The metal was trading lower on Comex but quickly recovered some of its losses to trade at $5,018 per ounce (1:44 am GMT), up 0.43 percent in the last 24 hours. Fed minutes and China’s market reopening may add volatility ahead.

The Indian Bullion Jewellers Association (IBJA) pegged the standard gold price at Rs 1,54,735 per 10 grams of 999 purity, up 0.51 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 91.01 against the US dollar on Friday (7:33 am IST).

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said, “Gold traded positive after US–Iran talks failed to yield a constructive outcome, reigniting military tensions and prompting fresh safe-haven buying. However, gains remained capped near Rs 1,56,000 as delayed rate cut expectations and profit booking at major zones limited upside momentum."

The analyst predicts that on the technical front, resistance is seen in the $5,000–$5,025 zone on Comex and Rs 1,57,500–Rs 1,58,500 on MCX, while support is placed near $4,925 and Rs 1,52,000. Volatility is likely to persist amid geopolitical headlines and cues on the Fed's rate outlook.

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.

Gold price outlook: Should you invest?

The Augmont Bullion report, published on February 19, noted that gold remains in a consolidation phase, largely due to thin liquidity conditions during the Lunar New Year holiday week. With major Asian markets—including mainland China, Hong Kong, Singapore, Taiwan, and South Korea—closed, trading volumes are subdued. The muted price action suggests technical factors rather than a fundamental shift.

The report predicts that gold has rebounded from its key support level near $4,850 (Rs 1,50,000) and is now gradually advancing toward the resistance zone around $5,100 (Rs 1,60,000). Similarly, silver bounced from its support zone of $70–$90 (Rs 2,25,000). Prices are now heading toward the resistance levels of $85 ( Rs 2,68,000) and $90 (Rs 2,85,000). "One may consider a buy-on-dips strategy near support levels and book profits on rallies closer to resistance, until a decisive breakout occurs."