On February 26, domestic bullion experienced further declines, with MCX gold priced at Rs 1,59,001 per 10 grams, reflecting a decrease of Rs 2,144 or 1.33 percent as of 17:30 IST, in contrast to the prior closing figure of Rs 1,58,918. Silver continued to face significant downward pressure, with MCX silver priced at Rs 2,67,315 per kg, reflecting a decrease of Rs 11,049 or 3.97 percent. On a global scale, Comex gold experienced a decline of 0.74 percent, settling at $5,187.30 per ounce, whereas Comex silver fell by 4.10 percent to $87.255 per ounce, reflecting ongoing weakness in the precious metals market.
On February 26, domestic bullion prices faced downward pressure, with MCX gold priced at Rs 1,57,021 per 10 grams, reflecting a decline of Rs 1,897 or 1.19 percent compared to the previous close of Rs 1,58,918 as of 16:47 IST. Silver experienced a notable decline, with the price at Rs 2,68,358 per kg, reflecting a decrease of Rs 10,006 or 3.59 percent. In the international market, gold experienced a decline of 0.65 percent, settling at $5,192.40 per ounce, while silver saw a more significant drop of 4.12 percent, priced at $87.240 per ounce, indicative of a general downturn in the precious metals sector. The domestic futures gold on MCX experienced downward pressure, with prices settling around Rs 1,59,600, reflecting a decline of approximately Rs 1,450, as market participants adopted a cautious stance in anticipation of significant US–Iran nuclear discussions. Silver continued to exhibit volatility as market participants adopted a wait-and-watch approach in the bullion sector.
Jateen Trivedi notes that traders are avoiding risky bets following a significant rally in gold, which has increased by nearly Rs 10,000 over the past two weeks. He observed that immediate support for gold is identified around Rs 1,58,000, whereas resistance is positioned near Rs 1,64,000, with subsequent direction likely contingent on outcomes from the US–Iran meeting. The domestic futures gold on MCX was priced at Rs 1,57,449 per 10 grams, reflecting a decline of 0.92 percent as of 15:32 IST on February 26. Silver experienced a decline of 3.74 percent, settling at Rs 2,67,943 per kilogram. On Comex, gold was hovering at $5,202.70 per ounce, down 0.45 percent, while silver slipped to $87.560 per ounce, falling 3.77 percent, indicating continued pressure on precious metals.
In its Commodity Morning Insights report dated Feb 26, Axis Securities observed that Comex gold experienced volatility, ultimately concluding with a slight gain of 0.4 percent. This movement was influenced by prevailing uncertainties surrounding US trade policy and tensions in the Middle East, which bolstered demand for safe-haven assets. The near-term trend continues to exhibit positivity, provided that prices maintain their position above the $5,080 support level. Comex silver demonstrated notable strength, increasing by over 2 percent as Chinese traders returned and haven buying intensified. Immediate resistance is identified around $92, and a sustained close above this threshold could pave the way toward $95. Meanwhile, NYMEX crude settled approximately 1 percent lower following a significant 16-million-barrel inventory build, while Comex copper experienced an increase of nearly 1.5 percent due to renewed buying interest, although elevated inventories persist in limiting further gains.