Gold Prices Slip on Profit Booking, Geopolitical Cues on 26 February 2026

Indian gold prices experienced a notable slip on February 26, 2026, as both international and domestic factors weighed on the yellow metal. After some intra-day volatility, MCX gold futures ultimately dropped, with spot prices in major cities like Mumbai nearing ₹1.59 lakh per 10 grams. This downward trend was mirrored in global markets, where Comex gold saw a significant decline of $72 per ounce, while silver fell by $4.90 per ounce.

The day began with some upward momentum, with MCX gold briefly touching a new February high of ₹1.62 lakh per 10 grams. However, this rally was short-lived, as profit booking emerged as a dominant trend, pulling prices lower. Gold futures were reported to drop to levels around ₹60,606 per 10 grams, though city-wise spot rates for 24K gold in Delhi, Mumbai, and other metros generally settled closer to the ₹1.60 lakh mark. Silver also faced considerable pressure, witnessing a domestic drop of over 4%, with MCX silver falling nearly 1.15% amid similar profit booking activities.

Internationally, the anticipation of US-Iran nuclear talks played a crucial role in the decline of Comex gold and silver, as markets often react to potential shifts in geopolitical stability. Broader geopolitical tensions and tariff uncertainties also contributed to the cautious sentiment. Domestically, beyond the immediate price movements, SEBI announced revised valuation norms for gold and silver held by mutual funds, mandating the use of polled spot prices from April. Interestingly, despite the day's price dip, ETF investors continued to pour record cash into gold, signaling underlying long-term confidence amidst the short-term fluctuations.

Looking ahead, the outlook for gold remains a subject of intense debate. While some reports suggest gold is in a 'structural repricing phase' and could potentially hit $6,000 per ounce within 12 months, implying a significant increase to ₹1.7 lakh per 10 grams or even higher, other predictions question if a 'big fall' is imminent in March. Investors and jewelry shoppers should closely monitor global geopolitical developments, particularly the US-Iran talks, and domestic market trends. Given the current volatility and mixed predictions, averaging purchases or sales might be a prudent strategy, keeping an eye on city-wise rates for 24K and 22K gold.