Gold Price Dips Slightly on Comex to $5,197: Key Market Indicators for Investors

Global Gold Market Update - February 24

Gold Price Movement

The gold price dipped by 0.53% to $5,197 per ounce on the Multi Commodity Exchange (MCX) in early trade on Tuesday, following the US Supreme Court's ruling that President Donald Trump's use of emergency economic powers to impose sweeping tariffs was unlawful. This development has created global tariff uncertainty.

Indian Gold Market

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In India, gold prices showed remarkable uniformity across major cities, with only marginal differences due to local taxes, jeweller margins, and logistics costs. The Indian Bullion Jewellers Association (IBJA) pegged the standard gold price at Rs 1,58,428 per 10 grams of 999 purity on its evening rate session on Monday, up 2.58% from the previous close.

Currency Movement

The Indian rupee traded marginally 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.

Technical Analysis

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The Augmont Bullion report 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).