Gold Price Retreats Slightly on MCX, Approaching Rs 1.59 Lakh

Global Gold Market Update

February 24, 2024

Gold Price Movement

The gold price decreased marginally on February 24 due to global tariff uncertainty following the US Supreme Court's ruling that President Donald Trump's use of emergency economic powers to impose sweeping tariffs was unlawful. On the Multi Commodity Exchange (MCX), Rs 1,58,882 per 10 grams of 24-carat purity was the opening price, down 0.25% from the previous close. The price of gold on MCX in early trade on Tuesday was $5,197 per ounce, down 0.53% over the last 24 hours.

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Indian Bullion Jewellers Association (IBJA) Rates

The IBJA pegged the standard gold price at Rs 1,58,428 per 10 grams of 999 purity on its evening rate session on Monday, a 2.58% increase.

Currency Market

The Indian rupee traded 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.

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Technical Analysis

According to the Augmont Bullion report, 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).