Gold Price Surpasses $5,200 per Ounce, Silver Remains Steady Amid China Market Opening

Gold and Silver Prices Update

Key Figures:

• Spot gold: $5,187 per ounce
• Spot silver: $86.36 per ounce
• US import tariff: 15%
• Gold price support band: $4,650–$4,800
• Silver price support band: $70–$75

Market Update

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Gold and silver prices declined on Tuesday, February 24, as investors shifted towards safe-haven assets due to uncertainty surrounding US trade policy and escalating tensions between the US and Iran. Spot gold fell 0.71% to $5,187 per ounce, while spot silver decreased 0.32% to $86.36 per ounce.

Market Drivers

The US trade policy uncertainty was triggered by President Donald Trump's announcement to raise the global import tariff to 15% following a Supreme Court ruling against his proposed reciprocal tariff measures. Additionally, the ongoing tensions in the Middle East, particularly the US-Iran nuclear negotiations, are also contributing to market volatility.

Economic Data

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Underlying US inflation rose more than anticipated in December, with early signals suggesting a further uptick in January. This may deter the Federal Reserve from cutting interest rates, reducing the attractiveness of holding non-yielding assets like gold.

Gold and Silver Outlook

Gaurav Garg, Research Analyst at Lemonn Markets Desk, believes that both metals will remain sensitive to global cues, including currency movements and policy expectations. Volatility is expected to persist, and traders are advised to manage risk as bullion consolidates within its broader corrective phase.

Technical Analysis

Ponmudi R, CEO of Enrich Money, noted that the broader uptrend in gold prices remains intact, with the recent pullback reflecting profit booking and healthy price digestion. A breakout above $5,200–$5,300 could set the stage for renewed upside momentum.

For silver prices, Ponmudi said that the broader bullish structure remains intact, with prices climbing above major moving averages. A sustained hold above the $70–$75 support band could revive upside momentum toward $100–$105 and potentially retest previous highs.