Gold and Silver Prices Surge: Silver Gains ₹15,200 Per Kg as Gold Rises ₹3,700 Per 10g

Domestic Market Sees Early Morning Rally: On the first trading day of the week, Monday, 23 February 2026, Indian precious metals markets witnessed a sharp early-morning rally. Gold jumped ₹3,700 per 10 grams, while silver surged ₹15,200 per kilogram on MCX.

The rally is attributed to two key factors: escalating tensions between the U.S. and Iran and the announcement of 15% global tariffs by former U.S. President Donald Trump.

Impact of U.S. Supreme Court Ruling
Last Friday, the U.S. Supreme Court struck down Trump’s large-scale tariffs on various countries, boosting demand for safe-haven assets such as gold and silver. As a result, by 9:05 AM, April delivery gold futures traded at ₹1,60,600 per 10 grams, up ₹3,700 or 2.4% from Friday’s close. Meanwhile, March delivery silver futures rose to ₹2,68,120 per kilogram, marking a ₹15,200 or 6% increase.

Global Markets Also Up
Internationally, COMEX gold climbed over 2%, up $109 to $5,189.60 per ounce, while silver surged $5.16 or 6% to $87.505 per ounce. Despite these gains, prices remain below their record highs: gold is 18% (₹36,000) below its peak of ₹1,93,096, while silver is 40% (₹1.68 lakh) below its record of ₹4,20,048, indicating ongoing consolidation.

Reasons Behind the Price Spike
Rising geopolitical tensions, particularly between the U.S. and Iran, continue to affect global markets. On Thursday, Indian equity markets had fallen sharply in response. On Friday, Trump issued renewed warnings to Tehran, stating that military action could follow if a “better and fair deal” is not reached. According to AFP, the USS Gerald R. Ford aircraft carrier entered the Mediterranean as part of enhanced U.S. military presence, passing through the Gibraltar Strait, a key maritime route connecting the Atlantic and Mediterranean.

Simultaneously, the U.S. Supreme Court ruled Trump’s “Liberation Day” tariff illegal, citing an abuse of authority. In response, Trump signed documents imposing 10% tariffs on all imports, which were later raised to 15%, driving demand for safe-haven assets like gold and silver.