Gold, silver rates today: Gold and prices rise for the fifth session on Tuesday, February 24, as uncertainty surrounding US trade policy and persistent tensions involving US-Iran drove investors to shift toward safe-haven assets.
Spot was marginally up on Tuesday, rising nearly 0.45% to $5,249 per ounce, while spot silver surges 1.1% to $87.5 per ounce during the Asian trading hours.
What’s driving gold and silver prices?
Markets are facing uncertainty after Donald Trump said he would raise a global import tariff to 15% following a ruling by the Supreme Court of the United States against his proposed reciprocal tariff measures.
Investors are also closely monitoring developments in the Middle East, where tensions remain elevated as the United States and Iran prepare to resume nuclear negotiations. According to Bloomberg report, Trump dismissed reports suggesting the Pentagon was concerned about the challenges of a prolonged military campaign, while reiterating that his preferred outcome would be to reach a diplomatic agreement.
Meanwhile, data released on Friday indicated that 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 in the near term, thereby reducing the attractiveness of holding non-yielding assets like gold, as per a Reuters report.
Gold and silver prices outlook
Gaurav Garg, Research Analyst at Lemonn Markets Desk, believes that both metals may remain sensitive to global cues including currency movements and policy expectations.
“Despite recent sharp swings earlier in February, current price action suggests investors are responding to macro triggers rather than a structural shift in trend. Volatility is likely to persist, and traders are advised to manage risk as bullion consolidates within its broader corrective phase,” Garg said,
On the prices technical outlook, Ponmudi R, CEO of Enrich Money, said that the broader uptrend remains intact, with the recent pullback reflecting profit booking and healthy price digestion.
“Prices continue to sustain above important moving averages and have started to edge higher after a period of sideways consolidation, indicating strengthening momentum and a continuation of the upward bias. Strong buying interest is visible in the $4,650–$4,800 support band, and sustained stability above this zone could set the stage for renewed upside momentum. A breakout above $5,200–$5,300 would open the path toward a retest of record highs,” Ponmudi said.
Meanwhile, on the prices outlook, he added that the broader bullish structure remains intact on higher timeframes, prices have climbed above the major moving averages, signalling a shift from the prior corrective phase to a fresh bullish structure.
“Strong buying interest is visible in the $70–$75 support band, aligned with prior swing lows and long-term trend support. A sustained hold above this base, followed by a recovery and close above $92–$96, could revive upside momentum toward $100–$105 and potentially retest previous highs. The medium- to long-term outlook remains constructive, supported by steady industrial demand and structural supply constraints, despite elevated volatility,” he said.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.