February 17, 2026. The thing is, the “safe haven” trade is losing its steam today. We’re seeing a massive ₹1,200+ crash on the MCX as the Dollar Index flexes its muscles at 97.15. It’s a double whammy for gold: a stronger greenback makes it expensive, and optimism over the US-Iran nuclear talks in Geneva is removing the “fear factor” that usually props up prices. Let’s be real—after that crazy bull run in January where gold hit all-time highs, some profit-booking was always on the cards.
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Field Notes: The Bullion Retreat
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The Dollar Spike: The greenback is up over 2% today. When the dollar goes up, gold almost always gets punched down. It’s a classic inverse relationship.
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The “Geneva Effect”: Indirect talks between the US and Iran are happening today. Trump hinted he’s “indirectly involved,” and the mere mention of a deal is easing geopolitical tension.
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MCX Massacre: Gold April futures are trading near ₹1,53,532. Silver is faring even worse, crashing by over ₹4,700 to trade near the ₹2.35 lakh mark.
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China’s Absence: It’s the Lunar New Year. Chinese markets are closed, which means lower trading volumes and less physical demand from the world’s biggest gold buyer.
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Speculative Pressure: Higher margins on the MCX and CME are forcing leveraged traders to liquidate. It’s a “forced exit” scenario for many
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City-Wise Gold Rates (24K – Per 10 Grams)
| City | Today (Feb 17, 2026) | Yesterday (Feb 16) | Change |
| Chennai | ₹1,57,520 | ₹1,58,830 | – ₹1,310 |
| Delhi | ₹1,56,580 | ₹1,57,890 | – ₹1,310 |
| Mumbai | ₹1,56,430 | ₹1,57,740 | – ₹1,310 |
| Kolkata | ₹1,56,430 | ₹1,57,740 | – ₹1,310 |
| Ahmedabad | ₹1,56,480 | ₹1,57,790 | – ₹1,310 |
And Here’s the Kicker…
The technical levels are screaming “caution.” The thing is, gold has now breached the ₹1,55,000 support. If the US-Iran talks yield even a “framework” agreement today, experts like Manoj Kumar Jain suggest we could see a slide toward ₹1,51,800. And here’s the kicker: with the US Fed minutes and GDP data coming later this week, any “hawkish” signals will only add more fuel to the dollar’s fire. For retail buyers, this correction is a gift, but for short-term traders, it’s a “falling knife.” Or nothing, if you’re holding for the long haul.
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End…
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