Gold Rate Today 23rd February 2026: Gold is up by 1.53%; check prices in major cities

The “Yellow Metal” has reclaimed its bullish momentum this Monday, as a perfect storm of trade wars and geopolitical friction sends investors scurrying for safety. On February 23, 2026, gold rates across India jumped by 1.53%, with 24-karat gold hitting ₹159,520 per 10 grams.

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This sharp uptick follows a weekend of high-stakes diplomatic maneuvering. After the US Supreme Court rejected President Donald Trump’s “reciprocal tariffs,” the administration responded by unilaterally raising global tariffs to 15% from 10%. The resulting uncertainty has paralyzed trade deals and weakened the Greenback, making gold a more attractive play for global currency holders.

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The Tariff Shock: Why Prices Are Climbing

Gold is reacting to two primary economic stressors:

1. Trade Paralysis: The halt in US-India trade negotiations has fueled fears of a prolonged global slowdown.

2. Dollar Softness: As the US Dollar dips, international spot gold becomes cheaper for holders of other currencies, driving up global demand and domestic benchmarks.

City-Wise Breakdown: Chennai and Bengaluru Lead

Regional variations persist due to local demand and transport costs. Chennai remains the most expensive metro for 24K gold, nearly touching the ₹1.6 lakh mark.

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India vs. Dubai: The Arbitrage Gap

For retail investors, the price delta between India and Dubai remains significant. A 10-gram bar of 24K gold in Dubai costs roughly ₹1,47,844, compared to India’s ₹1,59,520. This 7.90% premium in the Indian market continues to be driven by high import duties and domestic cess, making “duty-free” purchases an attractive, albeit regulated, option for travelers.

Reality Check

The current rally is heavily dependent on the “fear factor.” Still, if the US-Iran talks in Geneva on Thursday yield even a minor de-escalation, gold could see a sharp “technical correction.” Therefore, while the long-term trend is bullish, buying at these ₹1.6 lakh highs carries a risk of short-term volatility. In fact, most of today’s 1.53% gain is a “sentiment hedge” rather than a shift in fundamental supply.

The Loopholes

The US Supreme Court quashed the “reciprocal” tariff order, but the administration found a “national security” loophole to hike tariffs to 15% anyway. In fact, this legal maneuvering is what spooked the markets more than the actual 5% increase. Therefore, the “Safe Haven” status of gold is being propped up by the unpredictability of US trade policy. Still, the “soft dollar” loophole is aiding Indian importers; while gold is costlier, the Rupee’s relative strength against a weak dollar is preventing domestic prices from hitting ₹1.7 lakh—for now.

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What This Means for You

If you are an investor, realize that the ₹1.6 lakh level is a psychological barrier. First, look for “dips” if the Geneva talks show progress; don’t chase the rally on a high-tension Monday. Then, evaluate Sovereign Gold Bonds (SGB) if you are looking for long-term gains without the 7.9% “India premium” baggage.

Finally, understand that jewellery purchases will now attract significantly higher making charges as artisans adjust to the new base rates. You should verify the hallmarking and ask for a detailed breakup of the 1.53% hike in your local store. Before committing to a large purchase, track the US Federal Reserve’s signals on interest rate cuts; more cuts will only push gold higher.

What’s Next

All eyes are on Geneva this Thursday for the US-Iran summit. Then, the MCX (Multi Commodity Exchange) will likely see high-volume trading as investors hedge against the new 15% US tariff reality. Finally, look for silver to potentially outperform gold in the coming week, as it often follows the yellow metal with higher percentage swings during trade-war volatility.

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End….

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