Gold rates and silver rates in India are likely to be under pressure on February 24 due to weak global cues. Spot gold price traded lower by 1% and was below $5,190 per ounce, while spot silver price struggled to hold around $87 per ounce. Meanwhile, MCX gold struggled to hold around Rs 1.60 lakh mark after crossing Rs 1.61 lakh level in the opening bell. On the other hand, MCX silver traded cautiously but saw mild gains as well. MCX is currently trading between Rs 2.65 lakh to Rs 2.66 lakh.
In the previous session, MCX gold price surpassed pivotal level of Rs 1.6 lakh and MCX silver price neared Rs 2.69 lakh level.
Traders are reportedly weighing on renewed tariff tension, while geopolitical risks continues to escalate. After the setback where US supreme court ruled against US President Donald Trump's intensive reciprocal tariffs, his administration is likely seeking to revive its global tariffs agenda.

Following the court ruling, Trump has already announced a new 10% global tariffs, which he has threatened to increase to 15% globally.
On Monday, Trump warned of steeper duties on countries that "play games" with their existing trade deals. This comes as many countries reassess their trade positions after the ruling. The EU halted the ratification process of its trade agreement, while India deferred talks with the US. On the geopolitical front, attention remains on US-Iran nuclear talks, set to resume on Thursday. Trump said he prefers a negotiated settlement but cautioned that serious consequences could follow if a deal is not reached, as per Trading Economics.
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