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Gold, silver trade higher on MCX: Key drivers explainedGold and silver prices rose on MCX and COMEX, driven by US–Iran tensions and safe-haven demand. Goldman Sachs projects gold may reach $5,400 per troy ounce by end of 2026.By Anshul  February 20, 2026, 12:33:22 PM IST (Published)2 Min ReadGold and silver prices traded higher in the domestic market on Friday (February 20), supported by firm global cues and sustained safe-haven demand amid ongoing geopolitical tensions.

On the Multi Commodity Exchange of India (MCX), April gold futures rose ₹400, or 0.24%, to ₹1.55 lakh per 10 grams. March silver futures gained ₹3,000, or 1.24%, to ₹2.44 lakh per kg, up from the previous close of ₹2.41 lakh per kg.

In international markets, gold on COMEX traded at $5,017.60 per ounce, higher by $20.20 or 0.40% an ounce. Silver was quoted at $78.31 per ounce, up $0.676 an ounce.

Analysts said rising US–Iran tensions have continued to drive investors toward bullion, keeping prices elevated near recent highs. Gold and silver typically attract flows during periods of geopolitical uncertainty as investors look to hedge against volatility in equities and currencies.

At the same time, a stronger US dollar limited sharper gains in precious metals. The dollar remained firm on the back of resilient US economic data and expectations of a cautious approach by the Federal Reserve on rate cuts.

The upcoming Personal Consumption Expenditure (PCE) data, the Fed’s preferred inflation gauge, is in focus for further direction on monetary policy. Markets are currently pricing in the possibility of the first rate cut around mid-year, according to CME’s FedWatch tool.

Market participants noted that while precious metals are consolidating with intermittent pressure from currency movements, buying interest at lower levels indicates continued underlying support.

Separately, Goldman Sachs said it maintains a constructive medium-term outlook on gold, citing potential re-acceleration in central bank buying and possible investor inflows following rate cuts. The brokerage projected gold could rise toward $5,400 per troy ounce by the end of 2026 under its base-case scenario.

-With Reuters inputsContinue ReadingNote To ReadersDisclaimer: This article is for informational purposes only and should not be construed as investment advice. Readers should consult certified experts before making any investment decisions.TagsgoldGold Pricessilversilver prices