Highlights

  • Spot gold fell 1.50% to $5,150.38 per ounce after touching a more than three-week high earlier in the session.
  • S. gold futures (May) declined 0.78% to $5,204.50.
  • A stronger U.S. dollar pressured bullion, making gold more expensive for holders of other currencies.
  • Uncertainty aroundS. trade policy resurfaced after President Donald Trump warned of higher duties following a Supreme Court ruling on emergency tariffs.
  • Ongoing Washington–Tehran tensions continued to provide a broader macro backdrop.
  • Fed Governor Christopher Waller indicated openness to holding rates steady in March if labour market data improves.
  • Markets are currently pricing in three 25-basis-point rate cuts in 2026, according to CME Fed Watch data.

Gold Overview

Since June 2024, gold has continued to navigate shifting macro signals while retaining its role as a portfolio hedge. On 24 February 2026, futures eased 0.78% to USD 5,204.50 as a firmer dollar and cautious policy expectations weighed on prices, reflecting near-term adjustment rather than a broader reversal. Alongside investment flows, steady central bank accumulation and resilient industrial usage in electronics and advanced manufacturing remain supportive factors. Ongoing geopolitical and trade uncertainties continue to keep gold relevant in asset allocation decisions.

Gold Retreats as Stronger Dollar Offsets Iran Tensions and Trade Uncertainty

Gold slipped from recent highs as a firmer U.S. dollar reduced the metal’s appeal in international markets. Despite ongoing U.S.–Iran geopolitical tensions and lingering trade policy uncertainty, currency strength emerged as the dominant short-term influence on bullion prices. Market participants are also closely monitoring the Federal Reserve’s policy stance, as expectations around interest rates continue to shape precious metal positioning. Overall, gold remains sensitive to shifts in the dollar and evolving geopolitical developments.

Technical View: Is Gold Futures Consolidating Above Key Averages After Recent High?

From a technical perspective, Gold May futures are trading at USD 5,204.50, holding above the 21-day Simple Moving Average at USD 5,047.64 and the 50-day Simple Moving Average at USD 4,766.88, which continue to underpin the broader upward structure. The recent pullback from higher levels reflects short-term consolidation rather than a structural breakdown. The 14-day RSI stands at 59.63, indicating moderated momentum after cooling from elevated readings. Immediate support is seen near USD 4,900.00 and USD 4,700.00, while resistance is placed around USD 5,500.10 and USD 5,800.00 on renewed strength.

Bottom Line: Is Gold Entering a Pause Before the Next Move?

Gold appears to be in a phase of near-term consolidation, shaped by dollar strength and policy expectations, rather than a structural shift. With geopolitical tensions and trade uncertainty still present, the broader framework remains intact as markets reassess direction.