Gold prices witnessed a sharp intraday reversal on Monday, February 24, as MCX gold futures slipped on aggressive profit booking, while spot market prices strengthened due to strong physical demand, creating a high-volatility setup for traders and investors.
After last week’s powerful breakout rally, short-term traders locked in gains, triggering a pullback in futures, even as jewellery and investment demand in the physical market remained robust, supported by wedding-season buying and safe-haven flows.
This divergent price action signals rising market indecision, making key technical levels and macro triggers critical for near-term direction.
Gold Price Today — Latest Rates (24 February 2026)
India Spot Market
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24K Gold: ₹61,780 per 10 grams
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22K Gold: ₹56,650 per 10 grams
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18K Gold: ₹46,340 per 10 grams
MCX Gold Futures (April Contract)
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₹60,750 per 10 grams | Down 0.5% intraday
Key Market Drivers:
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Profit booking after recent sharp rally
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Firm US dollar index
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Mixed global cues
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Strong domestic jewellery demand
Why Gold Witnessed a Sharp Reversal Today
1) Aggressive Profit Booking on MCX
Following a multi-session rally of nearly 3%, traders opted to book profits near resistance zones, triggering technical selling pressure in futures contracts.
2) Dollar Strength Caps Upside
A mild rebound in the US Dollar Index limited upside in international bullion prices, putting temporary pressure on MCX gold.
3) Physical Market Demand Remains Strong
Despite futures’ weakness, spot prices remained firm, driven by wedding-season jewellery demand and safe-haven buying, preventing a deeper correction.
Technical Outlook — Key Levels to Track
Immediate Support Zone
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₹59,800 – ₹60,000
Major Resistance Zone
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₹62,200 – ₹63,000
Breakout Trigger
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Sustained trade above ₹63,200 → opens path toward ₹65,000+
Trading Strategy — What Should Traders Do Now?
Short-Term Traders
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Buy-on-dips near ₹60,000 with tight stop-loss
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Expect high volatility between ₹60,000 and ₹62,500.
Positional & Medium-Term Investors
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Accumulate gradually on declines
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Preferred accumulation range: ₹58,000 – ₹60,000
What’s Next for Gold? — Expert View
Experts believe that gold’s broader trend remains bullish, supported by:
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Sticky global inflation
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Rate cut expectations later this year
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Geopolitical uncertainty
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Strong central bank buying
However, near-term volatility is expected, as dollar movements and bond yield fluctuations continue to dictate short-term price action.
Market Signal Summary
| Factor | Market Impact |
|---|---|
| MCX Futures | Mild bearish |
| Physical Demand | Strong bullish |
| Trend Bias | Range-bound to bullish |
| Volatility | Elevated |
| Strategy | Buy on dips |
Why This Matters Today
This sharp reversal highlights a tactical shift from momentum chasing to level-based trading, making discipline and timing critical for traders.
For investors, the structural bull case in gold remains intact, making every dip a potential accumulation opportunity.
Frequently Asked Questions
Q1. Why did gold prices fall today despite strong demand?
Due to profit booking in MCX futures after a sharp rally and mild dollar strength.
Q2. Is this correction a buying opportunity?
Yes, dips near ₹60,000–₹58,000 can be used for staggered accumulation.
Q3. What is the next upside target for gold?
A breakout above ₹63,200 can push prices toward ₹65,000+.
Q4. What is driving volatility in gold prices today?
Intraday volatility is driven by profit booking in MCX futures, US dollar movement, and fluctuating global bond yields.
Q5. Is physical gold demand stronger than futures market today?
Yes, jewellery demand and wedding-season buying are supporting spot prices, keeping physical gold stronger than futures.
Q6. What are the best intraday trading levels for MCX gold?
Support lies at ₹59,800–₹60,000, while resistance is placed at ₹62,200–₹63,000.
Q7. Can gold prices fall further from current levels?
If the dollar strengthens further, gold may test ₹59,500–₹59,800 levels in the near term.
