Gold prices top Rs 1.56 lakh: MCX, NSE cut additional margins to fuel bullion rally

New Delhi: Gold prices rose on Thursday as speculators built fresh positions amid robust spot demand, pushing the precious metal higher in both domestic and international markets. On the Multi Commodity Exchange, gold contracts for April delivery traded higher by ₹365, or 0.23 per cent, reaching ₹1,56,126 per 10 grams with a business turnover of 1,071 lots. Analysts attributed the climb to renewed buying interest and a withdrawal of additional margins on gold futures by major exchanges, which provided a supportive environment for traders to enter the market.

The domestic rally was mirrored in international markets where bullion crossed a significant psychological threshold. In New York, gold futures surged 0.48 per cent to trade at $5,001.54 per ounce as investors weighed shifting monetary policy cues from the U.S. Federal Reserve against a backdrop of persistent geopolitical uncertainty. Despite a strengthening U.S. Dollar Index, which typically pressures dollar-denominated assets, the yellow metal found firm footing as a safe-haven asset amid resurfacing tensions in the Middle East and ongoing negotiations over global trade tariffs.

Market experts noted that the current price action reflects a healthy consolidation phase following the record highs seen in late January. While prices have remained volatile throughout February, strong buying interest in the ₹1,45,000 to ₹1,50,000 support zone has prevented a more significant slide. Investors are now closely monitoring the upcoming U.S. Personal Consumption Expenditure data and advanced GDP estimates for further clarity on the global interest rate trajectory, which remains a primary driver for non-yielding assets like gold.

In retail markets across India, 24-carat gold rates hovered near the ₹1,56,500 mark per 10 grams, with minor variations reported across major metropolitan hubs. While prices in Delhi and Mumbai showed steady gains, analysts cautioned that retail buyers should expect fluctuations due to local taxes and making charges. The broader outlook for 2026 remains a subject of intense debate among financial institutions, with some forecasting a push toward $6,000 per ounce while others anticipate a period of relative stability near current levels as the market digests the prior year's historic gains.

With inputs from PTI