Gold rose 1 per cent to $5,006 per ounce, silver jumped 3.8 per cent to $78.3 per ounce, and Brent crude climbed 5 per cent to $71.9 per barrel on Friday morning, as the collapse of US-Iran talks reignited military tensions and drove fresh safe-haven buying across commodity markets.
Brent crude touched its highest level since August 2025 at $71.8 per barrel, extending a rebound that began from the $61.80–$62.00 demand zone.
On MCX, crude oil futures held near ₹6,000, with immediate resistance seen at the ₹6,090–₹6,135 band. On USOIL, prices consolidated near the 66.40–66.70 zone after breaking above the prior 65.40 resistance level.
Gold’s gains were kept in check near the $5,000–$5,025 resistance zone on COMEX and ₹1,57,500–₹1,58,500 on MCX, as delayed rate cut expectations and profit booking capped upside.
Jateen Trivedi, VP Research Analyst at LKP Securities, noted that gains were limited to around ₹500, adding, “…delayed rate cut expectations and profit booking at major zones limited upside momentum…volatility is likely to persist amid geopolitical headlines and Fed rate outlook cues.”
MCX gold futures traded in the ₹1,50,000–₹1,60,000 zone, well below the all-time high of around ₹1,80,000–₹1,81,000. Support is seen at $4,925 on COMEX and ₹1,52,000 on MCX. A breakout above ₹1,60,800 would be needed to revive upside momentum toward ₹1,65,000–₹1,75,000, according to Ponmudi R, CEO of Enrich Money.
Silver outperformed gold on a percentage basis, though MCX silver futures remained in the ₹2,30,000–₹2,50,000 range — well off record highs near ₹4,20,000. COMEX silver traded near $73–$80, with key support at $65–$70 and resistance at $85–$92.
Gaurav Garg, Research Analyst at Lemonn Markets Desk, described current price action as consolidation rather than a trend reversal, saying, “…downside is being cushioned by safe-haven demand and central bank buying…investors are advised to stagger fresh positions and maintain disciplined risk management in choppy conditions.”
The previous session had already seen risk-off sentiment build, with Brent rising over 1 per cent and gold and silver gaining approximately 0.3 per cent and 1 per cent, respectively, ahead of Friday’s sharper moves.
Published on February 20, 2026
