New Delhi: Gold and silver prices witnessed a decline on February 16, reflecting subdued demand in the domestic spot market and cautious trading on the futures exchange.
On the Multi Commodity Exchange (MCX), gold futures fell 0.69% in early deals, trading at Rs 1,54,820 per 10 grams. Silver saw a sharper correction, slipping 3.07% to Rs 2,36,851 per kilogram.
Spot Market Rates in Major Cities
In the physical market, 24-carat gold in Mumbai was priced at Rs 1,56,500 per 10 grams, while 22-carat gold was quoted at Rs 1,43,400 per 10 grams. These prices exclude GST and making charges, which vary depending on the jeweller.
Here’s how gold rates stood across key cities on February 16:
Delhi: 22K – Rs 1,43,100 | 24K – Rs 1,56,000
Jaipur: 22K – Rs 1,43,100 | 24K – Rs 1,56,000
Ahmedabad: 22K – Rs 1,43,300 | 24K – Rs 1,56,000
Pune: 22K – Rs 1,43,400 | 24K – Rs 1,56,500
Mumbai: 22K – Rs 1,43,400 | 24K – Rs 1,56,500
Hyderabad: 22K – Rs 1,43,400 | 24K – Rs 1,56,500
Chennai: 22K – Rs 1,43,400 | 24K – Rs 1,56,500
Bengaluru: 22K – Rs 1,43,400 | 24K – Rs 1,56,500
Kolkata: 22K – Rs 1,43,400 | 24K – Rs 1,56,500
The correction comes after bullion prices scaled record peaks last month, with gold briefly crossing Rs 1,80,000 and silver touching Rs 4,20,000 in domestic markets.
What Drives Gold Prices in India?
Gold prices in India are influenced by a mix of global and domestic factors. International bullion trends, fluctuations in the rupee-dollar exchange rate, import duties, and local taxes all play a role in determining daily rates. Changes in investor sentiment and geopolitical developments can also impact price movements.
In India, gold holds both cultural and financial significance. It remains a preferred avenue for investment and is integral to festivals and weddings. Given the volatility in precious metal markets, traders and investors closely track daily price movements to make informed decisions.
Market participants will continue to watch global cues and currency trends for further direction in bullion prices in the coming sessions.
