Gold Drops Rs 1,145, Silver Falls 1.5% During Morning Trading Hours; Check City-Wise Rates

Gold and silver prices opened lower on Tuesday morning as traders booked profits following the previous session’s strong rally. While gold and silver futures slipped on the exchanges, retail prices across major Indian cities remained largely steady, supported by ongoing physical demand.

On the Multi Commodity Exchange (MCX), gold futures for the April contract opened lower and were trading at Rs 1,53,688, down Rs 1,145 or 0.74%, around 9.11 am. Silver futures for March also faced selling pressure, declining Rs 3,622 or 1.52% to trade at Rs 2,36,204 by 9.14 am.

Market participants attributed the decline mainly to profit booking, as traders chose to lock in gains after recent highs. The cautious mood in global markets further added to the pressure on precious metals.

Silver Support Levels Under Watch

According to bullion market trackers, silver may find near-term support in the range of Rs 2,38,800 to Rs 2,41,000. Analysts believe that while short-term volatility could continue, strong industrial demand and limited supply may help cushion deeper losses.

Weak Global Cues Add to Pressure

International markets also showed a softer trend. Spot silver slipped nearly 1% to $76.94 per ounce, while gold prices dropped by around $40, or close to 1%, to $5,003.01 per ounce. A stronger US dollar and cautious investor sentiment weighed on prices, even as long-term fundamentals for gold remain positive.

Gold Price Today in India (February 17)

Despite the dip in futures, retail gold prices remained firm across India:

• 24K gold (999 purity): Around Rs 1,56,430 per 10 grams
• 22K gold: Around Rs 1,43,390 per 10 grams
• All-India benchmark rate: Approximately Rs 1,55,230 per 10 grams

City-Wise Gold Rates (24K, per 10 grams)

• Mumbai: Rs 1,54,950
• Delhi: Rs 1,54,680
• Bengaluru: Rs 1,55,070
• Chennai: Rs 1,55,400
• Hyderabad: Rs 1,55,190
• Kolkata: Rs 1,54,740

Southern markets such as Chennai and Hyderabad continue to quote slightly higher prices compared to northern cities, reflecting regional demand and local taxes.

Silver Price Today in India

Silver prices showed mixed trends across benchmarks:

• National average silver price: Around Rs 2,41,260 per kg
• Other benchmarks: Near Rs 2,67,900 per kg, depending on purity and market segment

City-Wise Silver Rates (per kg):

• Mumbai: Rs 2,40,820
• Delhi: Rs 2,40,400
• Bengaluru: Rs 2,41,010
• Chennai: Rs 2,41,520
• Hyderabad: Rs 2,41,200
• Kolkata: Rs 2,40,500

Silver 999 (per 10 grams):

• Delhi: Rs 2,679
• Mumbai: Rs 2,679
• Kolkata: Rs 2,679
• Chennai: Rs 2,649

Key Factors Influencing Gold and Silver Prices

Silver prices are largely driven by industrial demand, global economic trends, and movements in major currencies. Gold prices in India, on the other hand, depend on international market trends, the US dollar, import duties, and domestic demand, which typically strengthens during the festive and wedding seasons.

In the near term, gold and silver prices may remain volatile as markets track global economic cues and currency movements. However, steady physical demand in India continues to provide a strong base, limiting sharp downside risks in retail prices even when futures see temporary corrections.


Disclaimer: Gold and silver prices mentioned in this article are indicative and based on market data available at the time of writing. Rates may vary across cities due to local taxes, making charges, purity differences, and market fluctuations. Readers are advised to check with local jewellers or financial advisors before making any purchase or investment decisions.