New Delhi: Gold prices have resumed their upward trajectory across Indian markets, reaching new highs for the month of February. The recent surge comes after the precious metal experienced volatility following the Union Budget presentation on February 1. Retail prices for 24-carat gold have climbed to ₹16,193 per gram in major metros like Delhi. The rebound highlights ongoing demand as investors navigate global economic conditions and currency movements.
Key highlights
- Critical Number: MCX gold futures crossing ₹1,61,000 per 10 grams, with retail rates in Delhi hitting ₹16,193 per gram.
- Who is affected: Retail jewellery buyers and domestic retail investors.
- Immediate Action Required: Buyers should track daily city-wise rates before making purchases, as prices remain volatile.
Market recovery and MCX futures
At the start of February, gold prices dropped from ₹16,073 on February 1 to a low of ₹15,332 on February 2. During this period, silver prices also experienced a sharp correction, plunging from a peak of ₹3.50 lakh per kilogram to a multi-month low of ₹2.55 lakh by February 18. The market has since witnessed a steady recovery. On the Multi Commodity Exchange (MCX), gold futures have decisively crossed the ₹1,61,000 mark per 10 grams. The momentum indicates that investors are holding their positions, providing support for higher domestic prices.
Impact on retail buyers
Higher gold prices affect jewellery buyers across the country. The retail cost for a standard 10 grams of 24K gold currently stands at ₹1,61,930 in Delhi, while 22K gold is priced at ₹1,48,450. Gold continues to be a preferred asset class for Indian households as a hedge against inflation. Silver has also shown a strong catch-up rally alongside gold, surging by ₹25,000 on Tuesday to regain the ₹3,00,000 per kilogram mark.
City-wise retail price variations
While the MCX provides the national benchmark, retail prices vary slightly across major Indian metropolitan cities due to local taxes. Markets in Kolkata, Bengaluru, and Hyderabad closely mirror the Delhi and Mumbai rates, maintaining stability slightly above the ₹16,150 mark for 24-carat purity. In Chennai, which traditionally tracks higher, 24K gold is trading around ₹16,244 per gram, with 22K gold near ₹14,890.
Broader economic context
The recovery in gold prices unfolds against a backdrop of broader economic monitoring by the government. On Monday, Reserve Bank of India Governor Sanjay Malhotra and Finance Minister Nirmala Sitharaman held a joint press conference following the RBI’s Central Board meeting. Governor Malhotra confirmed that retail inflation was reported at 2.75% in January 2026 under the new series with a 2024 base year. He noted that the central bank will take necessary measures to provide durable liquidity across market segments to ensure financial stability. The new inflation framework lowers the weight of the food category, making headline inflation numbers less susceptible to volatile agricultural prices. As the RBI monitors these macroeconomic indicators, domestic gold rates remain heavily reliant on global economic conditions and currency trends.
FAQs
Gold prices are rising due to renewed market momentum and strong domestic demand following a temporary drop early in the month. International price movements directly push up domestic retail rates.
The retail price for 24-carat gold in Delhi recently reached ₹16,193 per gram, translating to ₹1,61,930 for a standard 10 grams. This high rate reflects strong ongoing domestic demand despite global market volatility.
Yes. Gold prices dropped to a monthly low of ₹15,332 per gram on February 2, immediately following the presentation of the Union Budget, before beginning their current recovery.
Yes. Investors utilize platforms like Google Pay, PhonePe, and Paytm to purchase digital gold, offering an alternative to physical bullion storage. This method provides high liquidity and allows fractional investments for smaller buyers.
Disclaimer: The gold and silver prices mentioned are indicative and based on market reports. Readers are advised to consult a financial advisor and check local market rates before making any investment decisions.
Community prompt: Are the recent fluctuations in gold prices changing how your household plans to invest this year?
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