Gold prices in India declined sharply on Friday, February 21, after recording a massive surge of Rs 19,700 in the previous four days. 24K gold price pulled back from its record high of Rs 88,040 per 10 grams, while 22K gold price held above Rs 80,000 mark. MCX gold and silver prices also tumbled by nearly a per cent. The prices tracked the decline in international prices as the dollar performed steadily.
Gold Prices In India:
24K gold prices dipped by Rs 2,900 in 100 grams to Rs 8,77,500, while 10 grams gold price slipped by Rs 290 to Rs 87,750. However, a sharper decline was seen in 18K and 22K gold prices.
22K gold prices in India tumbled by Rs 4,500 in 100 grams to Rs 8,02,500 on Friday, while down by Rs 450 to Rs 80,250 per 10 grams. Further, the 18K gold price dipped by Rs 3,700 in 100 grams to Rs 6,56,600, while the price was lower by Rs 370 in 10 grams to Rs 65,660.
Despite the latest decline, gold prices were near their record highs, and set for eighth weekly gains.
From February 17th to 20th, 24K and 22K gold prices surged by Rs 19,700 and Rs 18,000 in 100 grams respectively.
Gold Prices In Major Cities:
Gold Prices In Chennai: 24K gold price stood at Rs 87,550 per 10 grams, while 22K and 18K gold prices were at Rs 80,250 and Rs 66,050 per 10 grams.
Gold Prices In Mumbai: In the financial hub, 24K gold price was at Rs 87,750, at Rs 80,250 in 22K and at Rs 65,660 in 18K of 10 grams.
The gold prices were similar in the mentioned cities. On February 21, 10 grams of 24K is at Rs 87,550 per 10 grams, at Rs 80,250 per 10 grams of 22K, and lastly at Rs 65,660 per 10 grams of 18K.
Gold Prices In Hyderabad: Here, 24K gold prices stood at Rs 88,100 per 10 grams, while 22K and 18K gold prices were at Rs 80,250 and Rs 65,660 for 10 grams.
Gold Prices In Vadodara and Gold Prices In Ahmedabad: In these two cities, gold prices were the same. 24K of 10 grams is available at Rs 87,600, while 22K and 18K gold are priced at Rs 80,300 and Rs 65,700 per 10 grams.
Silver Prices In India:
On February 21, 1 kg silver price slipped by Rs 10 to Rs 1,00,400, while 1 gram silver is available at Rs 100.40.
1Kg silver price is at Rs 1,00,400 in cities like Mumbai, Bangalore, Pune, Vadodara, Ahmedabad, Delhi, and Kolkata. While 1Kg silver is at Rs 1,07,900 in cities like Chennai, Hyderabad and Kerala.
MCX Gold, Silver Prices:
MCX gold price with April 2025 expiry, traded at Rs 85,641 per 10 grams, down by Rs 383 or 0.5%. The bullion was near its intraday low of Rs 85,470 per 10 grams.
Meanwhile, MCX silver price with March 2025 expiry, is trading at Rs 96,566 per 1kg, down by Rs 547 or 0.6% on February 21. The precious metal is near its intraday low of Rs 96,444 per 1kg.
Spot Gold Price:
As per Trading Economics, gold traded around $2,930 per ounce on Friday, remaining close to its record high of $2,950 from the previous session, and was set for an eighth straight weekly gain, driven by its safety appeal amid rising global uncertainties.
What Is Impacting Gold Prices?
The Trading Economics data highlighted that earlier this week, President Donald Trump announced plans for additional tariffs on lumber, cars, semiconductors, and pharmaceuticals, following existing tariffs of 10% on Chinese imports and 25% on steel and aluminium, further escalating global trade tensions. Adding to geopolitical risks, reports suggested Trump might withdraw US support for Ukraine during negotiations with Russia, potentially sidelining Kyiv and its European allies.
It added, meanwhile, US Treasury Secretary Scott Bessent dismissed speculation about revaluing government bullion holdings. Elsewhere, Swiss customs data showed that gold exports from Switzerland rose year-on-year in January, with shipments to the US reaching their highest level in at least 13 years.
Should You Buy Gold, or Silver?
As per Nirmal Bang's technical report dated February 21, gold prices are expected to correct. Traders can sell at 86300 with a stop loss of 86600 for the target at 85900-85700.
For silver, the brokerage report said, silver prices are expected to correct. One can sell at 97400 with a stop loss of 98000 for the target at 96400-95700.
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