Gold Prices In India Weekly Outlook: How 24K, 22K, 18K Gold Prices Will Perform From February 17-21?

Gold prices in India rallied for the seventh week straight, breaking several record highs. On the other hand, silver prices continued its gaining momentum for the fourth consecutive week. One of the major boosters of precious metals was the uncertainty in geopolitical and global economic conditions after Donald Trump stubbornly declared fresh tariffs and stayed on his stance. In the coming trading week, MCX's gold price has the potential to be near Rs 88,000 per 10-gram level, while MCX's silver price may hit Rs 1,00,000 per 1kg mark. The prices of gold in India will most likely follow suit of global trends.

Gold Prices In India:

Ahead of the upcoming trading week, 24K gold price stood at Rs 86,070 per 10 grams, while 22K and 18K of 10 grams were available at Rs 78,900 and Rs 64,560 respectively on February 16.

Silver Prices In India:

Meanwhile, the price of silver crossed the Rs 1 lakh mark. On February 16th, the price of 1Kg silver stood at Rs 1,00,500. 1 kg silver was expensive in cities like Chennai, Kerala and Hyderabad, where it stood at Rs 1,08,000.

MCX Gold, Silver Prices:

MCX gold, with an April 2025 expiry, stood at Rs 84,710 per 10 grams last week on Friday. Whereas, MCX silver with March 2025 expiry, was at Rs 95,564 per 1kg.

Spot Gold Price:

As per Trading Economics, spot gold eased below the $2,900 per ounce mark on Friday after having tested record-highs of $2,940 earlier in the session as markets assessed global demand for safety and the outlook of the Fed's monetary policy. US President Donald Trump stated that the US will mediate negotiate a ceasefire with Moscow over Russia's war with Ukraine, raising expectations that the conflict may come to an end in the near future supporting risk assets in Europe.

Trading Economics data added, on the other hand, precious metals remained supported by the looming threat of a trade war between the US and major trading partners after President Trump ordered the Commerce Department to raise tariffs and reciprocate barriers it deems necessary to balance flows. Also, bets of a rate cut by the Fed this year gained momentum after a sharper-than-expected contraction in retail aggregates during January.

What Will Drive Gold Prices From February 17th to 21st?

According to SMC Global Securities, gold prices posted a seventh consecutive weekly gain, driven by concerns over a potential global trade war following U.S. President Donald Trump's announcement of plans to impose reciprocal tariffs on countries taxing U.S. imports. On Thursday, Trump directed his economic team to develop measures targeting nations like China, Japan, South Korea, and the European Union, exacerbating worries about economic disruption. This follows previous tariffs on steel, aluminium, Chinese goods, and Canadian and Mexican imports, though some tariffs are currently on hold.

Further, SMC's note added, Trump's decision to target countries imposing duties on U.S. goods intensified fears about the global economic fallout, further raising concerns over his trade policies. Additionally, U.S. inflation data, including the Producer Price Index (PPI), showed signs of accelerating, strengthening expectations that the Federal Reserve would refrain from cutting interest rates in the near term.

Adding the brokerage's note said, the surge in gold prices, hitting record highs, had a dampening effect on jewellery sales during India's wedding season, with some Chinese dealers offering discounts to attract buyers. While gold is traditionally seen as a safe haven amid economic uncertainty and inflation, its appeal can diminish as interest rates rise, since it offers no yield.

Looking ahead, SMC's note said, in terms of price movement, COMEX gold is encountering resistance near $2980 and finding support around $2860. A break on either side could determine the next trend. Silver prices may trade within the range of $31.80 to $34.60, with gold expected to fluctuate between Rs 84,800 and Rs 87,900, while silver could range from Rs 92000 to Rs 100000 in the coming week.