Gold prices in India have surged for seven weeks straight, continuing its strong record rally due to uncertain global conditions. For the upcoming week from February 23 to 28th, gold and silver can trade in a range of 84500-86500 levels and 94000-98000 levels respectively. Last week, gold prices in India touched their new all-time high of Rs 88,040 per 10 grams before pulling back below Rs 88,000 but still recording weekly gains. On MCX, gold hit a record high of 86,592, while silver closed above 97,000.
Gold Prices In India:
On Saturday, February 22, 24K gold price stood at Rs 87,770 per 10 grams, while 22K and 18K gold were at Rs 80,450 and Rs 65,820 per 10 grams respectively. So far in February month, gold prices have surged by nearly 4%.
Silver Prices In India:
The price of silver in India is currently at Rs 100.50 per gram and at Rs 1,00,500 per kilogram.
MCX Gold, Silver Prices:
MCX gold, with April 2025, stood at Rs 86,020 per 10 grams last week on Friday. Meanwhile, MCX silver with March 2025 expiry, closed at Rs 96,156 Per 1 Kg.
Spot Gold Price:
As per Trading Economics, spot 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.
Trading Economics data added, earlier in the week, President Donald Trump announced plans of additional tariffs on lumber, cars, semiconductors, and pharmaceuticals, following existing tariffs of 10% on Chinese imports and 25% on steel and aluminum, 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. 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.
Gold Prices Weekly Outlook:
As per SMC Global Securities, Gold continued its strong rally amid heightened uncertainty, surging from $2,627 to $2,973 in just seven weeks. Silver followed suit, rising from $30 to $34. On MCX, gold hit a record high of 86,592, while silver closed above 97,000. Considered a safe-haven asset during uncertain times, gold has climbed 12 per cent since the start of the year. The recent announcement by Donald Trump regarding additional tariffs on lumber, cars, semiconductors, and pharmaceuticals has intensified trade tensions, further enhancing gold's safe haven appeal.
Meanwhile, the brokerage added that the latest FOMC minutes revealed policymakers' concerns that trade policy shifts, particularly higher tariffs, could contribute to inflationary pressures, reinforcing expectations of a prolonged pause in rate cuts. Since higher inflation generally supports higher gold prices, this remains a key factor to watch. However, gold's upside remains capped as the first round of talks between the U.S. and Russia over a potential peace deal in Ukraine concluded without a clear resolution.
If negotiations lead to a concrete agreement, it could weigh on gold prices. At the same time, a decline in U.S. Treasury yields has weakened the U.S. dollar, which could provide support for gold. The gold-silver ratio recently declined from 92.13 to 88.85 as silver outperformed gold. This ratio has support near 87.82, and a breach of this level could push it further down to 86.5, indicating that silver is likely to continue outperforming gold in the near term. Gold and silver are expected to trade within the ranges of 84,000-87,000 and 94,000-98,500, respectively, as per SMC.
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