Gold Eyes Rs. 1.6 Lakh Mark as Silver Resumes Record Rally Amid Global Trade Jitters

Mumbai, Feb 23: On Monday, February 23 gold and silver prices in India are experiencing significant volatility, with gold stabilizing near the Rs. 1.6 lakh mark and silver undergoing a consolidation phase after recent recovery attempts.

In the national capital, Delhi, 24-carat gold is priced at Rs. 1,59,420 per 10 grams, while 22-carat gold (used for jewelry) is trading at Rs. 1,46,140. These rates reflect a marginal cooling off—a dip of approximately ₹10—following a powerful four-day rally that added nearly ₹500 per gram to the metal’s value. In other metros like Mumbai and Kolkata, 24-carat gold is holding slightly lower at Rs. 1,59,270, whereas Chennai maintains a premium with prices near Rs. 1,60,140.

Silver prices have seen more dramatic movement. After a massive plunge earlier this month to Rs. 2.55 lakh, the metal recovered strongly over the last week. Today, the silver rate in Delhi and most other cities stands at Rs. 2,74,900 per kilogram, a slight decline of Rs. 100 from yesterday. Interestingly, southern markets like Hyderabad have reported even higher local spikes, with some spot rates reaching Rs. 2,90,000 per kilogram.

On the Multi Commodity Exchange (MCX), gold futures for April delivery are holding steady near Rs. 1,59,420, while silver futures are trading lower at approximately Rs. 2,68,000, highlighting a divergence between spot retail prices and the futures market.

The market remains sensitive to global shifts, particularly the US Supreme Court’s recent decision regarding trade tariffs and escalating Middle East tensions, which continue to drive investors toward these safe-haven assets despite the current high price levels.