The price of 24-carat gold in India stood at Rs 1,54,750 per 10 grams, down Rs 1,770 or 1.130 per cent, as of 10:20 am, according to India Bullions. As of the same time, silver in India was priced at Rs 2,37,820 per kg, down Rs 8,240 or 3.350 per cent.
On the Multi-Commodity Exchange (MCX), gold futures for April touched a high of Rs 1,55,100. As of 10.23 am, they were trading at Rs 1,54,534, down 0.87 per cent.
Silver futures for March hit a day's high of Rs 2,38,489. As of 10.23 am, they were trading at Rs 2,37,155, down 2.95 per cent.
Over time, gold has been seen as a dependable safeguard against inflation, and investors increasingly view it as a key component of their portfolios.
Gold Price On February 16 (India Bullions, as of 10.20 am)
24K Gold: Rs 154,750 per 10 gram
22K Gold: Rs 1,41,854 per 10 gram
18K Gold: Rs 1,16,063 per 10 gram
Gold Prices In Major Cities (10 grams)
Mumbai: Rs 1,54,570
Kolkata: Rs 1,54,230
Delhi: Rs 1,54,310
Chennai: Rs 1,54,890
Hyderabad: Rs 1,54,680
Bengaluru: Rs 1,54,560
Silver Prices In Major Cities (per kg)
Mumbai: Rs 2,37,750
Kolkata: Rs 2,36,790
Delhi: Rs 2,37,340
Chennai: Rs 2,37,790
Hyderabad: Rs 2,37,480
Bengaluru: Rs 2,37,290
Global Trends And US Data Drive Gold, Silver Outlook
In India, prices of gold and silver largely move in line with international market trends, local demand patterns and currency movements linked to the United States.
Market experts believe precious metal prices could see an upward movement. This outlook is linked to weakening investor confidence in dollar-based assets and weaker retail sales data from the US, which has renewed interest in safer investment avenues.
