Editor’s Note
This report highlights the divergent movements in India’s bullion market, with gold hitting record highs in Delhi while silver prices retreated. The mixed trends underscore how global volatility and domestic demand continue to shape local precious metal valuations.
The Indian bullion market witnessed mixed trends in precious metal prices on Wednesday, 11th February. While gold prices continued to rise, silver prices experienced a decline. In the national capital Delhi, the price of 24-carat gold reached a record level of ₹158,940 per 10 grams. The impact of volatility in global markets and changes in domestic demand is clearly visible on local prices.
Slight variations in gold prices were observed across major cities in the country. In Delhi, the price of 24-carat gold is ₹158,940 per 10 grams, while 22-carat gold is stable at ₹145,710 per 10 grams. In cities like Mumbai, Chennai, and Kolkata, the price of 24-carat gold was recorded at ₹158,790 per 10 grams. In these cities, 22-carat gold is trading at ₹145,560 per 10 grams. This variation in prices across different states is due to local taxes and logistics costs.
Gold prices in Pune and Bangalore have also remained similar to Mumbai, where 24-carat gold is selling at ₹158,790 per 10 grams. In Ahmedabad and Bhopal, the price of 24-carat gold is ₹158,840 per 10 grams. Prices in North Indian cities like Jaipur, Lucknow, and Chandigarh are close to Delhi’s levels, where 24-carat gold is available at ₹158,940 and 22-carat gold at ₹145,710 per 10 grams.
In contrast to gold, silver prices softened on Wednesday. On the morning of 11th February, the silver price was recorded at ₹289,900 per kilogram. Notably, earlier in January, silver prices had crossed the ₹400,000 per kilogram level. The current decline is being viewed as a market correction, aligning with the decrease in silver’s spot price in the international market.
According to Rajesh Rokade, Chairman of the All India Gem & Jewellery Domestic Council (GJC), the possibility of a long-term bullish trend in precious metal prices remains. His analysis suggests that by the year 2026, gold prices could reach ₹200,000 per 10 grams and silver could reach ₹500,000 per kilogram.
In conclusion, gold prices are currently hovering near their highest levels, while silver has seen some relief. Market analysts believe that global geopolitical situations and central bank policies will determine the direction of these metals in the coming times.