Editor’s Note
This article provides a snapshot of the significant rally in gold and silver prices on 25 February 2026, driven by global factors like inflation and safe-haven demand. It serves as a timely update for investors navigating this volatile market environment.
On 25 February 2026, both global and domestic markets are witnessing a surge in gold and silver prices. This rally has captured the attention of investors and market experts. This market uptrend is believed to be influenced by several global factors, including inflationary pressures, uncertainty regarding interest rates, and an increasing trend towards safe-haven investments.
In this scenario, it has become crucial for investors to understand the likely future direction of prices. The movement of the US dollar, fluctuations in bond yields, and global geopolitical tensions are also impacting gold and silver prices. In markets worldwide, including India, gold and silver are not just seen as investment instruments but also as indicators of economic stability. The impact of these price changes could also be seen on the domestic market, the jewelry sector, and investment strategies.
Meanwhile, on the Multi Commodity Exchange (MCX), the price of silver has crossed Rs 2.68 lakh. Over the past 5 days, silver prices have recorded a rise of nearly 10 percent.
Global uncertainty is considered the main reason for the market rally. Additionally, statements from US President Donald Trump are also providing support to prices.
In the international market, its price has surpassed $90. It has gained 3.91 percent.
On MCX, gold has reached Rs 1,61,186 per 10 grams. It has gained 0.76 percent. Similarly, on COMEX, gold is at $5213.70 per ounce with a gain of 0.72 percent.
Central banks have remained consistent buyers, purchasing approximately 1,000 tonnes of gold annually for the past four years. According to reports, this buying is not opportunistic investment but part of a formal strategy to diversify foreign exchange reserves. Concerns behind this include, in part, the risk of sanctions and over-reliance on US dollar-denominated assets. The sustained official sector buying has created a strong base of demand, which has limited the potential for price declines despite reaching record levels.
On Wednesday, a good rally was seen in gold and silver-linked Exchange Traded Funds (ETFs). After the prices of both precious metals opened at higher levels on the Multi Commodity Exchange (MCX), investors turned towards safe-haven assets. Global geopolitical tensions and uncertainty surrounding US trade tariff policies kept the market buzzing, which benefited gold and silver ETFs.
At the start of the week on Monday, these commodity-based ETFs had fallen by nearly 3%, but now the market sentiment appears to be changing. The highest surge in silver ETFs was recorded in HDFC Silver ETF, which climbed nearly 3% to reach an intraday high of Rs 256.88. Additionally, gains of around 2% were seen in Nippon India Silver ETF, Tata Silver ETF, ICICI Prudential Silver ETF, and Zerodha Silver ETF. Other silver ETFs also remained strong, gaining nearly 1%.
In addition to macro factors, supply-related bottlenecks have also provided structural support to prices. Global mining production growth remains limited, inventories at major exchanges have declined, and new mining projects face long development times and higher production costs. These reasons have reduced the supply of available metal, which has supported prices during market volatility.
Rising geopolitical tensions in Eastern Europe, the Middle East, the Arctic, and parts of Asia have maintained global uncertainty. On the other hand, new trade disputes and tariff-related disruptions have increased volatility in inflation and currency markets. Such conditions traditionally support demand for safe-haven investment options. Reports state that gold’s position as a neutral store of value has strengthened during a period of broad macroeconomic stress caused by slow economic growth and persistent high price pressures.
Other metals are also rising on MCX. Copper rose 0.28 percent to Rs 1,202. Zinc rose 0.32 percent to Rs 329.35 and lead rose marginally by 0.03 percent to Rs 188.95.
City | Price
— | —
Delhi | Rs 1,62,040 per 10 grams
Jaipur | Rs 1,62,040 per 10 grams
Ahmedabad | Rs 1,61,940 per 10 grams
Pune | Rs 1,61,890 per 10 grams
Mumbai | Rs 1,61,890 per 10 grams
Hyderabad | Rs 1,61,890 per 10 grams
Chennai | Rs 1,61,890 per 10 grams
Bengaluru | Rs 1,61,890 per 10 grams
Kolkata | Rs 1,61,890 per 10 grams
City | Price
— | —
Delhi | Rs 1,48,550 per 10 grams
Jaipur | (Price not provided in original text)