Editor’s Note
This snapshot of India’s bullion market highlights a day of sharp rallies amid a broader trend of recent declines, underscoring the significant volatility currently defining precious metals trading.
The Indian bullion market is currently witnessing significant volatility. On Wednesday, February 18, the precious metals market saw strong activity once again. As commodity markets opened in the morning, sharp rallies were recorded in gold and silver prices. Driven by increased investor buying and short covering, both metals were seen trading at higher levels. However, over the past 4 days, silver has become cheaper by ₹33,000 and gold by ₹6,000.
On MCX, gold for April delivery rose by ₹2,082 today to reach ₹1,53,500 per 10 grams. In percentage terms, this shows a gain of about 1.38%. Meanwhile, silver for March expiry saw an even bigger jump. Silver climbed ₹8,067 to reach ₹2,36,850 per kilogram, indicating a 3.53% surge.
In early morning trade, silver was around ₹2.33 lakh, but within a few hours, it gained momentum and approached the day’s high level of ₹2,36,870.
Strength was also seen in gold and silver prices in the national capital, Delhi. Here, 24-carat gold has reached ₹1,52,750 per 10 grams. Meanwhile, silver is selling at ₹2,33,570 per kilogram. Experts believe that if global cues remain positive, further strength could be seen in precious metals in the coming days.
In the financial capital Mumbai, the rate for 24-carat gold was recorded at ₹1,51,860 per 10 grams. Silver is trading here at ₹2,33,970 per kilogram. Good activity is maintained in the market due to the activity of both investors and jewelers.
In Chennai, both gold and silver have maintained high levels. 24-carat gold is selling here at ₹1,53,450 per 10 grams, which is the highest among major cities. Silver has also reached ₹2,34,660 per kilogram, making this market currently the most expensive in the country.
In Kolkata, gold prices remain slightly softer compared to other metros. Here, 24-carat gold is available at ₹1,51,660 per 10 grams. The silver rate was recorded at ₹2,33,190 per kilogram. However, the impact of global trends is clearly visible here as well.
In Bengaluru, the price of 24-carat gold was recorded at ₹1,53,130 per 10 grams. Meanwhile, silver has reached ₹2,34,160 per kilogram. Like other cities in South India, premium rates are being seen here and buying activity remains in the retail market.
Prices also remain elevated in Hyderabad’s bullion market. Here, 24-carat gold is selling at ₹1,53,250 per 10 grams. Silver is also trading at the level of ₹2,34,350 per kilogram. Demand for physical gold is strong due to the wedding season, which is having a direct impact on prices.
Around 8:30 PM on February 17th, selling suddenly increased in the market. On MCX, prices for both gold and silver fell rapidly. Silver fell to around ₹2.26 lakh, while strong pressure was also seen in gold. Experts believe that profit-booking and global cues caused this decline to intensify.
According to data from the India Bullion and Jewellers Association (IBJA), a decline was recorded in silver for the fourth consecutive day. On February 17, one kilogram of silver fell by ₹7,992 to around ₹2.33 lakh. In just four trading days, silver has become cheaper by about ₹33,000. If we talk about the record level on January 29, when silver reached ₹3.86 lakh per kilogram, a heavy decline of about ₹1.53 lakh has occurred so far.
The trend in gold has not been much different. Over the past four days, 10 grams of 24-carat gold has become cheaper by about ₹6,000. Gold, which rose at a rapid pace at the end of January, is now seen falling with similar speed.
On January 29, gold, keeping pace with silver, touched its all-time high level. That day, 10 grams of 24-carat gold reached ₹1,93,096. After that, the market trend completely reversed. So far, gold has become cheaper by about ₹38,336 per 10 grams from that record high. This decline is surprising for investors, as a continuous bullish atmosphere prevailed until a few weeks ago.
Despite the current decline, if we look at the long-term data, both gold and silver have delivered excellent returns. In 2025, 24-carat gold increased by about ₹57,000, or approximately 75%. On December 31, 2024, gold was ₹76,000 per 10 grams, which increased to ₹1.33 lakh by December 31, 2025.
Silver showed even more strength. During the same period, silver jumped by about ₹1.44 lakh, or 167%. On the last day of the year, silver closed at ₹2.30 lakh per kilogram.
According to the latest rates from the Delhi bullion market, on February 18, 2026, gold prices are as follows:
24-carat gold is trading at ₹15,435 per gram, recording a decline of ₹224.
22-carat gold is ₹14,150 per gram, which is ₹205 cheaper.
18-carat gold is priced at ₹11,580 per gram, with a decline of ₹168.
Chennai: 24 Carat – ₹1,56,220 | 22 Carat – ₹1,43,200 | 18 Carat – ₹1,22,500