Early on February 17, the Comex spot price of gold dipped somewhat, although it regained some of its losses to settle at $4,977 an ounce, down 1.36 percent from its previous level.
At Rs 1,54,897 per 10 grams of 24-carat purity, the local futures price of gold on the MCX ended Monday’s session down 0.64 percent from its closing price.
For 10 grams of 999 purity gold, the Indian Bullion Jewellers Association (IBJA) set the benchmark price at Rs 1,54,098. This is an increase of 0.87 percent from the previous close of Rs 1,52,765. The RBI uses the average closing price from the preceding week to determine the benchmark rates for its Sovereign Gold Bond (SGB) assessments.
Monday saw the rupee trade mostly flat at 90.62 as traders remained cautious, although the currency stabilized thanks to a recovery in the secondary market following a bad start. According to analysts, the overall tone is still range-bound, with support at 90.90 and immediate resistance at 90.25.
Since investors were in early trade, gold opened sluggish after CME pricing, according to Jateen Trivedi, VP Research Analyst-Commodity and Currency at LKP Securities. As traders follow global cues and dollar movement, the short-term trend looks erratic, with price action probably being range-bound between Rs 1,52,000 and Rs 1,57,000 over the coming sessions.”
Prices for gold fluctuate according to purity. Examine gold prices according to purity.
Indian gold prices by city as of right now
With only slight variations brought on by local taxes, jeweler’s margins, and transportation expenses, gold prices in India’s major cities were very consistent.
Why is the price of gold declining? Is it time to make an investment?
Following weaker-than-expected US inflation, which saw the headline CPI rise 2.4 percent year-over-year in January compared to predictions of 2.5 percent and December’s 2.7 percent, gold climbed back above $5,000 on Monday.
According to analysts, Kevin Warsh’s recent remarks indicating a preference for lower policy rates heighten the likelihood of two 25 basis point rate cuts in March and June 2026, which would further compress real yields and encourage inflows of gold.
Geopolitical risks are still high, though, and demand for safe havens is being boosted by news that Washington is sending the USS Gerald R. Ford to the Middle East in response to the halt in Iran’s nuclear negotiations. Along with persistent concerns about the Fed’s credibility, markets are also paying more attention to the possible inflationary effects of Trump’s escalated tariff threats.
