Gold and silver prices closed lower on February 16, with futures contracts witnessing volatility on the Multi Commodity Exchange.
On MCX, gold traded at Rs 1,54,300 and silver at Rs 2,35,868. Global price fluctuations and the strengthening of the US dollar exerted pressure on domestic prices.
Gold Futures Decline
The April 2, 2026 expiry gold futures contract on MCX was trading at Rs 1,54,300 per 10 grams at around 9:50 am on February 16. This marked a decline of approximately 1.02 percent, or Rs 1,600, compared with the previous close of Rs 1,55,895. In early trade, gold touched a high of Rs 1,55,100 but did not sustain those levels.
Market experts attributed the decline in domestic gold prices to volatility in global metal markets and the strengthening of the US dollar. Investors were advised to avoid making hurried investment decisions during the decline.
Silver Futures Record Sharp Fall
Silver was the most affected on Monday. The March 5, 2026 expiry silver futures contract on MCX was trading at Rs 2,35,868 per kilogram. The contract opened at Rs 2,38,489 and touched an intraday high of Rs 2,38,489. It finally closed lower by 3.48 percent, or about Rs 8,492.
In Delhi, Mumbai and Kolkata, silver was selling at Rs 2,680 per 10 grams, while 100 grams cost Rs 26,800. In Chennai, the price of 10 grams of silver was recorded at Rs 2,800.
Gold Prices in Major Cities
Gold prices also declined across major cities. In Delhi, 24-carat gold was priced at Rs 1,56,590, 22-carat at Rs 1,43,550 and 18-carat at Rs 1,17,480. In Mumbai, 24-carat gold traded at Rs 1,56,440, 22-carat at Rs 1,43,400 and 18-carat at Rs 1,17,330.
In Chennai, 24-carat gold reached Rs 1,57,530, 22-carat Rs 1,44,400 and 18-carat Rs 1,23,500. In Kolkata and Hyderabad, 24-carat gold traded at Rs 1,56,440, 22-carat at Rs 1,43,400 and 18-carat at Rs 1,17,330.
In Ahmedabad, 24-carat gold was priced at Rs 1,56,490, 22-carat at Rs 1,43,450 and 18-carat at Rs 1,17,380. In Lucknow, 24-carat gold was at Rs 1,56,590, 22-carat at Rs 1,43,550 and 18-carat at Rs 1,17,480. Prices in Patna were similar to Ahmedabad.
Factors Behind the Decline
Market experts said multiple factors contributed to the decline in gold and silver prices, including the strengthening of the US dollar, fluctuations in international raw gold and silver prices, and selling by investors. In addition, investors exercised caution in futures trading in the domestic market, contributing to the fall in prices.
