Gold Prices In India Outlook On February 12; How Will 24K, 22K, 18K Gold Perform On Guru Ravidas Jayanti?

Gold prices in India are expected to witness high volatility on Wednesday, February 12, on the occasion of Guru Ravidas Jayanti. Prices of 24, 22, and 18-carat gold will be influenced by international prices that will keenly await US CPI and Jerome Power's testimony. The dollar continued to hold above 108, however, gold prices shrugged off its impact and stayed on the record high journey due to uncertainty in global conditions. Investors will also watch out for cooling in the latest tariffs from Trump during PM Modi's US trip.

Gold Prices In India:

In the early trade of February 12, 24K gold price surged to a new high of Rs 87,390 per 10 grams. While 22K and 18K gold prices also climbed to Rs 80,110 and Rs 65,550 per 10 grams.

Silver Prices In India:

On the other hand, 1 kg silver prices were lower by Rs 100 to Rs 99,400. 1 gram of silver was available at Rs 99.50. In cities like Chennai, Hyderabad, and Kerala, gold prices continued to be expensive at Rs 1,06,900 per 1 kg.

MCX Gold, Silver Prices:

MCX gold with April 2025 expiry, stood at Rs 85,532 per 10 grams, marginally up after market hours of February 11th. The bullion touched a new record high of Rs 86,360 per 10 grams during the day before correcting.

Meanwhile, MCX silver price with March 2025 expiry, stood at Rs 94,571 per 1kg, also mildly up.

Spot Gold Price:

As per Trading Economics data, gold eased below $2,900 per ounce on Wednesday, extending its retreat after briefly hitting a record high of $2,940 in the previous session. The decline followed the Fed's signal of no urgency for further interest rate cuts, with attention shifting to a key US inflation report.

What Will Drive 24K, 22K, and 18K Gold Prices On February 12?

As per Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, Gold surged to ₹86,350 in MCX and $2,942 in Comex during early morning trade as tariff concerns fueled panic buying, with central banks continuing their gold accumulation. However, a stronger rupee capped gains in MCX, leading to a reversal toward ₹85,450 before the evening session, highlighting persistent volatility.

He added, that the upcoming US CPI data and Jerome Powell's testimony will be key events for gold traders, as the dollar index remains around $108. Gold is expected to trade with high volatility in the ₹84,850-₹85,900 range.