Gold Prices In India Weekly Outlook: How 24K, 22K, & 18K Gold Prices Will Perform From March 3-7?

Gold prices in India are likely to be influenced by global trends in the coming week. Gold prices in India surged by nearly 4% in February 2025 month, with 24K gold reaching its record high level of Rs 88,090. The start of March has been on a bearish note after spot gold's last weekly performance was its biggest losing week since November due to a strong dollar that led to profit-booking in a safe haven. Gold prices are expected to be under pressure in the week ahead with MCX gold price estimated to find support at 82,500.

Gold Prices In India:

On Sunday, March 2, gold prices in India stood at Rs 86,620 per 10 grams, while 22K and 18K gold prices were at Rs 79,400 and Rs 64,970 per 10 grams.

In February 2025, gold prices surged by nearly 3%. The highest price level for 10 grams of gold in 24K and 22K was at Rs 88,090 and Rs 80,750 which was touched on February 25.

Silver Prices In India:

1On Sunday, the price of 1 kg of silver stood at Rs 97,000 However, titwas still higher at Rs 1,05,000 per 1kg

Unlike gold, silver prices were under pressure throughout February month and hence declined by over 2.5%.

MCX Gold, Silver Prices:

MCX gold price stood at Rs 84,202 per 10 grams on February 28, last week, down by Rs 994 or 1.17%. Meanwhile, MCX silver price was at Rs 94,210 per 1kg, down by Rs 118 or 0.13%.

Spot Gold Price:

As per Trading Economics, gold fell toward $2,850 per ounce, heading for its biggest weekly drop since November, amid a stronger dollar and as markets have continued to price in only two Fed rate cuts this year as inflation remains above the 2% target. The latest data showed PCE prices rose 0.3% month-over-month in January, in line with expectations, while the annual rate eased to 2.5% from 2.6% in December. The report also revealed a surprise 0.2% drop in consumer spending, the first decline in nearly two years, while income surged 0.9%, the largest increase in a year. Market attention now shifts to US trade policy.

Trading Economics also added that President Donald Trump confirmed that 25% tariffs on Mexican and Canadian goods will take effect on March 4, alongside an additional 10% duty on Chinese imports. He also threatened to impose 25% levies on EU goods. For the week, gold lost 2.7% after eight consecutive weeks of gains, though prices still rose 1.4% in February.

How did Gold Prices Perform Between March 4th to 7th?

As per SMC Global Securities report, gold recorded its largest weekly drop since November, pressured by a stronger U.S. dollar, as investors awaited key U.S. inflation data for insights into the Federal Reserve's monetary policy direction. The metal has declined 2.5% this week, ending an eight-week winning streak, though it remains up 2.2% for February. Despite its safe-haven appeal, gold faced selling pressure as a stronger dollar led to profit-taking.

Adding to uncertainty, SMC's note said, U.S. President Donald Trump reaffirmed that a 25% tariff on Mexican and Canadian goods will take effect on March 4, alongside a 10% additional duty on Chinese imports, citing concerns over drug trafficking. While gold is traditionally a hedge against political risks and inflation, higher interest rates reduce its appeal. Philadelphia Fed President Patrick Harker supported keeping short-term borrowing costs steady at 4.25%-4.50%.

Despite the pullback, SMC's note added, gold remains on track for a monthly gain, driven by safe haven demand, expectations of accelerated Fed rate cuts, and rising inflows into bullion-backed ETFs. Elsewhere, since December, over 600 tons (nearly 20 million ounces) of gold have been moved to New York City vaults amid looming tariffs, according to the World Gold Council.

Looking ahead, SMC's note said, "On COMEX, gold may face selling pressure in the coming week, with support near $2,800 and resistance at $2,940. Silver is expected to trade within a range of $29.70-$32.65. On MCX, gold could find support around ₹82,500, with resistance near ₹86,500, while silver is likely to trade between ₹91,500-₹96,000 levels."