Gold Rate in India Sees Massive Fall Ahead of US Economic Data! Silver Extend Losses | Check 17 Feb Outlook

Gold Rate in India: Gold and silver prices began the week on a softer note, with both precious metals witnessing a notable decline on Monday, February 16. The pullback comes after a strong rally over the past few weeks, during which bullion prices had surged significantly amid global uncertainties and safe-haven demand.

Upcoming key US economic data, US Federal Reserve minutes, ongoing Iran-US talks, and other geopolitical events are likely to define the investors sentiment towards gold and silver. As markets gear up for Tuesday, February 17's trading session, here's a look at how gold and silver prices are likely to trend through the day.

Gold Rate in India

The price of 24 karat gold in India declined nearly Rs 131 per gram to Rs 15,644 per gram on Monday. The rate of 22 karat gold in India fell by Rs 120 per gram to Rs 14,340 per gram. The rate of 18 karat gold in India dipped by Rs 98 per gram to Rs 11,733 per gram.

Silver Rate in India

The rate of silver in India also saw a sharp fall on Monday. Silver rate in India fell to Rs 268 per gram and to Rs 2,68,000 per kilogram. Silver prices have showcased a massive volatility in the past one to three months.

MCX Gold, Silver Rate in India

MCX gold rate on Monday for April contracts expiry closed 0.64% lower at Rs 1,54,897 per 10 gram. Meanwhile, MCX silver rate on Monday for March contracts expiry closed 0.13% higher at Rs 2,40,201 per kilogram. The international gold rate on Monday extended losses to $5,020 per ounce on Monday, as per Trading Economics.

Gold, Silver Price Outlook

Gold and silver are likely to trade in a range-bound manner during Tuesday's trading session, as weaker-than-expected US inflation data, and other geopolitical events may continue to impact the investors' sentiment towards the precious metals.

"Gold and silver began the week on a softer note, as investors booked profits after the weekend's rally. However, ongoing central bank purchases, heightened safe-haven demand amid the correction in tech and AI stocks, and a weaker dollar index have helped cushion the downside," explained Gaurvav Garg, Lemonn Markets Desk.

"In the near term, gold is expected to trade in a narrow range, as markets await clearer signals on the US Federal Reserve's policy stance and broader cues on the direction of the global economy," Garg added.

While silver is currently in its price correction phase, a host of factors could further reignite silver price rally.

"A combination of falling real interest rates, a weaker USD, and a clear shift toward monetary easing by major central banks could still see upward movement on silver prices. Industrial demand from solar, electronics, and electrification will also play a key element, but this is currently steady rather than explosive, and current inventories and recycling flows can cap price spikes," explained Ross Maxwell, Global Strategy Operations Lead, VT Markets.

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