Gold Rate in India at Discount After Month; Silver Slides; US Fed Minutes To Revive Rally? Feb 16–21 Outlook

Gold Rate in India: Prices of 24-karat, 22-karat and 18-karat gold witnessed a roller-coaster movement last week, with the precious metal slipping into discount territory during the period. Silver prices in India also recorded a sharp decline. As we head into the new week, investors will closely track key triggers such as the US Federal Reserve's minutes and crucial economic data releases to gauge the likely direction of gold and silver prices between February 16 and February 21.

While domestic gold ended the week with marginal losses, sharp intraday movements pushed the yellow metal into discount territory on certain days. Notably, gold in India traded at a discount last week for the first time in nearly a month, Reuters reported.

Gold Rate in India

The price of 24 karat gold in India stood at Rs 15,775 per gram on Sunday, February 15. The rate of 22 karat gold in India was recorded at Rs 14,460 per gram and the rate of 18 karat gold in India fell by Rs 11,831 per gram. Gold has delivered close to 60% return in the year 2025, and saw sharp price movements in January month of the year 2026.

Silver Rate in India

The price of silver in India also showcased sharp volatility in the last one month. However, the precious metal has entered in a correction phase in the first half of February. Silver rate in India stood at Rs 275 per gram and to Rs 2,75,000 per kilogram on Sunday.

MCX Gold, Silver Rate

MCX gold rate on Friday for April contracts expiry closed 0.2% higher at Rs 1,56,200 per 10 gram. MCX silver rate on Friday for April contracts expiry closed 3.62% higher at Rs 2,44,999 per kilogram. Meanwhile, international gold prices rose toward $5,030 per ounce on Friday, extending their recovery after a sharp correction in the first half of last week.

Gold, Silver Price Weekly Outlook

Gold and silver are likely to trade in a range bound manner unless fresh geopolitical tensions, commentary by the United States Federal Reserve, or any other factor trigger concerns among investors.

"Gold is currently consolidating within a defined range, with the $5,150-$5,180 zone acting as strong supply and $4,900-$4,950 as key demand. A weekly close near $4,850-$4,900 could open downside potential toward $4,300-$4,350," noted Tushar Badjate, Director of Badjate Stock & shares Pvt Ltd.

Gold and silver may continue to showcase strong momentum in the long-term as persistent central bank buying, rising geopolitical concerns, and trade tensions may fuel their rally.

"The long-term outlook remains positive, supported by global liquidity trends and steady central bank buying. On the upside, a decisive breakout above $5,180 may trigger momentum toward $5,400-$5,600. For now, gold remains range-bound and is waiting for a clear directional catalyst, but the broader trend continues to favor strength despite short-term consolidation," added Tushar Badjate.

"Gold and silver in 2026 are witnessing a volatile corrective phase after last year's sharp rally, though the broader multi-year bullish trend remains intact. MCX gold is consolidating around ₹1.55-1.58 lakh per 10g, while silver has shown sharp two-way moves near ₹2.41 lakh/kg despite being below earlier peaks," Gaurvav Garg, Lemonn Markets Desk.

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