Gold Rates & Silver Rates Today Live: Big Crash In Gold Rates In India, Silver Drops Too; 24K, 22K, 18K Gold

Gold rates and silver rates in India are expected to be under pressure even on February 17. This is because of bearish global cues. The spot gold price traded lower by 1% to below the $4,970 per ounce level. While the spot silver price has dropped by 2% to struggle around $75 per ounce.

MCX gold and silver prices further followed the similar trend. MCX gold is down by 1% and trading around Rs 1.54 lakh, and MCX silver also plunged by 1% while trying to hold above Rs 2.40 lakh.

This will also mark the second consecutive day of sell-offs. As per Trading Economics, markets in China and several countries in Asia remained shut for the Lunar New Year, following a holiday in the US on Monday. Meanwhile, softer-than-expected US inflation data released last Friday boosted expectations for further monetary easing by the Federal Reserve this year.

Currently, traders are expecting more than 2 rate cuts from US Fed this year. The first rate cut is predicted to happen in July, a trajectory that was pushed from June policy after stronger-than-expected US job data.

Going ahead, investors are waiting for Fed's minutes, advance estimate of US GDP data, and PCE inflation print for better understanding of monetary policy outlook.

Apart from this, geopolitical risks continues to be in focus. Precious metals will also observe the nuclear talks between US-Iran which are expected to resume on Tuesday amid elevated tensions, while negotiations between Russia and Ukraine are also scheduled to begin against the backdrop of ongoing fighting.