Gold Price in India on Maha Shivaratri Falls Sharply: 22K Gold Drops Rs. 2,500, Silver Tumbles on Feb 26

Gold prices in India fell sharply today on the auspicious occasion of Maha Shivaratri, a festival dedicated to Lord Shiva. Maha Shivaratri is considered an ideal time for making gold purchases, as buying gold on this day is believed to bring prosperity and good fortune. This drop in gold rates in India is extremely welcome for retail buyers, as gold prices have been rising consistently, stopping many from making a purchase.

Internationally,Due to the rise in the U.S. dollar, gold prices in India slipped today due to uncertainties surrounding former U.S. President Donald Trump's tariff plans.

On 26th February, the 22-carat gold rates in India slipped by Rs 250 per 10 grams to cost Rs. 80,500, while the 24-carat gold rates declined by Rs. 270 to retail at Rs. 87,820 per 10 grams. Similarly, the 18-carat gold rates fell by Rs. 200 to cost Rs. 65,870.

For heavy weight quantities, 100 grams of 24-carat gold rates are now priced at Rs. 8,78,200 after witnessing the decline of Rs. 2700, while the 22-carat gold fell by Rs. 2500 to cost Rs. 8,05,000. Just like that, 18-carat gold rates in India also experienced this fall, which made the yellow metal dip to Rs. 2,000 per 100 grams to retail at Rs. 6,58,700.

Silver rates in India today

Silver prices in India on 3rd February slipped massively after gains of yesterday. Silver rates in India today per kilogram are down. By Rs. 3000, it costs Rs. 98,000 per kg. The price of 100 grams of silver was Rs. 9,800, a decline of Rs. 300.

MCX Gold and Silver Futures Update

Gold futures prices on the Multi Commodity Exchange (MCX), expected to mature on April 4, 2025, experienced a decline, trading at Rs. 85,619 after dropping 0.04%. Whereas silver future prices, with an expiry date of March 5, 2025, showed a slight rise during the trading session. Prices rose by 0.04% to Rs. 93,889.

International Gold and Silver Prices Update

As per Reuters, gold prices inched higher on Wednesday after hitting a one-week low in the previous session, as uncertainties stemming from U.S. President Donald Trump's tariff plans dampened risk appetite and boosted demand for safe-haven bullion. Spot gold was up 0.1% at $2,918.01 an ounce, as of 0237 GMT, after falling more than 2% on Tuesday. U.S. gold futures rose 0.5% to $2,932.50. Spot silver was steady at $31.74 an ounce.

Market Experts on Gold Prices Outlook

As per Nirmal Bang Securities, "Bullion hit a new all-time high of USD 2,956.19 an ounce on Monday, topping the previous peak reached on Thursday, before paring gains.Gold prices have risen for the past eight weeks, the longest streak since 2020. Gold-backed ETFs saw the biggest net inflows since 2022 last week. Mounting concerns over President Donald Trump's disruptive trade and geopolitical agendas are driving demand for gold as a haven asset. Goldman Sachs Group Inc. last week raised its year-end target for the metal to USD 3,100, saying that central bank buying would be a key driver, as well as expanding ETFs. The Bloomberg Dollar Spot Index pared earlier losses to be little changed at 12:49 p.m. in New York after reports on Friday showed US business activity slowed and consumer confidence waned, while expectations for inflation surged. Swap markets priced in more rate cuts by the Federal Reserve this year, with traders expecting a first reduction for 2025 in July, rather than September. A weaker dollar and lower borrowing costs typically benefit gold. Data this week includes the Federal Reserve's preferred inflation metric on Friday, which is expected to cool to the slowest pace since June. However, glacial progress on taming price pressures overall will keep policymakers cautious about lowering rates further."