Sharp Fall In Gold Prices In India, Feb 21: 24K, 22K, 18K Rates Drop After Rs.19,700 Weekly Gain; Silver Dips

After five consecutive days of gains, gold prices in India declined today, offering some relief to buyers. The 22-carat gold rates in India had already surpassed the Rs.80,000 mark due to the continuous surge in yellow metal rates due to uncertainty surrounding Trump's Tariff imposition. However, this drop in gold prices today is welcomed by the retail buyers.

Gold Rate In India

On 21st February 2025, 22-carat gold rates in India slipped by Rs 450 per 10 grams to cost Rs. 80,250, while the 24-carat gold rates declined by Rs. 290 to retail at Rs. 87,750 per 10 grams. Similarly, the 18-carat gold rates dropped by Rs. 370 per 10 grams to cost Rs. 65,670.

For heavy weight quantities, 100 grams of 24-carat gold rates are now priced at Rs. 877,500 after witnessing the decline of Rs. 4,500, while the 22-carat gold fell by Rs. 2,900 to cost Rs. 802,500. Just like that, 18-carat gold rates in India also experienced this fall, which made the yellow metal dip to Rs. 3,300 per 100 grams to retail at Rs. 630,400.

Silver rates in India today

Silver prices in India on 21st February slipped, breaking the stability for six consecutive sessions. Silver rates in India per kilogram are down. By Rs. 100, it costs Rs. 1,04,000 per kg. The price of 100 grams of silver was Rs. 10,400 after a decline of Rs. 10.

MCX Gold and Silver Futures

Gold prices on the MCX (Multi Commodity Exchange) today slipped slightly after multiple days of gains. Gold futures due to mature on April 4, 2025, dropped by 0.35% to Rs.87,720

Silver futures, with an expiration date of March 5, 2025, also saw a drop this morning, trading 0.53% lower than the previous close at Rs. 96,597.

"MCX Gold April is expected to hold the support of Rs.85,500 and move towards the Rs.87,000 level. MCX Silver March is expected to rise towards Rs.98,200, as long as it holds above Rs.95,800," as stated in the ICICI Direct Research Report.

Market Experts on Gold Prices in India Outlook

According to the ICICI Direct Research Report, "Gold is expected to hold the key support near $2925 and move higher towards $2960 amid increasing safe haven demand. Meanwhile, weakness in US Treasury yields would also provide support to the bullion. Escalating trade tension would further increase the flows into ETFs and increase investment demand. Meanwhile, focus will remain on key economic numbers from the US, which could bring further volatility in price. "

"Gold price is likely to hold the key support near $2925 and move towards $2960. Unwinding of OI at ATM calls indicates an upward movement. Higher concentration of OI in the 2950 call strike could provide some resistance, but a move above $2950 could bring a short covering rally. Spot silver is expected to rise towards $33.40, as long as it trades above $32.40."

Spot Gold Price and Spot Silver Price Update

As per Reuters, spot gold declined by 0.4% to $2,927.89 per ounce as of 05:01 GMT. Despite this dip, bullion has gained over 1% this week, reaching a record high of $2,954.69 on Thursday. U.S. gold futures slipped 0.5% to $2,942, while spot silver also fell 0.4% to $32.79 per ounce. Although gold prices retreated on Friday from their all-time high, they remained on course for an eighth consecutive weekly gain, driven by safe-haven demand amid concerns over former U.S. President Donald Trump's tariff threats.