On the final day of February, the precious metals market brought some relief to buyers as gold & silver prices softened. On the morning of 28 February, gold prices saw a noticeable decline, offering a welcome break for investors and buyers alike.
In the national capital, 24-carat gold slipped to ₹1,61,710 per 10 grams, while in Mumbai, the same purity was trading at ₹1,61,580 per 10 grams. Just a day earlier, gold in Delhi had surged by ₹1,800, reaching ₹1,64,700 per 10 grams.
In the international market, gold’s spot price remained at $5,172.17 per ounce, drawing the attention of global investors and market watchers.
Long-Term Outlook Remains Strong
Global financial institution J.P. Morgan has reiterated a bullish long-term view for gold. The bank has raised its target for gold prices to $4,500 per ounce and maintained its forecast of $6,300 per ounce by the end of 2026. With increasing interest among investors for diversification, demand for gold is expected to stay robust.
📊 Today’s Gold Rates in Major Cities
Delhi:
- 24 Carat Gold — ₹1,61,710 per 10 g
- 22 Carat Gold — ₹1,48,240 per 10 g
Mumbai, Chennai & Kolkata:
- 24 Carat Gold — ₹1,61,580 per 10 g
- 22 Carat Gold — ₹1,48,110 per 10 g
Pune & Bengaluru:
- 24 Carat Gold — ₹1,61,580 per 10 g
- 22 Carat Gold — ~₹1,48,110 per 10 g
🪙 Silver Prices Also Ease
Silver prices also saw a decline on 28 February morning. Silver was trading at ₹2,84,900 per kilogram, after having slipped by around ₹2,500 (about 1%) in the previous session to close at ₹2,68,000 per kilogram in Delhi’s bullion market.
In the international market, the silver spot price was recorded at $89.72 per ounce.
Interestingly, silver had crossed the ₹4 lakh per kilogram mark in January — a level that stirred activity and interest in the market.
📌 What Lies Ahead
This end-of-February dip in gold and silver prices could be an important signal for both investors and consumers. With March set to begin, market participants will be closely watching how global economic cues and domestic factors influence the price movements of precious metals.
