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Gold, Silver Rate Today: Gold and silver prices edged lower on Monday, February 16, after gaining in the previous session on softer-than-expected US inflation data. A firmer US dollar weighed on bullion in early trade, even as expectations of Federal Reserve rate cuts limited the downside.
As of 6:45 am, spot gold was down 0.4 per cent, or USD 19, at USD 5,023.79 per ounce. Silver mirrored the trend, slipping 0.7 per cent to USD 76.9410 per ounce.
On the domestic front, bullion was not trading on the Multi-Commodity Exchange (MCX) at the time of filing this report. In the previous session, however, gold settled 0.2 per cent higher at Rs 1,56,200 per 10 grams, while silver surged over 3.5 per cent to close at Rs 2,44,999 per kg. (Gold and Silver prices on MCX)
Stronger Dollar Pressures Precious Metals
The dollar index, which measures the US currency against a basket of major global currencies, ticked up to 96.95. A stronger dollar typically exerts downward pressure on gold, as it makes the metal more expensive for overseas buyers and reduces its appeal as a hedge. (Why are gold prices declining?)
Adding to the pressure, an analyst told ET Now Swadesh that Russia has announced it would resume global trading in dollars after four years, slowing the de-dollarisation trend. This development is seen as a negative for precious metals, which often benefit from moves away from the US currency.
According to a 2026 internal Kremlin memo reviewed by Bloomberg, Russia is actively considering a return to the US dollar settlement system as part of a potential economic partnership with US President Donald Trump.
Softer US Inflation caps losses
Despite the stronger dollar, losses in bullion were capped by weaker-than-expected US inflation data.
The US Consumer Price Index (CPI) rose 0.2 per cent in January, below economists’ expectations of a 0.3 per cent increase, after an unrevised 0.3 per cent gain in December, the Labour Department said, according to Reuters.
A softer CPI reading has strengthened expectations of Federal Reserve rate cuts. Lower interest rates typically weaken the dollar and reduce real yields, both of which support gold prices.
Reuters reported that market participants are currently pricing in a total of 63 basis points of rate cuts this year, with the first move expected in July.
Gold generally performs well in a low-interest-rate environment, as declining yields reduce the opportunity cost of holding non-yielding assets such as bullion.
An analyst further told ET Now Swadesh that the long-term bullish trend for gold remains intact despite near-term volatility.
Key Triggers ahead: FOMC Minutes, Core PCE
Investors are now awaiting the minutes of the Federal Reserve’s January FOMC meeting, due on Wednesday, and the core Personal Consumption Expenditures (PCE) data scheduled for Friday.
These key data points are expected to provide further cues on the trajectory of US interest rates and could determine the near-term direction of gold and silver prices.
Gold Rates in Delhi, Mumbai, Chennai and others (City-wise gold prices)
| City Name | Prices/10g (24 carat) |
| Delhi | Rs 157890 |
| Mumbai | Rs 157740 |
| Kolkata | Rs 157740 |
| Chennai | Rs 158830 |
| Patna | Rs 157790 |
| Lucknow | Rs 157890 |
| Ghaziabad | Rs 157890 |
| Noida | Rs 157890 |
| Chandigarh | Rs 157890 |
| Gurugram | Rs 157890 |
Gold prices (24-carat, per 10g) are fairly uniform across major Indian cities. Chennai shows the highest rate at Rs 1,58,830, while Mumbai and Kolkata are slightly lower at Rs 1,57,740. Most northern cities cluster around Rs 1,57,890.
Find out the latest Gold Price Today in India exclusively on ET NOW. What is the price of gold today in Delhi, Mumbai, Lucknow, and Patna? What are the reasons for the fall in Gold prices?
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
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