Gold, silver prices slip on weak global cues

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Precious metals declined for the second consecutive day to high a 10-day low on Tuesday on profit-booking, after a sharp rally in the past few months. Most importantly, gold dropped below $4,900 an ounce and silver to $72 an ounce. In the domestic market, the yellow metal declined by Rs 2,233 or one per cent to Rs 151,865 per 10 gm against Rs 154,098 on Monday due to weak prospects in the global markets.

However despite the recent fall, gold prices are still up 8 per cent compared with Rs 140,449 on January 12, according to Indian Bullion and Jewellers Association data.

Similarly, silver prices dipped by Rs 7,992 or three per cent to Rs 232,955 a kg against Rs 240,947 on Monday largely on global cues. Silver prices have been on a free-fall ever since speculators closed their open position due to sharp increase in margin calls in the international markets.

Gold and silver exchange traded funds also fell in sync. Gold ETFs declined 1.3-2.5 per cent, while silver ETFs fell 2.7-3.4 per cent. Over a one-year period, however, silver ETFs have more than doubled while gold ETFs have given over 75 per cent returns on an average.

Asian holidays

On MCX, gold for April delivery was down Rs 1,780 or one per cent at Rs 152,980 per 10 grams. The silver march contract declined by Rs 7,166 or three per cent to Rs 232,725.

Gold in the international market dropped by $135 or pver two per cent at $4,852.51 an ounce. Silver was quoted at $72.64 an ounce, down by 2.8 per cent.

Kaveri More, Commodity Analyst, Choice Broking said gold and silver prices dropped as liquidity dried up due to holiday in most Asian markets.

Non-commercial traders reduced their net long silver futures positions by 2,922 contracts to 22,955 as of February 9, a two-year low. COMEX speculators similarly cut their net long gold positions significantly, signalling waning optimism, she said.

Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, said gold traded weak below ₹1,53,500, down ₹1,500, as CME gold slipped below $4,950, losing around $57 or 1.15 per cent, with easing geopolitical tensions reducing safe-haven demand.

“The absence of major US or China data this week may keep gold in a range-to-weak bias. Immediate support is seen near ₹148,000–₹149,500, while ₹155,000 remains a key resistance zone,” he said.

Published on February 17, 2026