Analysts point to a widening Gold-Silver Ratio and a correction phase for silver after early January peaks, driven by RBI interest rate outlook and reduced industrial demand.
Delhi: Gold prices in India held steady near record territory Monday, February 16, 2026, as global safe-haven demand balanced a cooling domestic retail sector. While gold maintained its grip on recent gains, silver prices continued a sharp descent, dropping to their lowest levels in six weeks.
In the national capital, 24-karat gold opened at ₹1,57,900 per 10 grams, as investors weighed a strengthening rupee against geopolitical uncertainty in the Middle East.
Metropolitan Gold Rates
Retail prices varied across India's primary bullion hubs, influenced by local taxes and transportation costs.
| City | 24K Gold (10g) | 22K Gold (10g) | 18K Gold (10g) |
| Chennai | ₹1,58,950 | ₹1,45,710 | ₹1,19,213 |
| Delhi | ₹1,57,900 | ₹1,44,750 | ₹1,18,460 |
| Mumbai | ₹1,57,890 | ₹1,44,740 | ₹1,18,418 |
| Kolkata | ₹1,57,870 | ₹1,44,720 | ₹1,18,403 |
| Bengaluru | ₹1,57,750 | ₹1,44,600 | ₹1,18,310 |
| Hyderabad | ₹1,57,740 | ₹1,44,590 | ₹1,18,300 |
| Ahmedabad | ₹1,52,920 | ₹1,45,640 | ₹1,19,160 |
| Thiruvananthapuram | ₹1,51,830 | ₹1,44,600 | ₹1,18,310 |
Silver’s Market Retreat
The industrial metal faced its most significant sell-off of the quarter, with prices retreating across all major trading centres.
- National Average: Silver is retailing at ₹2,75,000 per kilogram in Mumbai, Delhi, and Kolkata.
- Southern Premiums: Prices remain slightly elevated in Chennai and Hyderabad at ₹2,80,000 per kg, while Thiruvananthapuram reported a high of ₹2,99,000 per kg due to localised wedding season demand.
Technical Analysis and Outlook
Analysts noted that the "Gold-Silver Ratio" has widened significantly this month, indicating that silver is underperforming its more stable counterpart.
- The "Silver Crash": After hitting a psychological peak of ₹4,00,000 per kg in early January, the metal has entered a correction phase, shedding over 20% of its value in 30 days.
- Price Drivers: Domestic rates are currently reacting to a "wait-and-watch" approach by the Reserve Bank of India regarding interest rates, alongside a dip in industrial demand for silver from the renewable energy sector.
Prices quoted are exclusive of the 3% Goods and Services Tax (GST), making charges, and local jewellery premiums, which typically add 5% to 12% to the final bill at the counter.
Published: 16 Feb 2026, 07:28 am IST
Related Topics
Disclaimer: Kindly avoid objectionable, derogatory, unlawful and lewd comments, while responding to reports. Such comments are punishable under cyber laws. Please keep away from personal attacks. The opinions expressed here are the personal opinions of readers and not that of Mathrubhumi.
