Gold price jumps almost 1% to Rs 1,52,899 on February 18; what should investors track next?

• Gold prices fell on Comex and MCX amid weak safe-haven demand
• Low liquidity and firm dollar pressured gold and silver prices
• Experts advise a buy-on-dips, sell-on-rallies approach for gold

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The domestic futures price of gold on the MCX opened the February 18 session higher at Rs 1,52,899 per 10 grams of 24-carat purity, representing a gain of nearly 1 percent from its previous close.

The spot price of gold on the international market had fallen sharply during the early trade on Wednesday, touching a low of $4,869 per ounce, but recovered some of those losses to trade just above $4,938 per ounce (3:38 am GMT), which is a gain of around 0.66 percent from its previous close.

Meanwhile, the Indian Bullion Jewellers Association (IBJA) pegged the standard price of gold at Rs 1,51,865 for 10 grams of 999 purity on their 18:30 pm rate session on February 17, down 1.45 percent from its previous close at Rs 1,54,098. These rates form the benchmark for the RBI’s Sovereign Gold Bond (SGB) valuations, calculated using the previous week’s average closing price.

The rupee on Tuesday traded in a narrow range near 90.68 as participants await a decisive move in the dollar index or fresh cues from secondary market flows to provide direction. Analysts say the US-India trade deal has not yet translated into meaningful support, and limited intervention has kept the currency range-bound. Immediate support remains near 90.90, while resistance is placed around 90.25.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said, “Gold traded weak as CME gold slipped 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 Rs 1,48,000–Rs 1,49,500, while Rs 1,55,000 remains a key resistance zone."

Gold prices vary by purity. Check the prices of gold based on its purity

City-wise gold prices in India today

Gold rates across India’s major cities showed remarkable uniformity, with only marginal differences due to local taxes, jeweller margins, and logistics costs.

Kaveri More, Commodity Analyst at Choice Broking, said that gold prices fell as low liquidity from Asian market holidays combined with softer US inflation data fueled expectations of future Federal Reserve rate cuts.

"Precious metals speculators trimmed bullish bets last week, per the latest CFTC Commitment of Traders report. Non-commercial traders reduced their net long silver futures positions by 2,922 contracts to 22,955 as of February 9, 2026, a two-year low. COMEX speculators similarly cut their net long gold positions significantly, signalling waning optimism," said More.

He added that gold hovered around its 20-DEMA after failing to hold key support last week. Both precious metals struggled near critical levels amid declining open interest (OI) from long unwinding. Watch 149,000 as pivotal support in gold and 225,000 in silver; if it breaks below, it could accelerate further downside.

Why is gold price down? Should you invest?

The Augmont Bullion report, published on February 17,  noted that in the short term, gold prices are likely to consolidate within the $4,650–$5,100 range (Rs 147,000–Rs 160,000). "A buy-on-dips and sell-on-rallies approach is advisable."

According to Manav Modi, Commodities Analyst at Motilal Oswal Financial Services, gold and silver prices edged lower in early morning trade, extending prior losses as markets stayed cautious ahead of key economic cues, with thin liquidity due to holidays in China and the United States keeping activity subdued, while a firmer dollar pressured metals.

"Safe-haven demand lingered amid geopolitical tension surrounding nuclear talks between Iran and the US, where military pressure is reportedly rising to force a deal. Sentiment was further restrained by policy uncertainty after President Donald Trump nominated Kevin Warsh to lead the Federal Reserve, raising questions over future rate direction," said Modi.

He added that gold continues to hover around $5,000/oz as dollar strength offsets support from softer yields, while China’s tighter curbs on speculative futures trading and holiday closures reduced volumes and near-term direction. Markets now focus on upcoming US data releases, including Federal Reserve minutes, industrial output figures, and the PCE price index, which could shape expectations for policy and bullion trends.

Ross Maxwell, Global Strategy Operations Lead, VT Markets, suggests, "For investors already holding gold, the current market favours a measured, rather than aggressive, approach. Gold continues to serve as an effective portfolio hedge against macro uncertainty and currency debasement, so maintaining a strategic allocation makes sense.

"Accumulation on dips, particularly when real yields spike, or sentiment turns overly bearish, can improve positioning. Investors should avoid chasing rallies, as this exposes them to unnecessary volatility. Position sizing, staggered buying, and a medium-term view remain key, as gold’s primary drivers are now cyclical and policy-dependent rather than purely momentum-based."