Gold and Silver Prices in India Jump at Market Close on 23 February 2026; Silver Surges 6% Intraday

StartupTalky News

23 Feb 2026 — 3 min read

Gold and Silver Prices in India Jump at Market Close on 23 February 2026

Gold and silver prices in India jumped at the market close on 23 February 2026, supported by a sharp global bullion rally and elevated safe-haven demand. Silver led the gains, surging over 6% intraday, while gold held steady near multi-week highs. Domestic rates were further strengthened by a slightly weaker rupee against the dollar and renewed buying interest from investors and industrial buyers, reflecting strength from international cues and heightened geopolitical uncertainty.

Market Close Gold and Silver Price

City	24K Gold (₹/10g)	22K Gold (₹/10g)	Silver (₹/kg)
Delhi	1,59,420	1,46,150	2,74,900
Mumbai	1,59,270	1,46,000	2,74,900
Chennai	1,60,140	1,46,800	2,89,900
Kolkata	1,59,270	1,46,000	2,74,900
Bengaluru	1,59,280	1,46,000	2,74,900
Hyderabad	1,59,280	1,46,000	2,74,900

These are indicative retail closing rates sourced from local markets. Actual prices may vary slightly due to local taxes, making charges, and purity differences.

Intraday Movement

Gold opened around ₹1,59,000 per 10g on MCX but climbed steadily to close near ₹1,59,886, marking a 1.92% gain or ₹3,010 rise during the day. Silver exhibited higher volatility, surging over 6% intraday to ₹2,68,120 per kg before settling at ₹2,74,900 levels in spot markets, up significantly from prior closes. While gold consolidated post-morning gains, silver saw sharper swings driven by industrial buying and global momentum.

Gold Rate Analysis

Gold's resilience stemmed from renewed safe-haven demand as spot prices hit $5,163 per ounce internationally, up over 1.6% amid the US Supreme Court ruling against Trump's tariff expansions. A marginally weaker rupee at around ₹90.9 per dollar amplified import costs, supporting domestic firmness around ₹1,59,000-1,60,000 per 10g. MCX futures tested resistance near ₹1,60,600 but held gains without major profit-booking by close.

Silver Rate Analysis

Silver outperformed gold with a near 5-6% global surge to $86-87 per ounce, reflecting stronger industrial demand alongside safe-haven flows, contrasting gold's steadier profile. Domestic prices jumped ₹23,820 on MCX equivalents, with spot rates firming to ₹2,74,900-2,89,900 per kg across cities, showing elevated volatility versus gold's 2% move. Intraday peaks above ₹2,80,000 highlighted buying on dips before evening consolidation.

Key Factors Driving Prices

Global bullion rally: Comex gold rose 2% to $5,182/oz and silver 5.65% to $86.90/oz on US trade ruling uncertainties and Middle East tensions boosting safe-haven bids.
Rupee depreciation: USD-INR edged to 90.9 from 90.7, increasing metal import costs and aiding local price uptick.
Geopolitical risks: US positioning in the Middle East and Trump's tariff pivot via Sections 122/232 spurred volatility, favouring precious metals over equities.

Market Signals from Close

Today's close indicates building momentum rather than mere consolidation, with silver's outsized gains pointing to renewed industrial optimism amid macro volatility. Gold's steady hold above ₹1,59,000 suggests testing higher levels, while overall trading volumes reflect sustained investor interest without exhaustion. Easing dollar index near 97.8 further supports potential firmness, though elevated gold-silver ratio flags relative silver underperformance in spots.