Gold prices in India continued their upward momentum on Thursday, February 12, reflecting strong global cues and a softer US dollar. The precious metal remained in demand across major domestic markets, pushing rates close to record levels. In the national capital, Delhi, the price of 24-carat gold climbed to ₹1,59,760 per 10 grams, while silver prices moved in the opposite direction, becoming cheaper once again.

Gold Rates Rise on Global Support

The ongoing rally in gold prices is largely driven by strength in the international market. Spot gold in global trade was recorded at $5,078.72 per ounce, supported by weakness in the dollar and continued uncertainty in global financial markets. A softer dollar typically makes gold more attractive for investors, which has translated into higher prices in the Indian market as well.

In Mumbai, 24-carat gold was trading slightly lower than Delhi at ₹1,59,610 per 10 grams, while 22-carat gold was priced at ₹1,46,310 per 10 grams. Similar rates were observed across several other metro cities, indicating a broadly stable but firm trend nationwide.

City-Wise Gold Prices Today

Here’s a look at gold rates in some of India’s key cities as of February 12:

• Delhi:

  
  
  
  

  • 22-carat gold: ₹1,46,460 per 10 grams

  
  

  • 24-carat gold: ₹1,59,760 per 10 grams

  
  



• Mumbai, Chennai & Kolkata:

  
  
  
  

  • 22-carat gold: ₹1,46,310 per 10 grams

  
  

  • 24-carat gold: ₹1,59,610 per 10 grams

  
  



• Ahmedabad & Bhopal:

  
  
  
  

  • 22-carat gold: ₹1,46,360 per 10 grams

  
  

  • 24-carat gold: ₹1,59,660 per 10 grams

  
  



• Jaipur, Lucknow & Chandigarh:

  
  
  
  

  • 22-carat gold: ₹1,46,460 per 10 grams

  
  

  • 24-carat gold: ₹1,59,760 per 10 grams

  
  



• Pune & Bengaluru:

  
  
  
  

  • 22-carat gold: ₹1,46,310 per 10 grams

  
  

  • 24-carat gold: ₹1,59,610 per 10 grams

  
  

The uniformity in prices across regions highlights strong underlying demand and steady supply conditions in the domestic bullion market.

Expert Outlook: Gold May Touch ₹2 Lakh in 2026

Market experts remain optimistic about the long-term outlook for gold. Rajesh Rokde, Chairman of the All India Gem and Jewellery Domestic Council (GJC), believes that gold prices could climb significantly higher in the coming months. According to him, the price of 10 grams of gold may reach ₹2,00,000 in 2026, while silver could rise to ₹5,00,000 per kilogram over the same period.

He also noted that any reduction in GST or import duty on gold and silver by the government could provide temporary relief to buyers and lead to some price correction. However, without policy intervention, prices are expected to remain elevated due to global economic uncertainty and sustained investment demand.

Investment advisory firm Geojit Investments Limited echoed a similar view, stating that the overall trend in gold continues to look strong. Factors such as geopolitical tensions, central bank buying, and inflation concerns are likely to keep gold attractive as a safe-haven asset.

Silver Prices Continue to Slide

While gold shines brighter, silver has been under pressure. On Thursday morning, silver was trading at ₹2,89,900 per kilogram, extending its recent decline. Notably, silver had crossed the ₹4 lakh per kg mark in January, making the current levels significantly lower.

In the international market, spot silver was quoted at $85.51 per ounce, reflecting subdued demand and profit booking after recent highs. Analysts suggest that silver prices may remain volatile in the near term, influenced by industrial demand and global economic signals.

What This Means for Buyers and Investors

For jewellery buyers, the high gold prices may prompt cautious purchasing, especially during the wedding season. However, long-term investors continue to view gold as a reliable hedge against inflation and currency fluctuations. Silver, on the other hand, may attract bargain hunters due to its recent correction.

With global factors still favoring precious metals, market participants are advised to closely track international developments, currency movements, and policy decisions that could influence prices in the coming weeks.