Gold price declined on Wednesday, while silver managed modest gains, as global economic factors and a stronger US dollar weighed on investor sentiment.
In international markets, gold dropped below the $4,900 per ounce mark. Softer US Treasury yields provided limited support, keeping overall market sentiment cautious.
Easing geopolitical tensions between the US and Iran also reduced safe-haven demand. Reports indicated that both countries made progress in Geneva talks, reaching an understanding on key principles for future nuclear negotiations. Iranian Foreign Minister Abbas Araghchi described the discussions as more constructive than previous rounds and noted that draft texts could be exchanged for a potential agreement, though a final deal remains distant. He also urged the United States to stop issuing threats of force against Iran.
Market experts also pointed out that thin liquidity due to Lunar New Year holidays in parts of Asia further restricted price gains. The US dollar index rose 0.10% to 97.25, making dollar-denominated gold more expensive for buyers using other currencies.
In India, gold rates mirrored the global decline, with prices slipping across major metros.
Gold Prices in Key Indian Cities on February 18 (Per Gram)
Delhi:
24K – ₹15,435
22K – ₹14,150
18K – ₹11,580
Chennai:
24K – ₹15,524
22K – ₹14,230
18K – ₹12,180
Bengaluru:
24K – ₹15,420
22K – ₹14,135
18K – ₹11,565
Mumbai:
24K – ₹15,420
22K – ₹14,135
18K – ₹11,565
Pune:
24K – ₹15,420
22K – ₹14,135
18K – ₹11,565
Kolkata:
24K – ₹15,420
22K – ₹14,135
18K – ₹11,565
Investors are advised to monitor global developments and currency fluctuations, as these factors continue to influence gold prices.