Gold prices eased on Monday and are expected to remain volatile in the coming week as investors await fresh signals from US economic data and Federal Reserve commentary. Analysts predict a period of consolidation for bullion, with traders closely watching US inflation, GDP, labor market indicators, and FOMC meeting minutes to gauge the timing of potential rate cuts.
Market Outlook
Pranav Mer, Vice President of Commodity & Currency Research at JM Financial Services Ltd, noted that gold and silver are likely to trade in a consolidating range. Volatility is expected to continue amid upcoming US GDP and Personal Consumption Expenditures (PCE) inflation data, along with remarks from Fed officials.
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He added that strong US employment data has lowered expectations for immediate rate cuts, putting pressure on bullion prices. At the same time, safe-haven demand, geopolitical tensions, and buying ahead of the Lunar New Year have provided support. Central bank purchases and a softer dollar further supported gold, while mixed physical demand, ETF profit-booking, and strong US data limited gains.
Gold Rates Across Major Indian Cities on Feb 16
Gold Prices in Delhi (Per Gram)
- 24 Karat: ₹15,659
- 22 Karat: ₹14,355
- 18 Karat: ₹11,748
Gold Prices in Chennai (Per Gram)
- 24 Karat: ₹15,753
- 22 Karat: ₹14,440
- 18 Karat: ₹12,350
Gold Prices in Bengaluru (Per Gram)
- 24 Karat: ₹15,644
- 22 Karat: ₹14,340
- 18 Karat: ₹11,733
Gold Prices in Mumbai & Pune (Per Gram)
- 24 Karat: ₹15,644
- 22 Karat: ₹14,340
- 18 Karat: ₹11,733
Gold Prices in Kolkata (Per Gram)
- 24 Karat: ₹15,644
- 22 Karat: ₹14,340
- 18 Karat: ₹11,733
Analysts expect gold and silver to remain range-bound in the near term as markets wait for clarity on US monetary policy.