Gold and silver prices declined on Tuesday, surprising investors who had been tracking the recent rally in precious metals. On February 17, gold dropped by Rs 2,561 or 1.65% to Rs 152,199, while silver fell more sharply by Rs 6,241 or 2.6% to Rs 233,650.
A major reason for the fall is reduced global trading activity. Chinese markets are closed for Lunar New Year celebrations, and US markets were shut for the Presidents’ Day holiday. With two of the world’s largest trading hubs inactive, liquidity in bullion markets declined significantly, increasing volatility and triggering sharp price swings.
Precious metals are also sensitive to interest rate expectations, inflation data, and global economic growth signals. Since gold and silver do not generate regular income, their appeal often weakens when interest rates remain elevated and alternative investments offer higher yields. Investors are closely monitoring policy signals from the Federal Reserve System regarding potential rate cuts.
Aksha Kamboj, Vice President of India Bullion and Jewellers Association (IBJA) and Executive Chairperson of Aspect Global Ventures, believes the easing is part of a normal consolidation process. According to him, gold remains above last week’s levels, indicating that safe-haven demand continues despite short-term profit-booking.
Silver, which is generally more volatile due to its dual role as both a precious and industrial metal, has corrected more sharply. However, experts note that its broader uptrend structure remains intact despite near-term weakness.
Ponmudi R, CEO of Enrich Money, highlighted that MCX Gold futures are consolidating in the Rs 1,50,000–Rs 1,60,000 range after correcting from record highs near Rs 1,80,000–Rs 1,81,000. Similarly, MCX Silver futures are trading within the Rs 2,30,000–Rs 2,70,000 band after a steep pullback from highs around Rs 4,20,000.
Analysts suggest that the current weakness appears to be a correction rather than a long-term reversal. Long-term investors may consider staggered buying near key support levels instead of reacting to short-term volatility. However, short-term traders should exercise caution, as thin liquidity conditions can lead to sudden and sharp price swings.
Future price direction will largely depend on global interest rate trends. If expectations strengthen that the Federal Reserve may begin cutting rates in the coming months, precious metals could regain momentum. Until then, experts advise maintaining balanced allocations and investing gradually rather than chasing rapid moves.
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