Gold rates today: Yellow metal retreats from all-time high, falls ₹700 to ₹88,750 per 10 gm, silver slips by ₹300

Gold prices fell by ₹700 to ₹88,750 per 10 gm in the national capital on Friday, February 21, due to lower demand from jewellers and investors, according to the All India Sarafa Association. Gold of 99.9% purity hit an all-time high of ₹89,450 per 10 gm on Thursday, February 20.

The yellow metal retreated from its record-high prices seen yesterday, taking a ‘breather’ because of poor demand from jewellers, a PTI report quoted traders as saying, adding that weak global trends aided the losses.

Silver prices on Friday also plunged, down by ₹300 to ₹1 lakh per kg.

Gold contracts in futures trade for April delivery declined by ₹225 to ₹85,799 per 10 gm on the Multi Commodity Exchange (MCX). Silver futures for March delivery decreased by ₹283 to ₹96,830 per kg on the Multi Commodity Exchange (MCX).

"Gold traded weakly and remained volatile. In MCX, gold moved between ₹85,900 and ₹85,400, with rupee weakness supporting prices above ₹85,350 despite a flat dollar index," said Jateen Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities to PTI.

Moreover, Comex gold futures for April delivery declined from their all-time high to $2,944.91 per ounce, down by $11.19. Spot gold slipped as well, falling by $8.42 or 0.29% to $2,930.56 per ounce.

"Gold prices fell from record highs on Friday as traders liquidated their long bets and took profits after a prolonged rally in precious metals," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said to PTI.

Gandhi added that hawkish statements from US Fed members and FOMC meeting minutes underscored the cautious approach of US policymakers regarding interest rate cuts due to ongoing inflation concerns, resulting in some profit-taking in the yellow metal.

Comex silver futures in the Asian market hours traded lower at $33.65 per ounce.

As per reports, bullion prices dipped amid reports of the Trump administration’s indication that they might ease sanctions against Russia, seeking a quicker resolution to the Russia-Ukraine conflict.