Silver has taken a steep tumble over the past few weeks, with prices falling by almost Rs 1.46 lakh per kg in just 18 days. Gold, too, remains well below its record high, still cheaper by more than Rs 22,000 despite a small bounce. The sudden drop has put bullion back in focus for both jewellery buyers and investors, particularly as wedding-season purchases begin to pick up.
Latest gold and silver rates on February 16
Bullion prices remained volatile on Sunday evening, with MCX futures indicating continued pressure on silver even as gold showed mild stability.
At around 7 pm, the latest levels were:
- Gold (MCX): Rs 1,55,158 per 10 grams
- Silver (MCX): Rs 2,40,410 per kg
Silver stayed on the back foot after days of sharp selling, while gold appeared to be stabilising following its recent correction from record highs.
Silver’s fall has been one of the steepest in weeks
Silver’s slide has been unusually sharp.
From its all-time high of Rs 3,85,933 per kg recorded on January 29, prices have now dropped by Rs 1,46,449. Traders say such large corrections are rare in a short time span.
Unlike gold, silver tends to move faster in both directions because it is heavily linked to industrial demand – including electronics, solar panels, and electric vehicle manufacturing.
That makes it far more volatile when global sentiment turns cautious.
Gold has recovered slightly, but buyers are still cautious
Gold prices edged up on February 16, rising Rs 1,315 per 10 grams. However, the metal is still trading well below its peak of Rs 1,76,121.
At current levels, gold remains cheaper by Rs 22,041 from its record high.
Market analysts say the mild bounce is largely due to value buying, as investors step in after the recent correction.
Why gold is holding up better than silver right now
The difference in movement between gold and silver is becoming clearer.
Gold continues to attract demand as a safe-haven asset, especially at a time when global markets are watching interest rate signals from the United States and ongoing geopolitical tensions.
Silver, on the other hand, faces extra pressure because it is not only a precious metal but also an industrial commodity. Any concerns over economic slowdown tend to hit silver harder.
Motilal Oswal points to global support for gold prices
A Motilal Oswal report dated February 16 noted that gold has strengthened internationally after US inflation data came in slightly below expectations, increasing hopes of Federal Reserve rate cuts later this year.
The report also highlighted:
- Easing bond yields supporting bullion
- Elevated geopolitical risks boosting safe-haven demand
- Strong physical buying from China
Investors are now watching upcoming US inflation indicators and central bank commentary for the next major move.
Is it a good time to buy?
Bullion experts say a correction of 15–20 per cent from record highs often creates a long-term entry opportunity but timing the exact bottom remains difficult.
For jewellery buyers, the current dip may offer relief ahead of the wedding season.
For buyers looking at these lower levels, the dip may offer some relief – especially for those planning jewellery purchases soon. Investors, though, are still watching the market carefully. Prices have been moving sharply from one session to the next, and silver more than gold has been especially jumpy. The recent fall may have created an opening, but the swings are far from over.
