Today, February 28, 2026, the bullion market is closing out the month in a state of “calm consolidation.” After a week of significant volatility fueled by geopolitical headlines, both gold and silver are seeing mild profit-taking as traders settle positions for the month-end.
Gold: The ₹1.61 Lakh Floor
Gold is trading slightly lower today as investors lock in gains from the recent “V-shaped” recovery.
- Price Action: MCX Gold Futures are hovering around ₹1,61,720 per 10 grams, down roughly ₹110 from yesterday. Retail 24K gold is averaging ₹16,172 per gram across major metros.+1
- The Catalyst: The market is catching its breath after failing to break the $5,250/oz international resistance level earlier this week. However, strong support has formed at the $5,143 mark, suggesting a solid base for a March rally.
Silver: Holding the Rebound
Silver remains the more volatile play, but it has found a steady rhythm over the last 48 hours.
- Price Action: Spot silver is holding firm at ₹2,85,000 per kg (₹285 per gram). On the MCX, futures are consolidating near the ₹2,79,000–₹2,80,000 range.+1
- Monthly Performance: Despite today’s flat movement, February has been a rollercoaster—silver plummeted to ₹2,55,000 mid-month before a massive ₹45,000 recovery. It ends the month down about 18% from the February 1 peak of ₹3.50 lakh, but well above its lows.+1
Top Drivers for Today
- Geopolitical “Wait-and-Watch”: Tensions remain high as the 10-to-15-day “window of risk” regarding U.S.-Iran relations approaches. While negotiations are set to resume next week, the departure of non-emergency embassy personnel from the region has kept the “safe-haven” premium active.+1
- Tariff Uncertainty: The shift to Section 122 (10% global reciprocal tariffs) continues to drive the “debasement trade.” Investors are increasingly moving out of AI-heavy equities and into physical bullion as a hedge against potential trade war escalation.
- Month-End Rebalancing: Today’s minor dip is largely technical. Institutional investors are rebalancing portfolios, leading to “healthy” profit-taking rather than a structural sell-off.
Price Reference Table (Feb 28, 2026)
| City | 24K Gold (10g) | 22K Gold (10g) | Silver (1kg) |
| Delhi | ₹1,61,720 | ₹1,48,250 | ₹2,85,000 |
| Mumbai | ₹1,61,720 | ₹1,48,250 | ₹2,85,000 |
| Chennai | ₹1,63,020* | ₹1,49,500* | ₹2,85,000 |
| Kolkata | ₹1,61,720 | ₹1,48,250 | ₹2,85,000 |
| Ahmedabad | ₹1,61,770 | ₹1,48,300 | ₹2,85,000 |
*Chennai prices include a standard regional premium.
Technical Outlook for March
As we head into the new month, analysts are watching for a breakout.
- Gold: Needs to clear $5,250/oz to challenge the all-time high of $5,602.
- Silver: Industrial demand (Solar & AI infrastructure) is creating a structural deficit. If COMEX inventories continue to drop, a “delivery squeeze” could push prices back toward the ₹3,00,000 mark quickly.