Gold Market Recap: Prices Slip Amid Profit Booking on 10 February 2026

Gold prices in India saw a retreat on February 10, breaking a recent rally, while silver experienced a sharp decline across the domestic market. This market movement was largely attributed to profit booking by traders and a strengthening US dollar in international markets, which typically makes dollar-denominated gold more expensive for holders of other currencies.

Gold futures on the MCX and spot rates in major Indian cities like Delhi, Mumbai, Chennai, Ahmedabad, Kolkata, and Bengaluru showed a general slip today. While some reports indicated that gold prices remained constant in certain local markets, the prevailing trend reflected a pause or slight fall after a period of upward movement. In stark contrast, silver took a significant hit, with prices dropping by thousands of rupees on the MCX and in the domestic market. MCX silver specifically fell 2% to ₹2.56 lakh/kg, with other reports citing drops of ₹5,200 and a substantial ₹10,000, underscoring the distinct pressures on the white metal.

The primary drivers for gold's decline were indeed profit booking by traders and a firm US dollar. Despite today's dip, the broader context for gold remains robust; India's household gold value has reportedly hit a record high of over $5 trillion, surpassing the nation's GDP, and even the Reserve Bank of India has been a buyer. This underlying strength is also reflected in companies like Titan posting quarterly profit jumps on the back of generally high gold prices. However, the industry also faces challenges, with reports of "deep losses and rampant layoffs" painting a contrasting picture for some segments of the gold and silver sector.

For Indian investors and jewelry shoppers, today's market signals continued volatility. While some analysts suggest that the recent weakness in Silver and Gold ETFs, which saw strong inflows in January, could present an opportunity to buy, others advise staying away from silver given its sharp decline and current market conditions. The question of whether gold will fall further or resume its upward trajectory remains open amid predictions of continued volatility in the near-term. Buyers looking for 18K, 22K, and 24K gold are advised to check city-specific rates, as prices can vary. The overall sentiment points towards careful consideration for both investment and retail purchases in the coming days.