Patna: Gold and silver prices climbed sharply on February 23, continuing this year’s volatile but upward trend in precious metals.
According to the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold rose by Rs 3,362 to Rs 1,58,428, up from Rs 1,55,066 previously. Silver also saw a significant increase, with the price of one kilogram rising by Rs 15,236 to Rs 2,65,550, compared with Rs 2,50,314 a day earlier.
Market experts said the rally could extend further in the coming weeks.
So far in 2026, gold has gained approximately Rs 25,000, while silver has risen by around Rs 35,000. During this period, both metals touched record highs on January 29, with gold reaching Rs 1.76 lakh and silver Rs 3.86 lakh.
Global demand remains a key driver of prices. Investment banking firm UBS said central banks purchased 863 tonnes of gold in 2025 and projected that purchases could increase to 950 tonnes in 2026. Investments in gold exchange-traded funds are also expected to rise to 825 tonnes.
UBS said it expects gold prices to strengthen further in 2026, estimating that the metal could reach $6,200 per ounce by mid-year. In rupee terms, that would translate to around Rs 1.80 lakh per 10 grams.
Analysts said a combination of sustained central bank buying, investor interest and global economic uncertainties continued to underpin the bullish outlook for precious metals.
