Gold Prices Jump Nearly 1% to Rs 1,52,899 — What’s Driving the Move on February 18?

Gold prices are back in focus.

On February 18, Gold prices saw a strong uptick in domestic futures trade. The yellow metal opened higher on MCX, even as international spot prices showed early volatility. Investors tracking safe-haven assets and currency movements had plenty to watch.

Here’s a sharp, data-backed breakdown of what happened — and why it matters.

Market Performance: Gold Prices Open Firm on MCX

The day began with strength in the domestic futures market.

• MCX Gold (24-carat, February contract) opened at Rs 1,52,899 per 10 grams
• That marks a nearly 1% gain from the previous close

This early move positioned Gold prices near the upper end of their recent domestic range.

On the global front, price action told a slightly different story before stabilizing:

• International spot gold touched a low of $4,869 per ounce
• It later recovered to trade just above $4,938 per ounce (3:38 am GMT)
• This reflects a 0.66% rise from the previous close

So while global markets saw initial weakness, recovery kicked in quickly. Domestic futures mirrored that steadier tone.

IBJA Benchmark: Reference Rate Falls 1.45%

There was movement in the official benchmark as well.

The Indian Bullion Jewellers Association (IBJA) fixed the standard gold price at:

• Rs 1,51,865 per 10 grams (999 purity)
• Published at 18:30 pm rate session on February 17
• This was down 1.45%
• Previous close stood at Rs 1,54,098

Why is this important?

IBJA rates serve as the benchmark for:

• RBI’s Sovereign Gold Bond (SGB) valuations
• Calculations based on the previous week’s average closing price

So even as MCX futures rose on February 18, the benchmark rate had seen a decline a day earlier. That divergence is worth noting.

Currency Watch: Rupee Holds Near 90.68

Gold doesn’t move in isolation. The rupee’s movement adds another layer.

• The Indian rupee traded in a narrow range near 90.68
• Immediate support near 90.90
• Resistance around 90.25

The currency stayed largely range-bound as traders waited for fresh global cues. Movements in the dollar index and secondary market flows remain key watchpoints.

A stable rupee can cushion sharp moves in Gold prices, while a weaker rupee typically amplifies gains in domestic bullion.

International Factors Behind Gold Prices

Global spot gold saw sharp intraday movement:

• Early fall to $4,869 per ounce
• Recovery to $4,938 per ounce
• Gain of 0.66%

Activity remained thin due to:

• Asian market holidays
• Limited participation in key global centers

Precious metal positioning data also showed adjustments in speculative exposure:

• Non-commercial traders reduced net long silver futures by 2,922 contracts
• Positions fell to 22,955 contracts (as of February 9, 2026)
• This marks a two-year low

COMEX gold positions also saw a reduction in net long exposure. That signals a cautious stance across precious metals.

Liquidity Conditions and Market Activity

Trading volumes remained relatively light.

• Market activity was subdued due to holidays in major economies
• Lower liquidity often leads to sharper intraday swings
• Open interest showed signs of reduction in precious metals

When liquidity thins, even modest global cues can trigger noticeable price moves.

That partly explains the early volatility in international gold before recovery.

Gold Price Range: Key Levels in Focus

Short-term gold price activity is clustering within a defined band.

• Dollar range: $4,650–$5,100
• Domestic equivalent: Rs 1,47,000–Rs 1,60,000

Currently, domestic futures opening at Rs 1,52,899 keeps Gold prices positioned around the mid-to-upper section of this range.

Watching whether prices sustain above Rs 1.52 lakh remains key for short-term sentiment tracking.

Purity-Based Gold Prices

Gold prices vary depending on purity:

• 24-carat gold reflects the highest purity
• 999 purity rates are typically referenced by IBJA benchmarks
• Local differences arise from jeweller margins and logistical costs

Across major Indian cities, rates remained largely uniform with only marginal variations due to:

• State taxes
• Local levies
• Transportation costs

Uniformity signals that price shifts are being driven primarily by macro factors rather than local dynamics.

Global Macro Cues in Play

Several broader themes remain relevant to gold:

• Thin liquidity due to holidays
• Dollar strength influencing metals
• Ongoing geopolitical developments in global markets
• Position adjustments in futures trading

Markets are awaiting upcoming U.S. economic data including:

• Federal Reserve minutes
• Industrial output figures
• PCE price index data

These releases could influence bullion direction in the coming sessions.

Why Gold Prices Are Moving Now?

Let’s break it down clearly.

Domestic driver:

• MCX futures jumped nearly 1% to Rs 1,52,899

Global driver:

• Spot gold recovered from $4,869 to $4,938
• Gain of 0.66%

Benchmark shift:

• IBJA rate fell 1.45% to Rs 1,51,865

Currency factor:

• Rupee trading near 90.68

It’s a layered picture. Domestic futures showed strength even as benchmark reference pricing saw prior softness.

Summary: Where Gold Prices Stand on February 18

Gold prices remain in a dynamic zone.

• MCX Gold: Rs 1,52,899 per 10 grams
• International spot: $4,938 per ounce
• IBJA benchmark: Rs 1,51,865
• Rupee level: 90.68

The day’s move reflects recovering global spot prices and stable currency conditions. Liquidity remains a factor, and positioning data shows cautious sentiment in futures markets.

For now, Gold prices are holding within the broader range of Rs 1.47 lakh to Rs 1.60 lakh, keeping investors closely watching currency trends and global cues.

Source: Moneycontrol