Gold Price Today: Gold and Silver Prices Decline on Feb 28; Check Latest Rates Across Major Indian Cities

Gold prices witnessed a decline on the morning of Saturday, February 28, 2026, offering some relief to buyers after recent volatility. Silver prices also slipped, continuing the downward trend seen in the previous session. According to market data, both precious metals corrected after sharp fluctuations in the domestic bullion market as well as global cues.

Gold Prices Fall in Domestic Markets

On February 28, gold prices eased in major Indian cities. In Delhi, 24-carat gold was priced at ₹1,61,710 per 10 grams, while 22-carat gold stood at ₹1,48,240 per 10 grams. This marked a noticeable drop from the previous trading session, when gold prices in the Delhi bullion market had surged by ₹1,800 to touch ₹1,64,700 per 10 grams.

In Mumbai, 24-carat gold was trading at ₹1,61,580 per 10 grams, while 22-carat gold was available at ₹1,48,110 per 10 grams. Similar rates were recorded in Chennai and Kolkata, reflecting a uniform pricing trend across key metro cities.

In Ahmedabad, the price of 24-carat gold stood at ₹1,61,610 per 10 grams, while 22-carat gold was priced at ₹1,48,140 per 10 grams. Meanwhile, cities like Jaipur, Lucknow, and Chandigarh saw 24-carat gold trading at ₹1,61,820 per 10 grams and 22-carat gold at ₹1,48,240 per 10 grams.

Gold Rates in Other Major Cities

In Pune, Bengaluru, and Hyderabad, 24-carat gold was priced at ₹1,61,580 per 10 grams, while 22-carat gold stood at ₹1,48,110 per 10 grams. Bhopal recorded slightly higher prices, with 24-carat gold at ₹1,61,610 per 10 grams and 22-carat gold at ₹1,48,140 per 10 grams.

Global Gold Market Update

On the international front, spot gold was trading at $5,172.17 per ounce. Despite the short-term dip, global investment banks remain optimistic about gold’s long-term outlook. JPMorgan recently raised its long-term forecast for gold prices to $4,500 per ounce and maintained its estimate of $6,300 per ounce by the end of 2026. The bank cited ongoing structural diversification trends and sustained investor interest as key drivers supporting gold prices over the long run.

Silver Prices Also See a Dip

Alongside gold, silver prices also declined on February 28. In the Delhi bullion market, silver was trading at ₹2,84,900 per kilogram. A day earlier, silver prices had fallen by ₹2,500, or nearly one percent, to ₹2,68,000 per kilogram. In the global market, spot silver was quoted at $89.72 per ounce.

It is worth noting that silver prices had crossed the ₹4 lakh per kilogram mark earlier in January, highlighting the metal’s high volatility in recent months.

What Should Investors Watch?

Market experts suggest that short-term fluctuations in gold and silver prices are being driven by global economic indicators, interest rate expectations, and currency movements. While prices may remain volatile in the near term, long-term fundamentals for precious metals continue to appear strong, especially amid global uncertainty.

For buyers and investors, tracking daily price movements and global trends will remain crucial before making any purchase or investment decisions.