Key facts
- Gold prices fell 16% in early February 2026, from ₹1.70 lakh to ₹1.51 lakh per 10g.
- Silver prices dropped 38% in February 2026, from ₹4.10 lakh to ₹2.55 lakh per kg.
- Jewelers are delaying purchases, expecting further price declines despite the approaching wedding season.
Indian jewelers are holding back on gold purchases, anticipating further price drops despite the upcoming peak demand season. Gold prices have seen a significant correction, falling approximately 16% in the first half of February 2026, while silver prices have plummeted by nearly 38% compared to earlier highs. Despite increased footfall in jewelry showrooms, most customers are delaying purchases, hoping for even lower prices. Factors contributing to this cautious sentiment include expectations of further declines, the approaching wedding season, and global cues like a stronger US dollar reducing gold's appeal as a safe-haven asset. The Multi Commodity Exchange of India and the National Stock Exchange have reduced trading costs by withdrawing additional margins on gold and silver futures contracts.