Gold up 10%, silver up 17% in February 2026

February in two numbers

Gold rose 10.02% in rupee terms in February 2026, from ₹1,39,100 per 10 grams on 30 January to ₹1,53,042 on 27 February. Silver rose 17.38%, from ₹2,31,023 to ₹2,71,183 per kg. Both closed the month at their highest level of February.

Every figure here is the international price (the COMEX futures close) converted to rupees at that day's dollar rate, the series behind our gold and silver price page. Gold is quoted for pure, 24-carat metal. The series is before import duty and GST, so it sits below what a jeweller or bullion dealer quotes.

A rebound from January's crash

February started in the wreckage of the two worst sessions in our series, which runs from September 2021. Gold made its highest close, ₹1,57,381, on 29 January and fell 11.62% the next day, to ₹1,39,100. Silver's highest close was ₹3,38,545 on 26 January; on 30 January it lost 31.54% in a single session, from ₹3,37,456 to ₹2,31,023.

February won back most of gold's fall and less than half of silver's:

The first session of March kept going for gold and not for silver. On Monday 2 March gold closed at ₹1,55,035, 1.5% short of its high, while silver slipped to ₹2,58,520, 23.6% below its own.

Not a straight line

Gold traded on 19 sessions in February. Its low of the month came on the first day, ₹1,36,262 on 2 February, and the next session it jumped 4.42%. The worst day was 12 February, down 2.76%. From the month's low to its high, gold covered 12.3%.

Silver was far rougher. It had two sessions of more than 9% losses, on 5 February (−9.37%) and 12 February (−9.65%), and touched its low of ₹2,14,373 on 17 February. From there it climbed 26.5% to the month-end close, including a 6.60% rise on the last day.

Third-best month in the series

Our series begins in September 2021, which gives 53 complete months from October 2021 to February 2026.

• Gold's 10.02% is its third-largest monthly gain, after September 2025 (+11.97%) and January 2026 (+11.42%). It has now risen for nine months in a row, the longest run in the series.
• Silver's 17.38% is also its third-largest, after December 2025 (+24.81%) and November 2025 (+18.58%). Its run of monthly gains is ten.

Two months into 2026, gold is up 22.59% and silver 33.97%. Over twelve months the numbers are larger still: gold has risen 89.4% since 27 February 2025, when it stood at ₹80,797, and silver 204.3%, from ₹89,117.

The rupee and the ratio

The dollar fell 0.84% against the rupee in February, from about ₹91.78 to ₹91.01. A firmer rupee lowers the rupee price of a dollar-priced metal, so in dollar terms the gains were a little bigger: about 11.0% for gold and 18.4% for silver.

The gold-silver ratio, the number of grams of silver one gram of gold buys, fell from 60.21 at the end of January to 56.43 at the end of February, as silver outran gold. It had climbed to 66.48 on 17 February, the day silver hit its low for the month. Its record low in our series is 44.14, on 26 January.

What this does not tell you

A strong month says little about the next. January and February contain both the largest monthly gains in the series and its two worst single sessions.

"Best month" means best since late 2021. The series is a little over four years long, which is not a long history for metals that move in multi-year cycles.

Spot is not what you pay. A jeweller adds import duty, 3% GST and making charges. Gold and silver ETFs and funds track the domestic price, which includes duty, and charge an expense ratio.

Where to go from here

The gold and silver price page has today's rate for every common weight and the five-year charts. For how equities did over the same month, see the February 2026 market recap.

On ways to hold the metals, the guide to gold funds and ETFs compares the options, and debt and gold as shock absorbers covers how much of a portfolio they usually take up.