As February 2026 comes to a close, the gold market in India has displayed significant movement, reflecting both global economic shifts and domestic demand patterns. On this final day of the month, Saturday, February 28, 2026, precious metal prices have seen a notable uptick, continuing a rally that began earlier in the week. For those looking to invest or purchase jewelry, staying updated on the current rates for 18K, 22K, and 24K gold is essential, as prices often vary across different metropolitan hubs due to local taxes and logistics.
Understanding Today’s Gold Market Trend
The gold market today is primarily influenced by international cues, including a weakening US Dollar and heightened geopolitical concerns in the Middle East. Locally, the demand remains robust as the wedding season persists across several states. Experts suggest that the current price levels are a result of “safe-haven” buying, where investors turn to gold during times of global uncertainty. While the month saw some mid-period dips, the final week has been dominated by a bullish trend, pushing rates for 24-carat gold above the ₹1,64,000 per 10-gram mark in several key regions.
City-Wise Gold Rates for February 28, 2026
Gold prices in India are not uniform; they fluctuate based on the specific city. Chennai typically sees higher rates due to massive local demand, while cities like Mumbai and Delhi often follow the MCX (Multi Commodity Exchange) trends more closely. Below is the detailed breakdown of the gold rates per 10 grams for 18, 22, and 24 carats across major Indian cities today.
| City | 18K Gold (10g) | 22K Gold (10g) | 24K Gold (10g) |
| Chennai | ₹1,30,100 | ₹1,52,000 | ₹1,65,820 |
| Mumbai | ₹1,23,550 | ₹1,51,000 | ₹1,64,730 |
| Delhi | ₹1,23,640 | ₹1,51,000 | ₹1,64,850 |
| Kolkata | ₹1,23,550 | ₹1,51,000 | ₹1,64,730 |
| Bangalore | ₹1,23,550 | ₹1,51,000 | ₹1,64,730 |
| Hyderabad | ₹1,23,550 | ₹1,51,000 | ₹1,64,730 |
| Ahmedabad | ₹1,23,600 | ₹1,51,050 | ₹1,64,780 |
| Pune | ₹1,23,550 | ₹1,51,000 | ₹1,64,730 |
The Difference Between 18K, 22K, and 24K Gold
When checking gold prices, it is vital to understand what the “K” or Karat stands for. 24K gold is considered 99.9% pure and is the standard for investment in bars and coins. However, because pure gold is too soft for intricate jewelry, 22K gold—which contains roughly 91.6% gold mixed with other metals like copper or zinc—is the preferred choice for bangles and chains. 18K gold, containing 75% pure gold, is often used for diamond-studded jewelry or pieces requiring high durability. Today’s price update shows a proportional rise across all these categories, making 18K a more affordable entry point for many retail buyers.
Why Prices Are Rising This Month
The sharp increase witnessed towards the end of February can be attributed to several factors. Firstly, the US Federal Reserve’s stance on interest rates has led to a slight depreciation of the Dollar, making gold cheaper for holders of other currencies and thus driving up demand. Secondly, central banks worldwide have been increasing their gold reserves, which tightens the available supply. Lastly, in the Indian context, the rising import duty and the 3% Goods and Services Tax (GST) added at the billing counter significantly impact the final price paid by the consumer.
Impact of Global Geopolitics on Bullion
Gold is often referred to as a crisis commodity. Currently, the market is reacting to trade policy updates and international tensions that have made traditional stock markets volatile. When equity markets experience a downturn, institutional investors shift their capital into bullion to hedge against potential losses. This “flight to safety” is a major reason why we are seeing such historic highs as February 2026 closes. Analysts predict that unless there is a significant cooling of global tensions, the upward momentum for gold may carry into the month of March.
Tips for Smart Gold Buying Today
If you are planning to visit a jeweler today, remember that the rates mentioned in the table are indicative of the “metal price” only. When buying jewelry, you must account for “making charges,” which can range from 5% to 20% depending on the complexity of the design. Always ensure you are purchasing Hallmarked gold (BIS 916 for 22K). Hallmarking provides a guarantee of purity and ensures you get a fair resale value in the future. Additionally, since today is a Saturday, many local markets might see high footfall, so it is wise to confirm the rate with your jeweler before finalizing the transaction.
Conclusion and Future Outlook
The gold price update for February 28 shows a market that is resilient and growing. With 24K gold hovering around the ₹1.65 lakh mark in major cities, the metal remains one of the most trusted assets for Indian households. While short-term volatility is expected as we enter a new month, the long-term outlook remains positive due to the metal’s intrinsic value. Whether you are buying for a wedding or as a retirement nest egg, gold continues to prove its worth as a premier investment vehicle in the current economic landscape.
FAQs
Q1. Why is gold more expensive in Chennai compared to Mumbai?
Gold prices vary between cities due to differences in local transportation costs, state-level taxes, and the varying demand-supply balance managed by local jewelry associations.
Q2. Does the price in the table include GST?
No, the rates mentioned are generally the base market prices. When you purchase gold, a 3% GST is added to the value of the gold and the making charges.
Q3. Is today a good day to buy gold for investment?
While prices are at a monthly high, gold is often bought as a long-term hedge. If you are looking for long-term security, “buying the dip” during minor corrections is a common strategy.
