Bullion Market Update: Mumbai Gold Prices Surge as Global Volatility Sparks Fresh Demand

The market opening saw a decisive bullish sentiment as investors reacted to a complex landscape of international triggers. While 24-carat gold dominated the rally, the 22-carat variant—preferred by retail consumers and jewelry enthusiasts—rose to ₹14,600 per gram, marking an increase of ₹175 from the previous day’s close. Even the 18-carat category reflected this upward momentum, trading at ₹11,946 per gram, up by ₹143.

For bulk buyers and investors, the movement was even more pronounced. The price for 10 grams of 24-carat gold settled at ₹1,59,280, a substantial jump of ₹1,910 within a 24-hour window. Market analysts suggest this "safe-haven" buying is a direct response to recent international developments, including landmark judicial rulings and shifting trade policies in the United States that have sent ripples through global financial markets.

Mumbai Gold Rate Table: February 21, 2026

The current price action highlights a period of intense volatility for the bullion market in February. While the month began with prices hovering near record highs, it saw brief periods of consolidation before this week’s aggressive recovery. Local jewelers in Mumbai’s historic Zaveri Bazaar have noted that while high prices typically dampen retail volumes, the current momentum is being fueled by investment-led demand in the form of gold bars and coins.

This recent surge underscores the enduring role of gold as a hedge against inflation and geopolitical risk. As the Rupee navigates pressure against the US Dollar and global supply chains brace for potential tariff shifts, the Indian market’s appetite for the precious metal remains robust. Experts advise that while the short-term outlook remains sensitive to central bank policies and international data, the current technical "double-bottom" formation suggests that the floor for gold prices has shifted significantly higher as we move further into 2026.