For the first time in nearly a month, gold is trading at a discount in the Indian physical market. As of February 13, 2026, bullion dealers are offering discounts of up to $12 per ounce over official domestic prices (which include a 6% import duty and 3% GST). This is a sharp reversal from just last week, when the metal commanded a premium of up to $70 per ounce due to tight supply and seasonal expectations.
The shift comes as record-high prices and extreme volatility have discouraged retail buyers and jewelry manufacturers from making fresh purchases.
Why Demand is Weakening
Despite the ongoing wedding season, traditional jewelry demand has seen a significant slump. Several factors are contributing to this “buyer’s strike”:
- Price Volatility: After hitting a historic peak of ₹1,93,096 per 10g on January 29, 2026, gold prices saw a massive correction, plunging nearly 17% in early February. This “rollercoaster” behavior has made consumers cautious, with many waiting for a firmer price floor.
- Budget Constraints: The World Gold Council (WGC) reports that India’s gold demand is projected to fall to 600–700 metric tonnes in 2026, down from 710.9 tonnes last year, as surging prices outstrip household budgets.
- Shift to Investment: While jewelry sales are down 24%, investment demand in the form of Gold ETFs and coins has surged, now accounting for nearly 40% of total consumption.
Gold Rates Today (February 13, 2026)
Domestic prices saw a fresh drop today, extending a two-day losing streak as global cues softened and the US dollar remained strong.
| City | 24K Gold (per 10g) | 22K Gold (per 10g) | Change (from Feb 12) |
| Mumbai | ₹1,55,780 | ₹1,42,800 | ↓ ₹2,620 |
| Delhi | ₹1,55,930 | ₹1,42,950 | ↓ ₹2,600 |
| Chennai | ₹1,57,090 | ₹1,44,000 | ↓ ₹1,600 |
| Bengaluru | ₹1,55,780 | ₹1,42,800 | ↓ ₹2,620 |
Note: Prices are indicative and exclude GST, TCS, and local making charges.
Market Outlook: A Path to Recovery?
Analysts at major banks like Goldman Sachs and Deutsche Bank maintain a bullish long-term outlook, with some forecasting global gold to reach $5,400/oz by year-end. In India, however, the immediate trend remains range-bound with a downward bias.
Jewelers are currently adopting a “wait-and-watch” approach, keeping inventory lean as they monitor the impact of the US CPI data and fluctuations in the USD-INR exchange rate, which currently hovers near ₹90.72.
