Valentine’s Day Slump: Gold Erases Weekly Gains in Brutal Saturday Sell-Off

The “glitter” of the gold rally faded rapidly on February 14, 2026, as the precious metal faced a wave of intense liquidation across Indian markets. After a promising four-session winning streak, the national capital and other major hubs saw prices plummet, undoing much of the progress made earlier this month.

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While the market traditionally sees a retail surge during Valentine’s Day, the sheer volume of global institutional selling outweighed local jewelry demand. Investors chose to lock in profits, pushing 24K gold down to ₹15,593 per gram.

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City-Wise Rates: 24K, 22K, and 18K Price Breakdown

Prices remained largely uniform across most metros, reflecting a synchronized national sell-off. However, Chennai continues to command a slight premium due to local logistics and high demand.

Note: Rates exclude GST (3%), TCS, and local making charges.

The “Triple Threat”: Why Did Gold Prices Crash Today?

Our investigative layer reveals three core factors that transformed a mild correction into a sharp crash:

1. The “Kevin Warsh” Effect: Reports that the Trump administration intends to nominate hawk Kevin Warsh as Fed Chair have bolstered the US Dollar. A stronger dollar traditionally makes gold more expensive for Indian buyers, dampening global demand.

2. CME Margin Hikes: To combat volatility, the CME Group raised gold margins from 6% to 8%. This forced leveraged traders to sell their holdings rapidly to meet cash requirements, triggering a “liquidation waterfall.”

3. No Customs Duty Cut: Domestic sentiment was already fragile after the Budget 2026 (Feb 1) kept customs duties unchanged at 6%. Many importers who were holding out for a cut have now released their stock into the market.

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Technical Outlook: Resistance and Support Zones

Market experts like Jateen Trivedi (LKP Securities) note that gold is now trading below its 8-day and 21-day Exponential Moving Averages (EMA).

• Critical Support: ₹1,55,000. If gold fails to hold this level on Monday, the next floor is pegged at ₹1,51,000.

• Major Resistance: ₹1,60,000. Until the price decisively reclaims this level, the intraday bias remains “Sell on Rise.”

Investigative Angle: Valentine’s Day Demand vs. Global Sell-Off

Interestingly, despite the paper-market crash, physical retail stores reported a “Buying Surge” on the morning of February 14. This creates a divergence between the MCX futures market (dominated by speculators) and the Sarafa markets (dominated by consumers).

Market Insider Note: “While the screen shows a crash, the jewelry stores are seeing traffic. This suggests that the ‘bottom’ might be closer than the charts indicate, as Indian household demand provides a natural floor to falling prices.”

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[GOLD PRICE MOVEMENT: LAST 10 DAYS (DELHI)]

Next Steps

If you are a retail buyer, you should utilize this correction to accumulate small quantities via Digital Gold platforms (Google Pay, PhonePe) to average your costs. Furthermore, if you are a jewelry investor, you should wait for Monday’s opening to see if the ₹1,55,000 support holds before making a high-value purchase.

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