Gold Price Today: Futures Gain Momentum While Retail Rates Slip Across Major Cities

Gold prices on February 20, 2026, moved in two directions at once.

On the Multi Commodity Exchange, the April futures contract advanced to ₹1,56,262 per 10 grams, marking a rise of ₹1,443 or 0.93% from the previous close. The uptick signalled strength in derivatives trading during the session. Yet, at jewellery counters across India’s largest urban markets, the day unfolded differently. Retail rates edged lower, with most cities recording modest reductions in both 24-carat and 22-carat categories.

The contrast was not dramatic, but it was consistent.

Across ten major cities, the correction largely fell within a narrow ₹30 -₹32 band, suggesting incremental adjustments rather than sharp repricing. Only one market, Chennai, diverged meaningfully from that pattern.

Below is the city-wise retail breakdown for February 20:

Delhi

24-carat gold: ₹15,632 per gram (↓ ₹32)

22-carat gold: ₹14,330 per gram (↓ ₹30)

Mumbai

24-carat gold: ₹15,617 per gram (↓ ₹32)

22-carat gold: ₹14,315 per gram (↓ ₹30)

Kolkata

24-carat gold: ₹15,617 per gram (↓ ₹32)

22-carat gold: ₹14,315 per gram (↓ ₹30)

Chennai

24-carat gold: ₹15,731 per gram (↓ ₹87)

22-carat gold: ₹14,420 per gram (↓ ₹80)

(Chennai recorded both the highest retail rate and the steepest single-day correction among the cities listed.)

Bangalore

24-carat gold: ₹15,617 per gram (↓ ₹32)

22-carat gold: ₹14,315 per gram (↓ ₹30)

Hyderabad

24-carat gold: ₹15,617 per gram (↓ ₹32)

22-carat gold: ₹14,315 per gram (↓ ₹30)

Ahmedabad

24-carat gold: ₹15,622 per gram (↓ ₹32)

22-carat gold: ₹14,320 per gram (↓ ₹30)

Jaipur

24-carat gold: ₹15,632 per gram (↓ ₹32)

22-carat gold: ₹14,330 per gram (↓ ₹30)

Lucknow

24-carat gold: ₹15,632 per gram (↓ ₹32)

22-carat gold: ₹14,330 per gram (↓ ₹30)

Patna

24-carat gold: ₹15,622 per gram (↓ ₹32)

22-carat gold: ₹14,320 per gram (↓ ₹30)

A Market Moving in Parallel Tracks

While the exchange reflected renewed upward movement, physical markets displayed restraint. The difference did not translate into wide retail divergence. Instead, pricing across cities remained tightly clustered.

The highest quoted 24-carat rate stood at ₹15,731 per gram in Chennai. The lowest rate, ₹15,617 per gram, was recorded in Mumbai, Kolkata, Bangalore and Hyderabad. The spread between the two ends, therefore, measured ₹114 per gram, a relatively narrow band considering geographic diversity.

Most cities adjusted by exactly ₹32 in the 24-carat category and ₹30 in the 22-carat segment. That uniformity indicates synchronised recalibration rather than isolated volatility. The magnitude of the reduction was modest, and the pattern was broadly national.

Chennai, however, departed from the consensus. The ₹87 decline in 24-carat gold and ₹80 in 22-carat gold marked a visibly sharper correction than elsewhere. Despite that drop, the city retained the highest retail pricing among the group.

Regional Patterns at a Glance

Northern markets such as Delhi, Jaipur and Lucknow displayed identical pricing, reinforcing the trend of consistency. Patna’s rates tracked closely behind, differing by only ₹10 per gram in the 24-carat category.

Western and eastern centres, Mumbai, Kolkata and Ahmedabad remained within a ₹5 range of each other. Southern cities, excluding Chennai, mirrored that same band.

Taken together, the data points to stability in structure even as direction differed from the futures market.

Futures Strength Versus Retail Moderation

The 0.93% rise in the April contract suggests firm trading activity at the derivatives level. By contrast, retail pricing adjusted marginally downward in nearly every major market.

Such divergence is not uncommon. Futures contracts reflect broader trading flows and market positioning, while retail gold pricing incorporates local demand patterns and supply chain adjustments. On February 20, the two layers did not move in tandem.

What stands out is not volatility, but balance. The futures contract strengthened, yet retail declines were controlled. The corrections did not exceed ₹32 in most markets, indicating that price recalibration remained measured.

Price Alignment Across Urban Centres

Another notable aspect of the day’s data is how closely aligned major cities were. The difference between Delhi and Mumbai in 24-carat pricing, for instance, amounted to just ₹15 per gram. Between Delhi and Ahmedabad, the variation narrowed further.

Such tight clustering suggests a broadly harmonised pricing framework across metropolitan centres. Despite geographic spread, city-level retail adjustments remained predictable and contained.

Chennai’s sharper movement appears as an outlier rather than the beginning of a wider shift.

The Broader Snapshot

By the end of the trading session, the April futures contract held at ₹1,56,262 per 10 grams. Retail counters across Delhi, Mumbai, Kolkata, Chennai, Bangalore, Hyderabad, Ahmedabad, Jaipur, Lucknow and Patna reflected modest downward adjustments.

In summary, February 20 presented a measured market environment. Exchange-level sentiment firmed. Retail pricing softened slightly. Regional variations existed, but within a narrow range. The overall picture was one of controlled recalibration rather than disruption.

For consumers tracking daily rates, the changes were incremental. For traders watching derivatives, the day marked continued upward momentum in the April contract. Both signals coexisted, moving along parallel tracks rather than in conflict.