Gold and silver prices rebounded sharply on Monday after last week’s steep fall, driven by a weaker US dollar, persistent geopolitical tensions and renewed hopes of US Fed rate cuts, boosting demand for safe-haven assets
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Gold and silver prices on Monday have surged sharply on Monday after falling down significantly last week. The sudden surge in prices is due to a weaker US dollar and persistent geopolitical uncertainties.
As reported by news agency IANS, MCX gold February futures jumped 1.31 per cent to Rs 1,57,484 per 10 grams around 10:45 am on an intraday basis. Whereas the MCX silver March futures climbed 4.81 per cent to Rs 2,61,900 per kg.
Gold prices in Mumbai
While the prices of the yellow metal in Mumbai experienced a sudden dip last week, the price of 24-carat gold in Mumbai on Monday was recorded at Rs 1,56,870.00 for 10 grams. While the change in prices is quite marginal, the volatility still remains a huge concern for buyers.
Apart from 24-carat gold, the price of 22-carat gold in Mumbai stood at Rs 1,43,820.00 for 10 grams. Whereas the 18-carat gold prices traded at Rs 1,17,652.50 for 10 grams on Monday, February 9, 2026.
Silver prices
On the MCX, silver prices, earlier in the day, had jumped as much as 6 per cent to its day's high of Rs 2,64,885 per kg before a round of profit booking.
The US dollar touched its lowest level since February 4, making greenback-priced metals cheaper for overseas buyers.
Global uncertainties
Even as Iran’s top diplomat called US-Iran nuclear talks a “good start” on Friday, Tehran has reiterated that the country would retain its right to enrich uranium. Experts anticipate that geopolitical tensions may persist for longer, continuing to drive investors to safe-haven assets, reported IANS.
Market hopes of further rate cuts by the US Federal Reserve got stronger after San Francisco Fed President Mary Daly called for one or two more interest rate cuts to alleviate weakness in the labour market. US Fed rate cut hopes remain another supporting factor for gold and silver prices, analysts said.
One of the analysts while commenting on the gold MCX’s volatility highlighted "Gold has support at Rs 1,54,000 and Rs 1,51,8000 zones while resistance at Rs 1,57,700 and Rs 1,60,000. Silver has support at Rs 2,36,600 and Rs 2,44,000 levels while resistance at Rs 2,55,500 and Rs 2,62,600," as cited by IANS.
(With inputs from IANS)
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