New Delhi, India | February 10, 2026
Gold and silver prices remained volatile on Tuesday, snapping a two-session rally as a recovery in the US dollar weighed on precious metals. Investors are now closely watching key US employment and inflation data due later this week for clues on the future direction of interest rates.
In the previous session, silver had surged to ₹2.72 lakh per kilogram, while gold climbed to around ₹1.58 lakh per 10 grams in the domestic bullion market. However, fresh selling pressure emerged as global cues turned mixed.
International Market: Gold and Silver Retreat
In global markets, spot gold fell 1% to $5,016.56 per ounce, after gaining nearly 2% in the previous session on dollar weakness. Gold had touched a record high of $5,594.82 per ounce on January 29.
US gold futures for April delivery also slipped 0.8% to $5,041.60 per ounce.
Silver prices saw a sharper correction. Spot silver dropped 2.5% to $81.31 per ounce, reversing part of the nearly 7% rally seen in the previous session. Silver had hit an all-time high of $121.64 per ounce on January 29.
Domestic Bullion Market: Sharp Gains on Monday
In the Indian bullion market, prices had jumped strongly on Monday. Silver surged 6.66% to ₹2.72 lakh per kilogram, reflecting aggressive buying interest.
Gold of 99.9% purity rose by ₹1,300, settling at ₹1.58 lakh per 10 grams, supported by firm global prices and local demand.
MCX Futures: Strong Close in Previous Session
On the domestic futures exchange Multi Commodity Exchange of India (MCX), bullion contracts ended higher on Monday:
MCX Gold (April futures) gained ₹2,943 or 1.89%, closing at ₹1,58,394 per 10 grams
MCX Silver (March futures) jumped ₹12,853 or 5.14%, settling at ₹2,62,745 per kilogram
What’s Driving the Volatility?
Market analysts attribute the sharp swings to:
Recovery in the US dollar from a one-week low
Uncertainty ahead of US jobs and inflation data
Shifting expectations around future interest rate moves
Heavy profit booking after record highs in both metals
Precious metals are highly sensitive to interest rate expectations, as higher rates tend to reduce the appeal of non-yielding assets like gold and silver.
Outlook
With bullion prices near record levels, experts expect continued volatility in the near term. Any surprise in US economic data could trigger sharp moves in global and domestic markets, keeping traders and investors on edge.
