Mumbai | February 12, 2026
India’s bullion market witnessed sharp gains on Thursday, with silver prices jumping ₹10,000 and gold rising nearly ₹2,000 on the Multi Commodity Exchange (MCX).
Silver prices surged nearly 4% to reach ₹2.62 lakh per kilogram, marking one of the sharpest single-session gains in recent weeks. Meanwhile, gold prices rose ₹1,957, or about 1.25%, to trade at ₹1.58 lakh per 10 grams.
The rally reflects strong domestic momentum despite mixed cues from global markets.
International Gold and Silver Prices Show Mixed Trend
In international markets, however, prices edged lower during Asian trading hours.
Spot gold slipped marginally to $5,080 per ounce.
Spot silver declined about 2% to $82.2 per ounce.
The dip followed stronger-than-expected U.S. labor market data, which reduced expectations of near-term interest rate cuts by the Federal Reserve. Higher-for-longer rate projections typically weigh on precious metals, as they increase the opportunity cost of holding non-yielding assets like gold and silver.
Prices Below Record Highs
Despite recent gains, both metals remain below their historical peaks:
Gold is currently about 10.4% below its record high of $5,608.35 per ounce.
Silver remains nearly 48% below its all-time high of $121.67 per ounce.
Earlier this year, gold experienced back-to-back declines on January 30 and February 2 after U.S. President Donald Trump announced his nominee for Federal Reserve Chair, triggering volatility in global financial markets.
Year-to-Date Performance Remains Strong
Despite short-term fluctuations, gold has delivered robust gains in 2026 so far. Supported by geopolitical tensions and global economic uncertainty, the metal has risen approximately 17.5% year-to-date.
Market analysts note that safe-haven demand continues to underpin prices, even as stronger U.S. economic data temporarily pressures international benchmarks.
