MCX Gold & Silver Price Today Records Massive Jump, Feb 9: Silver Climbs Rs.12000 as Precious Metals Rally
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Gold Price Today on the Multi-Commodity Exchange registered a big fat jump as the trading for the fresh week began on Monday. In the volatile movement of bullion seen last week, where both the gold price & silver price crashed sharply and then staged a recovery shortly.
Today’s rally in gold & silver price is because of the positive momentum seen in global bullion markets as the US dollar weakened.
In international markets, Spot gold climbed 1.4% to $5,029.09 per ounce as per Reuters. While Silver outperformed gold, with spot silver rising 2.86% to $80.25 per ounce, following a sharp 10% jump in the earlier trading session
MCX Gold and Silver Futures Update
As of 10 AM today, gold futures prices on the Multi-Commodity Exchange (MCX), set to be delivered on April 4th, jumped by 1.05% and are currently priced at Rs. 157,080 per 10 grams. Meanwhile, silver futures, with a delivery date of March 5th, are trading much higher, by 3.92%, at Rs. 259,700 per kg.
22K & 18K Gold Rates
On the retail front, the 22k & 18k gold rate in India also underwent a spike where the prices jumped once again. As of today the 22k gold rate is available at Rs. 145,600 per 10 grams after it surged by Rs. 2050.
Similarly, the 18k gold rate in India registered a surge in pricing this morning, and it is currently priced at Rs. 119,130 per 10 grams post the rise of Rs. 1680.
Silver Price Today
Just like gold, the retail price of silver also went up and crossed the 3 lakh mark after the latest crash. The silver rate in India today is retailing at Rs. 300,000 per kg post the rise of Rs. 15,000.
MCX Futures Trend
MCX gold futures are expected to remain volatile in the Rs. 1.57 lakh – 1.60 lakh range this week.
As per the commodity report by ICICI Direct, “MCX Gold April is expected to rise further towards the Rs. 157,000-Rs. 158,000 level as long as it stays above the Rs. 152,000 level.” MCX Silver March is expected to rise towards Rs, 260,000-Rs.the Rs. 265,000 level as long as it stays above the Rs. 230,000 level.”
Market Outlook For Gold & Silver Prices
Analysis reports on bullion have positive expectations, where they expect gold prices to remain firm on safe-haven demand, while silver prices could stay volatile due to shifting risk sentiment.
“Spot gold is likely to trade with a positive bias amid a weak dollar and softening of US treasury yields. Further, investors will keep a close eye on highly anticipated jobs reports next week to get more cues on interest rate trajectory. Moreover, strong central bank demand for gold is supportive of prices. Additionally, demand for safe haven may remain elevated amid geopolitical tension in the Middle East and Eastern Europe, political uncertainty and the bulging US deficit, as per the ICICI Commodity outlook.
As per Trading Economics, “Gold prices rose 1% toward $5,020 per ounce on Monday, the highest level in over a week, supported by a weaker US dollar as traders awaited key US economic data that could offer clearer insights into the Federal Reserve’s interest rate outlook. The January jobs report, scheduled for Wednesday and expected to show signs of stabilisation in the labour market, as well as inflation data due on Friday, will be closely watched. On the geopolitical front, markets are keeping an eye on US-Iran talks, with both sides agreeing to continue discussions this week to ease tensions and avoid a military confrontation.”
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