Gold Price Up ₹1,600 on MCX, Silver Jumps ₹8,300; US Payroll Report in Focus

Gold and silver prices surged sharply on the Multi Commodity Exchange (MCX) on Wednesday, February 11, driven by positive global cues, falling US bond yields, and rising expectations of Federal Reserve rate cuts. MCX gold April futures climbed ₹1,600 to ₹1,58,436 per 10 grams, while silver March contracts jumped ₹8,300 to ₹2,60,838 per kg. Weak US retail sales data and a softer dollar supported bullion demand, while investor focus remains on the January US non-farm payrolls and inflation data, which could shape near-term price direction.

MCX Gold and Silver Prices Today: Latest Market Update

Gold and silver prices opened higher on the MCX on Wednesday morning, recovering sharply after Tuesday’s decline amid strong international cues and renewed safe-haven buying.

• MCX Gold April Futures: Up ₹1,600 or 1% at ₹1,58,436 per 10 grams
• MCX Silver March Futures: Up ₹8,300 or 3.3% at ₹2,60,838 per kg
  

The sharp rebound was supported by declining US Treasury yields, a softer dollar index, and growing concerns over the health of the US economy, which boosted demand for precious metals.

Global Gold and Silver Prices: COMEX and Spot Market Trends

In the international market, COMEX and spot bullion prices also traded on a firm note during Asian trading hours, reflecting strong global sentiment.

• COMEX Gold April Futures: Up 1% at $5,079 per troy ounce
• Spot Gold: Traded near $5,065 per ounce
• Spot Silver: Jumped 1.16% to $81.32 per ounce

Despite the rebound, gold remains nearly 11% below its record high of $5,608.35, touched on January 29, while silver is still about 50% below its all-time high of $121.67. This leaves room for potential upside, especially if macroeconomic conditions continue to weaken.

US Bond Yields, Dollar Index, and Safe-Haven Demand Impact

The surge in gold and silver prices was largely triggered by a decline in US Treasury bond yields and weakness in the dollar index.

The dollar index slipped 0.15% to 96.66, making dollar-denominated bullion cheaper for buyers holding other currencies. This enhanced gold’s appeal as a safe-haven asset, especially amid growing uncertainty over US economic growth.

At the same time, falling bond yields reduced the opportunity cost of holding non-yielding assets like gold, further strengthening buying momentum.

US Retail Sales Data and Federal Reserve Rate Cut Expectations

Weak US retail sales data reinforced expectations of monetary easing by the Federal Reserve, providing a strong tailwind to gold prices.

According to official data, US retail sales were flat in December, while October retail figures were revised downward, suggesting slowing consumer demand. Experts believe rising living costs and tariff-related pressures are curbing household spending.

Chris Zaccarelli, Chief Investment Officer at Northlight Asset Management, noted that consumer spending has finally aligned with weak sentiment, warning that persistent softness could signal a broader economic slowdown.

Market participants have now priced in a higher probability of three US Fed rate cuts this year, compared with two expected just a week ago. Lower interest rates typically support gold prices by weakening the dollar and reducing bond yields.

US Non-Farm Payroll Report in Focus

Investor attention is now firmly centered on the January US non-farm payroll (NFP) report, scheduled for release later on Wednesday, along with upcoming inflation data on Friday.

These macro indicators will provide crucial signals on economic momentum and the Federal Reserve’s policy path. Any signs of labor market cooling or easing inflation could further boost gold and silver prices, while strong data may cap gains in the short term.

Gold and Silver Technical Levels: Key Support and Resistance

According to commodity analysts, gold and silver remain technically bullish, with upside targets intact as long as key support levels hold.

MCX Gold Technical Levels

• Support: ₹1,55,500 and ₹1,54,000
• Resistance: ₹1,57,700 and ₹1,59,000

MCX Silver Technical Levels

• Support: ₹2,48,800 and ₹2,44,000
• Resistance: ₹2,55,500 and ₹2,60,000

International Gold and Silver Levels

• Gold Support: $5,000 and $4,970
• Gold Resistance: $5,080 and $5,122
• Silver Support: $78 and $74.40
• Silver Resistance: $84.40 and $88

Manoj Kumar Jain of Prithvifinmart Commodity Research suggests buying gold on dips as long as it holds ₹1,54,000, targeting ₹1,59,000, while silver can be bought on dips until ₹2,44,000, aiming for ₹2,60,000.

Short-Term Outlook for Gold and Silver Prices

Market experts believe that precious metals are likely to remain elevated in the near term, supported by macroeconomic uncertainty, Fed rate cut expectations, and safe-haven demand.

Analysts at IndusInd Securities highlight that slowing US consumer spending and weakening growth outlook have strengthened the case for monetary easing, which remains a key bullish driver for gold and silver.

Conclusion

Gold and silver prices staged a strong rebound on MCX, supported by weak US economic indicators, falling bond yields, and rising Fed rate cut expectations. With the US payroll report and inflation data in focus, bullion markets may witness heightened volatility. However, the broader outlook for precious metals remains bullish, especially amid persistent global economic uncertainty and central bank policy shifts.

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The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.