Gold Rate in India Jumps Rs 2,890 In 2 Days! Silver Jumps Too | Check 9 Feb Outlook

Gold Rate in India: Gold prices in India jumped sharply on Saturday, buoyed by renewed buying interest amid persistent geopolitical uncertainty and signs of softening in the US economy. In line with gold, the silver rate in India also rebounded strongly after a sharp two-day decline. As markets reopen, investors will closely watch gold and silver price movements on Monday, February 10.

Gold and silver prices are closely tracked by retail jewellery buyers, and investors on a daily basis. The precious metals saw sharp volatility in January where silver surged beyond Rs 4 lakh per kilogram mark and gold inching close to Rs 1.8 lakh mark.

Gold Rate in India

The price of 24 karat gold in India stood at Rs 15,660 per gram on Sunday, February 8. The rate of 22 karat gold in India was at Rs 14,355 per gram. Likewise, the rate of 18 karat gold in India stood at Rs 11,745 per gram on Sunday. The rate of 24 karat gold stood at Rs 17,885 per gram on January 29.

Silver Rate in India

The price of silver in India stood at Rs 285 per gram and to Rs 2,85,000 per kilogram. Silver rate in India saw a steep decline by January end after reaching to record high mark.

MCX Gold, Silver

MCX Gold Futures contract for April delivery slips 0.26% to Rs 1,55,050 per 10 grams on Friday, February 6, while MCX Silver Futures for March expiry eases 0.16% to Rs 2,49,499 per kilogram, signalling mild weakness in domestic precious metals futures trading.
In contrast, international gold prices surge nearly 3.5% to settle at $4,950 per ounce, Trading Economics data shows, highlighting a sharp global upswing even as Indian futures end lower on the same session.

Gold, Silver Outlook

Gold and silver are likely to remain volatile and may see some upward momentum followed by a sharp decline in the last ten days. Meanwhile, experts continue to remain bullish in the precious metals' long-term outlook.

" After a strong rally, gold and silver have already seen a healthy correction. This phase of consolidation is not unusual for precious metals, especially after extended up-moves. In fact, such pullbacks often help reset positioning and improve the quality of the next trend," stated InCred Money team.

" Leading global institutions like JP Morgan have indicated potential for gold to move towards the USD 6,000-6,300 per ounce range over the medium term, driven by central-bank diversification, currency volatility and risk-off sentiment. While near-term swings are inevitable, gold remains a strategic portfolio diversifier and long-term store of value," explained Naren Agarwal, CEO, Wealth1.

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