Gold Rates & Silver Rates Today Live: Gold Rates In India Correct Mildy, Silver Upbeat; 24K, 22K, 18K Gold

Gold rates in India corrected mildly in the second half session of February 9. For instance, 10 grams gold price surged by Rs 2,240 in the early deals on Monday to hit Rs 1,58,840 in 24 carat. At the time of writing, 10 grams of 24 carat is now at Rs 1,57,910, up by Rs 1,310.

However, MCX gold futures continued on its healthy momentum and traded near Rs 1.58 lakh, which is near its intraday high of Rs 1,58,500. Meanwhile, MCX silver outperformed with over 4.4% upside and holding near Rs 2.61 lakh.

Experts believed that if silver rates could be retained above the Rs 2.6 lakh level, then fresh upside is likely taking the precious metal to between Rs 2.9 lakh to Rs 3 lakh.

That being said, silver is up by 4% to 5%, and gold traded higher by 1% to 1.5%.

Among key factors that is driving sentiment in gold and silver prices is the weakening of dollar. As per Trading Economics, 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 stabilization in the labor market, as well as inflation data due on Friday, will be closely watched. San Francisco Fed President Mary Daly said last Friday that it may be necessary to cut rates once or twice to address weakening labor market conditions.

Additionally, China's central bank extended its gold purchases for the 15th consecutive month in January, signaling sustained institutional demand. 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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