New Delhi: Gold and silver opened sharply higher on the MCX on Monday, February 9, 2026, as investors reacted to global cues and domestic market movements. April gold futures rose by more than ₹2,100 per 10 grams, trading at ₹1,57,600, while March silver futures surged nearly ₹12,000 per kilogram, reaching ₹2,61,704.
International Markets Support Rally
Globally, gold hovered around $5,000 per ounce, recovering after a historic drop last month. On Monday, gold prices rose 1.7%, partially offsetting nearly half of the sharp decline from January 29’s all-time high. Silver, which had fallen more than a third from its record peak, rebounded 5% to exceed $80 per ounce, driven by speculative trading and thin OTC markets.
Silver ETFs Shine
Among Silver ETFs, Axis Silver ETF led the gains, climbing nearly 12% to a day-high of ₹264.69, followed by UTI Silver ETF and Groww Silver ETF, which rose around 11% each. Several other silver ETFs gained about 10% on the day. Since inception, silver ETFs have delivered an XIRR of 62%, significantly outperforming gold ETFs at 42%.
Price Volatility Continues
Despite the early gains, prices corrected within the first 45 minutes of trading. Gold’s initial ₹2,100 surge narrowed to ₹1,950, and silver’s rally moderated to around ₹9,600. Later in the session, both metals saw partial recovery.
Expert Advice for Investors
Harish V, Head of Commodity Research at Geojit Investments, advised investors to remain patient amid short-term volatility, citing margin adjustments, profit-booking, and policy uncertainty. Akshat Garg, Head of Research & Product at Choice Wealth, suggested staggered buying instead of lump-sum investments during such turbulent periods.
US Dollar Influence
The uptick in gold and silver was partly attributed to a 0.20% drop in the US Dollar Index, making dollar-denominated bullion more attractive to international buyers. Additionally, expectations of potential interest rate cuts by the US Federal Reserve supported gold prices.
Weekly Context: Recent Fall
Both metals experienced steep declines last week. Gold dropped roughly ₹4,000 per 10 grams (around 2.5%), while silver fell nearly 19% per kilogram, underscoring extreme volatility. MCX gold is currently about 23% below its all-time high of ₹1,93,096 per 10 grams (January 29), and MCX silver trades 40% below its record peak of ₹4,20,048 per kg.
Despite the fluctuations, investors are closely watching bullion markets for further signs of recovery and potential buying opportunities.
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