Delhi: Gold and silver prices maintained their upward momentum in the domestic market on February 12, even as futures trading showed minor declines during early hours on the Multi Commodity Exchange (MCX).
According to data from India Bullions, silver witnessed a sharp rise of Rs 10,000, taking its price to Rs 2.63 lakh per kilogram. Gold also strengthened by Rs 1,000, climbing to Rs 1.59 lakh per 10 grams in the physical market.
MCX Futures Show Marginal Pullback
In contrast to the gains in the spot market, bullion futures traded slightly lower in the morning session. As of 9:20 a.m., April gold futures on the MCX were down Rs 725, or 0.46 per cent, at Rs 1,57,980 per 10 grams. Silver futures for March delivery slipped by Rs 2,259, marking a 0.86 per cent decline to Rs 2,60,675 per kilogram.
Market analysts attribute the mild correction in futures to global cues and profit booking after recent highs.
International Trends Weigh on Sentiment
Globally, precious metals edged lower following stronger-than-expected US employment data, which dampened expectations of an early interest rate cut by the Federal Reserve. Spot gold declined 0.4 per cent to $5,065.56 per ounce, while silver fell 0.8 per cent to $83.60 per ounce.
A firm US dollar and evolving interest rate expectations continue to influence international bullion prices, which in turn impact domestic rates.
Gold Rates on February 12 (Per Gram)
- 24K Gold: Rs 15,975 (up ₹82)
- 22K Gold: Rs 14,645 (up ₹75)
- 18K Gold: Rs 11,985 (up ₹61)
Gold Prices in Major Cities (Per 10 Grams)
- Mumbai: Rs 1,58,640
- Kolkata: Rs 1,58,430
- Delhi: Rs 1,58,360
- Chennai: Rs 1,59,100
- Hyderabad: Rs 1,58,890
- Bengaluru: Rs 1,58,760
Silver Prices in Major Cities (Per Kg)
- Mumbai: Rs 2,63,270
- Delhi: Rs 2,62,820
- Chennai: Rs 2,64,040
- Hyderabad: Rs 2,63,690
Sterling silver (Silver 925) is currently priced at Rs 2,89,000 per kilogram.
Factors Driving Prices
Domestic bullion rates are largely influenced by international price movements, fluctuations in the US dollar, and local demand trends. With the festive and wedding season approaching, buying activity in the retail segment is expected to remain strong, lending further support to prices.
Despite short-term volatility in futures trading, the broader trend in the bullion market remains firm, with investors closely monitoring global economic signals and central bank policy developments.
