Gold Price Today: MCX Gold Jumps 1.3%, Silver Surges 2.4% on Value Buying; Key Levels in Focus
Gold price today: Gold and silver prices witnessed a strong rebound in early trade on Friday, February 13, supported by value buying after sharp losses in the previous session.
On the Multi Commodity Exchange (MCX), gold April futures climbed by ₹2,000, or 1.30%, to ₹1,54,837 per 10 grams. Silver March futures also saw significant gains, rising over ₹5,600, or 2.4%, to ₹2,42,081 per kg.
International Gold & Silver Prices
Global bullion markets also reflected positive momentum. US gold futures for April delivery gained 0.7% to $4,985.40 per ounce, while spot silver rose 2.1% to $76.76 per ounce after witnessing a sharp 11% drop earlier in the week, according to Reuters.
Market experts attribute the rebound to buying interest after recent corrections.
Why Are Gold Prices Rising Today?
According to Jigar Trivedi, Senior Research Analyst at IndusInd Securities, gold recovered to around $4,960 per troy ounce after falling more than 3% in the previous session. The earlier decline was triggered by a broader market selloff, during which investors liquidated precious metals to raise cash amid heightened volatility.
However, stronger-than-expected US economic data has shifted interest rate expectations.
Recent US data showed:
Nonfarm payrolls increased by 1,30,000 jobs in January.
December payroll data was revised down to 48,000.
The unemployment rate declined to 4.3%.
Weekly initial jobless claims fell to 2,27,000 for the week ended February 7.
The robust labour market data has reduced expectations of an early rate cut by the US Federal Reserve. Markets are now pricing in a potential rate cut in July instead of June.
Investors are closely watching upcoming US inflation data for further clarity on the Federal Reserve’s interest rate outlook.
Key Levels to Watch on MCX
Experts believe the current recovery may continue in the short term:
MCX Gold (April futures) may rebound towards ₹1,54,000 per 10 grams.
MCX Silver (March futures) could advance towards ₹2,42,000 per kg amid short covering in global markets.
Aksha Kamboj, Vice President at the India Bullion and Jewellers Association (IBJA) and Executive Chairperson of Aspect Global Ventures, noted that gold is witnessing pullbacks from recent highs due to profit-taking. However, the broader sentiment remains positive.
Despite near-term volatility, she believes gold could be entering a long-term bullish phase driven by global uncertainty and evolving monetary policy trends.
Disclaimer
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