Gold rises Rs 3,000, silver up Rs 13,000: Will prices go up further?
A sudden spike in gold and silver prices has put bullion back in the spotlight. The rally has shifted focus to the next big question: are prices set to rise even further?
Gold and silver prices jumped on Monday, February 9, tracking a rally in bullion markets across India. The surge came as a weaker US dollar lifted global sentiment and investors waited for fresh economic cues from the United States.
At the time of writing, MCX gold was trading at Rs 1,57,786, up by Rs 2,335 or 1.50%. Silver saw an even bigger move, rising by Rs 12,320 or 4.93% to Rs 2,62,212.
GOLD CLIMBS AS GLOBAL CUES TURN SUPPORTIVE
The latest rise in gold prices reflects renewed buying interest after a recent correction from record highs. A softer US dollar has made precious metals more attractive, as it lowers the cost for global buyers. Investors are also watching an upcoming US labour market report, which could influence expectations around future interest rates.
According to Ponmudi R, CEO of Enrich Money, MCX gold futures are currently trading in the Rs 1,49,000–Rs 1,60,000 range after correcting from highs near Rs 1,80,000–Rs 1,81,000. Despite recent volatility, the broader trend remains supportive.
He said that strong buying interest is visible in the Rs 1,45,000–Rs 1,50,000 zone. If prices hold above this support and break past Rs 1,60,000, gold could target Rs 1,65,000–Rs 1,75,000 in the medium term.
SILVER REBOUNDS AFTER STEEP CORRECTION
Silver prices also extended gains, recovering from a sharp fall seen earlier this year. MCX silver futures are now trading in the Rs 2,50,000–Rs 2,70,000 band after correcting from record levels around Rs 4,20,000.
While the long-term outlook for silver remains positive, Ponmudi said the recent drop has pushed prices below key moving averages, signalling short-term pressure. However, strong buying interest has emerged in the Rs 2,25,000–Rs 2,60,000 support area.
A sustained recovery from this zone could push silver towards Rs 3,00,000–Rs 3,25,000 in the coming months. Still, he cautioned that a break below support levels may deepen the correction before any fresh rally.
WHAT SHOULD INVESTORS DO NOW?
For investors, the recent jump raises a familiar question: is it time to buy, hold or sell?
Market experts suggest a balanced approach. For those already holding gold and silver, the current structure supports a hold strategy, as the medium- to long-term trend remains positive. Short-term volatility is likely, but key support levels are still intact.
Fresh buyers may consider buying on dips rather than chasing prices after a sharp rise. Gradual accumulation near support zones could offer better risk management, especially given ongoing global uncertainty.
Selling may only be considered by short-term traders if prices approach resistance levels and show signs of weakness. Long-term investors, however, may prefer to stay invested and use corrections as opportunities.
In a volatile market, disciplined investing and staggered buying remain more important than trying to time every move.
Gold and silver prices jumped on Monday, February 9, tracking a rally in bullion markets across India. The surge came as a weaker US dollar lifted global sentiment and investors waited for fresh economic cues from the United States.
At the time of writing, MCX gold was trading at Rs 1,57,786, up by Rs 2,335 or 1.50%. Silver saw an even bigger move, rising by Rs 12,320 or 4.93% to Rs 2,62,212.
GOLD CLIMBS AS GLOBAL CUES TURN SUPPORTIVE
The latest rise in gold prices reflects renewed buying interest after a recent correction from record highs. A softer US dollar has made precious metals more attractive, as it lowers the cost for global buyers. Investors are also watching an upcoming US labour market report, which could influence expectations around future interest rates.
According to Ponmudi R, CEO of Enrich Money, MCX gold futures are currently trading in the Rs 1,49,000–Rs 1,60,000 range after correcting from highs near Rs 1,80,000–Rs 1,81,000. Despite recent volatility, the broader trend remains supportive.
He said that strong buying interest is visible in the Rs 1,45,000–Rs 1,50,000 zone. If prices hold above this support and break past Rs 1,60,000, gold could target Rs 1,65,000–Rs 1,75,000 in the medium term.
SILVER REBOUNDS AFTER STEEP CORRECTION
Silver prices also extended gains, recovering from a sharp fall seen earlier this year. MCX silver futures are now trading in the Rs 2,50,000–Rs 2,70,000 band after correcting from record levels around Rs 4,20,000.
While the long-term outlook for silver remains positive, Ponmudi said the recent drop has pushed prices below key moving averages, signalling short-term pressure. However, strong buying interest has emerged in the Rs 2,25,000–Rs 2,60,000 support area.
A sustained recovery from this zone could push silver towards Rs 3,00,000–Rs 3,25,000 in the coming months. Still, he cautioned that a break below support levels may deepen the correction before any fresh rally.
WHAT SHOULD INVESTORS DO NOW?
For investors, the recent jump raises a familiar question: is it time to buy, hold or sell?
Market experts suggest a balanced approach. For those already holding gold and silver, the current structure supports a hold strategy, as the medium- to long-term trend remains positive. Short-term volatility is likely, but key support levels are still intact.
Fresh buyers may consider buying on dips rather than chasing prices after a sharp rise. Gradual accumulation near support zones could offer better risk management, especially given ongoing global uncertainty.
Selling may only be considered by short-term traders if prices approach resistance levels and show signs of weakness. Long-term investors, however, may prefer to stay invested and use corrections as opportunities.
In a volatile market, disciplined investing and staggered buying remain more important than trying to time every move.