On February 9, 2026, the Multi Commodity Exchange of India (MCX) saw significant gains in both gold and silver futures. Silver prices surged, with MCX silver futures up by Rs 10,000, while gold futures also experienced a notable increase of Rs 2,500. This rally mirrored gains in international bullion prices, bolstered by a weakening US dollar.

MCX Updates

The MCX opened higher on Monday, February 9, reflecting active trading and substantial gains in gold and silver futures. The March 2026 gold contract (10 grams) traded between Rs 1,54,224 and Rs 1,57,000, closing at Rs 1,54,825, a rise of Rs 2,308 or 1.50%. The April 2026 gold contract ranged from Rs 1,55,546 to Rs 1,58,500, settling at Rs 1,56,000, marking an increase of Rs 2,595 or 1.67%. Silver futures (1 kg) for March 2026 traded between Rs 2,49,892 and Rs 2,64,885, eventually closing at Rs 2,59,887, which is up by Rs 14,108 or 5.65%.

Price of Gold in India

As of February 9, the price of gold in India was Rs 1,56,590 for 24-karat gold, Rs 1,43,540 for 22-karat gold. The rates for 18-karat gold, also known as 999 gold, stood at Rs 1,17,440.

Silver Prices

The price of silver in India on the same day was Rs 284.90 per gram, Rs 2,849 per 10 grams, and Rs 2,84,900 per kilogram.

Factors Influencing Price Trends

Silver prices in the domestic market are heavily influenced by international price movements. In addition to global trends, prices are also affected by the Indian rupee's exchange rate against the US dollar. A weaker rupee against the dollar can make silver more expensive in the Indian market, even if international silver prices remain stable.

Global Market Overview

Gold rose to $5,019.98 USD/t.oz on February 9, 2026, a 1.03% increase from the previous day. Over the past month, gold's price has increased by 9.16%, and it is up by 72.06% compared to the same time last year. Silver also saw an increase, rising to $80.25 USD/t.oz, which is 2.91% higher than the previous day.

Gold Rates in Major Cities

• Delhi: The rates for 10 grams of gold in Delhi on February 9, 2026, were Rs 1,44,550 for 22-karat gold and Rs 1,51,780 for 24-karat gold.
• Chennai: As of February 8, 2026, gold prices in Chennai were around Rs 1.57 lakh for 24-carat gold and Rs 1.44 lakh for 22-carat gold.

Market Expectations

Gold is expected to trade at $5021.67 USD/t oz by the end of the current quarter, with estimates projecting a rise to $5346.67 in 12 months. Silver is expected to trade at $79.76 USD/t. oz by the end of this quarter and is estimated to reach $91.05 in 12 months.

Analysis

The surge in gold and silver prices can be attributed to a combination of factors, including a weaker US dollar and gains in international bullion prices. Market trends indicate that currency movements, inflation concerns, and central bank policies continue to play a crucial role in shaping the short-term outlook for precious metals.