Precious metals staged a strong rebound on the Multi Commodity Exchange (MCX) on Wednesday, February 11, 2026, after recent sharp corrections. Silver led the charge with impressive gains, while gold posted modest but steady advances, tracking a softer US dollar and improved global sentiment.
Silver futures for March delivery jumped as much as 4.14% intraday, climbing over ₹10,400 to hit a high near ₹2,62,994 per kg. By late afternoon trade, the contract was holding firm around ₹2,62,000–₹2,62,580, marking a solid ~4% advance from Tuesday's close of ₹2,52,548 per kg.
Gold futures (April contract) rose around 1%, adding roughly ₹1,600–1,800 to trade near ₹1,58,400–1,58,900 per 10 grams, recovering from recent pressure and reflecting renewed safe-haven interest.
Key Reasons Behind Today's Rally
The bounce in precious metals came amid several supportive factors:
- US Dollar weakens — The DXY index slipped below 96.60–96.70 levels, down about 0.2–0.3% during the session. A softer greenback typically lifts dollar-denominated commodities like gold and silver.
- Global price recovery — Spot silver climbed ~1–2% toward $81–82/oz range internationally, while spot gold held above $5,000/oz with modest upside.
- Technical rebound — Both metals had seen steep pullbacks from January peaks (silver down ~40% at one point from record highs near ₹4 lakh+). Today's move is viewed by many analysts as a healthy bounce after heavy profit-booking.
- Macro backdrop — Weak US retail sales data and expectations of softer economic prints kept rate-cut hopes alive, indirectly supporting non-yielding assets like bullion.
Silver Steals the Spotlight
Silver's outperformance today aligns with its higher beta nature — it tends to move more sharply than gold during both rallies and corrections.
- March silver futures opened strong and quickly extended gains.
- Intraday momentum pushed prices back above the psychologically important ₹2.60 lakh/kg mark.
- The white metal remains ~30–40% below its all-time high from late January, leaving room for further recovery if global demand and industrial buying pick up.
Traders and investors are closely watching whether this bounce can sustain or if it's merely a short-covering move after the recent deep correction.
Gold Holds Steady with Mild Gains
Gold's more measured rise reflects its role as a steadier safe-haven asset:
- Physical demand in India remained supportive with spot prices in major cities (Delhi, Mumbai, Bengaluru) rising ₹800–900 per 10 grams for 24K gold.
- MCX April gold futures hovered comfortably above ₹1.58 lakh/10g, showing resilience.
- International spot gold traded near $5,028–5,038/oz, up modestly in Asian/European hours.
What Should Investors Watch Next?
- Upcoming US jobs data (NFP) — A softer print could further weaken the dollar and boost bullion.
- Global industrial demand for silver (solar, electronics, EVs) — Any positive cues could extend silver's outperformance.
- Rupee movement — A stable or weaker rupee typically supports domestic precious metal prices.
- Technical levels — For silver, sustaining above ₹2.60 lakh could invite more buying; failure might lead to re-testing lower supports.
After weeks of extreme volatility, February 11, 2026, brought some relief for precious metals holders. Silver's sharp 4% jump to ₹2.62 lakh/kg and gold's steady 1% rise highlight renewed interest as the US dollar eases and macro uncertainty lingers.
Whether this marks the start of a sustained recovery or just a temporary bounce remains the big question. Stay tuned for global cues and key US economic releases in the coming days.
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