MCX Gold surges over ₹1.22 lakh/10 grams; Silver futures also rise ahead of crucial US, China macrodata

On the MCX, yellow metals for the February 2026 expiry stood at ₹1,23,825 per 10 grams, marking a ₹1,370 or 1.12% jump, at around 9:52 am.

Last week, the safe-haven metal contract (December delivery) slipped by ₹165, or 0.14%, to settle at ₹1,21,067 per 10 grams on Friday.

In the international market, gold futures for the December expiry gained 1.26% to trade at $4,060.31 per ounce. During the past week, it gained $13.3, or 0.33%, and settled at $4,009.8 per ounce on Friday.

This week, investors will be on the lookout for crucial US inflation data, key economic numbers from China, the US Supreme Court hearing on tariffs, and they will also be on watch for the comments from US Federal Reserve officials for clarity on the monetary policy outlook, which is likely to steer the near-term direction for bullion prices, and more.

However, mixed signals from Federal Reserve officials and the absence of key inflation data due to the ongoing US government shutdown tempered optimism, she added.

After retreating 10% from its record high above $4,390, gold is on course for a third straight weekly loss but remains up more than 50% year-to-date, its strongest performance since 1979.

Singh attributed the surge to rate cuts, persistent central bank purchases exceeding 600 tonnes so far in 2025, and steady inflows into gold-backed exchange-traded funds.

On the MCX, silver futures for the December expiry were trading ₹2,952 or 2% higher at ₹1,50,680 per kilogram. On Friday, it declined by ₹559, or 0.38%, to ₹1,47,728 per kilogram.

White metal contracts for February 2026 delivery were at ₹1,52,936 per kilogram, up by ₹3,080 or 2.06%.

Globally, Comex silver futures stood at $49.26 per troy ounce, reflecting a 2.31% surge. Last week, silver futures edged lower and finished at $48.14 an ounce.

Washington's move to add silver, along with copper and uranium, to its official list of critical minerals marked a significant policy shift. The inclusion raises the total number of critical minerals to 60, and could lead to new tariffs and trade restrictions under the administration's Section 232 probe.

Analysts added that the US relies heavily on imported silver for industrial use and any tariff action could disrupt global supply chains and lead to price volatility.