Silver prices soar 6% to ₹2.72 lakh per kg on firm global trends, weaker dollar; gold rises

Silver prices on Monday, February 9, rose by 6% to ₹2.72 lakh per kg in Delhi, while gold advanced nearly 1% to ₹1.58 lakh per 10 gram on the back of a falling US dollar and firm global trends. 

The white metal jumped 6.6%, or ₹17,000, to ₹2,72,000 per kg, a PTI report said, quoting local jewellers. On Friday, silver prices closed at ₹2,55,000 per kg. 

Meanwhile, gold (99.9% purity, 24K) rose by 0.83% (₹1,300) to ₹1,58,500 per 10 gram after closing at ₹1,57,200 per 10 gram in the previous session. 

"Gold traded higher on Monday, supported by a pullback in the US dollar and bargain buying. The dollar index is trading lower by almost 0.30% at the 97 level, offering support to bullion prices," the report quoted a commodity analyst as saying. 

He added that broader global macro uncertainty and President Donald Trump's frequent and unpredictable rhetoric on geopolitical and tariff-related issues underpin safe-haven demand for precious metals.

International markets

In the overseas market, spot silver rallied by $2.19, or 2.81%, to $80.21 per ounce, while gold was trading 1% higher at $5,012.94 per ounce.

"The metals recovered after last week's sharp swings, as traders positioned ahead of macro data and policy cues. Silver remained more volatile, reflecting speculative flows and short-term profit-booking. Domestic buying interest and international cues lifted prices, while profit-taking was seen near intraday highs," the report quoted Gaurav Garg, Research Analyst at Lemonn Markets Desk, as saying.

Bullion prices were also supported after weekend data showed that China’s central bank, the People's Bank of China, extended its gold-buying streak for the 15th straight month. 

Additionally, traders are closely tracking the US monthly jobs data release (nonfarm payrolls and unemployment rate), which is scheduled for release on Wednesday, along with the US inflation data for consumers due on Friday.