The Indian bullion market is witnessing a high-voltage recovery this Tuesday, February 10, 2026. Following a period of extreme volatility that saw gold and silver retreat from their late-January peaks, a fresh wave of domestic demand has pushed prices back toward record territory. As the 2026 wedding season enters its peak phase, retail buyers are flocking to jewelry hubs despite the “eye-watering” price tags.
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Domestic Surge: The Wedding Season Multiplier
While international markets showed some profit-booking, the Indian market remains insulated by cultural necessity.
The Silver Spike: The most dramatic move today belongs to silver, which surged by nearly ₹10,000 to settle at ₹2.63 lakh per kg. Traders attribute this to a combination of short-covering on the MCX and robust demand for silverware and bridal gifts.
Gold’s Resilience: 24-carat gold rose marginally to ₹1,58,394 per 10 grams on the MCX April contract. Although the pace has slowed compared to the “torrid” 116% return seen over the last year, the underlying trend remains firmly bullish.
Global Context: Finding a Floor After the “Historic Rout”
Internationally, the “historic rout” that saw gold drop nearly 10% last week appears to have found a temporary floor.
Profit Booking: Spot gold in Singapore declined slightly to $5,032.53 an ounce as investors secured gains from the recent $5,100 peak.
Hawkish Fed Fears: The primary global headwind is the potential appointment of Kevin Warsh as the next Fed Chair, whom markets perceive as a policy hawk likely to keep interest rates higher for longer.
Safe-Haven Demand: Despite the volatility, geopolitical distrust and central bank accumulation (with India purchasing over 100 tonnes annually) continue to provide a “hard floor” for prices.
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City-Wise Breakdown: South India Leads the Rally
Prices continue to vary significantly across the country due to local taxes and transportation costs. Southern cities, historically the largest consumers of gold, are seeing the highest retail rates.
Gold Rates Today (24K per 10 Grams)
Chennai: ₹1,58,820 (Highest Metro Rate)
Hyderabad: ₹1,58,610
Mumbai: ₹1,58,360
Delhi: ₹1,58,080
Silver Rates Today (Per 1 KG)
Chennai: ₹2,64,040
Bengaluru: ₹2,63,480
Mumbai: ₹2,63,270
Kolkata: ₹2,62,930
Expert Outlook: What to Expect in March 2026
Market analysts suggest that while the current rise is modest compared to the January “meltdown,” prices are unlikely to crash drastically before the financial year-end.
“Gold is on a bullish long-term trend. We are seeing a shift where families buy 3-4 months in advance to hedge against potential jumps to ₹1.8 lakh by Diwali,” says Aksha Kamboj, VP of the India Bullion and Jewellers Association.
The primary risk for investors remains the volatility in silver, which has displayed swings of up to 36% in just a few sessions. A “disciplined, staggered allocation” is currently the recommended strategy for those not facing immediate wedding deadlines.
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[COMPARISON TABLE: BULLION PERFORMANCE FEB 9 VS FEB 10]
| Metal | Monday (Feb 9) | Tuesday (Feb 10) | Absolute Change |
| Gold (MCX April) | ₹1,58,066 | ₹1,58,394 | +₹328 |
| Silver (MCX March) | ₹2,53,000* | ₹2,62,745 | +₹9,745 |
| Spot Gold (Global) | $5,068 | $5,032 | -$36 |
*Estimated based on recovery trends.
Next Steps
If you are planning a purchase for an upcoming wedding, you should check the BIS Hallmark on every piece to ensure you are paying for the correct purity. Furthermore, if you are an investor, keep a close eye on the US CPI data scheduled for release later this week, as any sign of cooling inflation could send gold back toward the $5,200 level.
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