In a significant rebound for precious metals, gold prices in India opened sharply higher on Monday, February 9, 2026. Following a period of aggressive liquidation earlier this month, investors have stepped back into the market, utilizing the price correction as a strategic “buy on dips” opportunity.
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The recovery is being fueled by a weakening US Dollar and continued safe-haven demand amidst shifting global economic expectations.
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Gold Market Rally: Why Prices are Surging Today
The current spike is not an isolated domestic event. Several global and macroeconomic factors are converging to push the “yellow metal” higher:
US Dollar Weakness: As the greenback softens, gold becomes more affordable for holders of other currencies, driving up international demand.
Central Bank Activity: Robust buying from major central banks, particularly in China and India, continues to provide a strong floor for prices.
V-Shaped Recovery: Analysts at Motilal Oswal note that gold has formed a clear V-shaped recovery on daily charts after rebounding from the ₹1,41,000 zone.
Domestic Trends: MCX Futures and IBJA Rates
On the Multi Commodity Exchange (MCX), gold futures for April delivery showed strong momentum, trading near the ₹1,57,000–₹1,58,000 level.
“Immediate support for gold is now seen near ₹1,50,000. If prices sustain above ₹155,000, we could see a path toward ₹1,65,000 in the medium term,” experts suggest.
The Indian Bullion and Jewellers Association (IBJA) previously fixed the standard gold price at ₹1,52,078, but retail rates have since surged past that benchmark in morning trade.
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City-Wise Breakdown: 24K and 22K Gold Rates
Gold rates across India’s major metros show steady demand, with southern cities like Chennai continuing to record the highest prices due to local market dynamics.
| City | 24K Gold (per 10g) | 22K Gold (per 10g) | 18K Gold (per 10g) |
| Chennai | ₹1,59,820 | ₹1,46,500 | ₹1,25,200 |
| Delhi | ₹1,58,990 | ₹1,45,750 | ₹1,19,280 |
| Mumbai | ₹1,58,840 | ₹1,45,600 | ₹1,19,130 |
| Bangalore | ₹1,58,840 | ₹1,45,600 | ₹1,19,130 |
| Kolkata | ₹1,58,840 | ₹1,45,600 | ₹1,19,130 |
Analyst Outlook: Should You Buy the Dip?
Augmont’s latest report suggests that gold will likely consolidate in the 4,550–5,100 range (approximately ₹1,40,000–₹1,60,000) in the near term.
The Strategy: Analysts recommend a “buy-on-dips and sell-on-rallies” approach.
Support Levels: A crucial support level sits at ₹1,50,000; any break below this could see a slide toward ₹1,43,000.
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Silver Update: A Massive 5% Jump
Silver is currently outperforming gold in terms of percentage gains. On February 9, silver prices climbed nearly 5%, reaching a retail price of ₹3,00,000 per kg in some markets. This surge is driven by industrial demand and investors seeking high-beta alternatives to gold.
| Commodity | Current Price (Approx) | Daily Change (%) |
| Gold (24K) | ₹1,58,840 | +1.46% |
| Gold (22K) | ₹1,45,600 | +1.46% |
| Silver (1kg) | ₹3,00,000 | +4.95% |
| USD/INR | 90.43 | -0.16% |
Next Steps
Investors should keep a close eye on upcoming US economic data scheduled for later this week, as this will provide clarity on the Federal Reserve’s policy direction. Furthermore, with the Indian wedding season picking up, local demand is expected to remain “sticky” despite the high prices.
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