The Indian bullion market witnessed a sharp recovery on Wednesday, February 11, 2026, with gold prices climbing 0.81%. This rally comes on the heels of recent volatility, as the yellow metal reclaims significant territory following a brief period of profit-taking earlier in the month.
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Currently, spot gold is firming above 5,040 per ounce in the international market. For Indian consumers, this translates to a high-cost environment, with 24K gold nearing the historic ₹1.58 lakh mark across major metros.
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Why Gold is Surging: The US Federal Reserve Factor
The primary catalyst for today’s price action is the latest economic report from the United States.
Weak Retail Sales: New data reveals that US retail sales growth stalled in December 2025. This indicates that the American consumer, burdened by high living costs and the impact of recent tariffs, is finally scaling back.
Bond Yields & Dollar Drop: In response to the weak data, US Treasury bond yields fell, and the Dollar Index dipped to 96.66.
Rate Cut Bets: Markets are now pricing in a higher probability of three Fed rate cuts in 2026, up from previous estimates of two. Since gold does not yield interest, lower rates make the metal a more attractive alternative to bonds.
Geopolitics and Central Bank Strategy: The China Influence
Beyond the US economy, structural factors are keeping the “bull run” intact.
US-Iran Tensions: Despite initial diplomatic talks last week, Washington has warned US-flagged vessels to avoid Iranian waters. This persistent uncertainty keeps the “risk-off” sentiment high among institutional investors.
Central Bank Accumulation: The People’s Bank of China (PBoC) extended its gold buying streak for the 15th consecutive month in January 2026. Similarly, the Reserve Bank of India (RBI) has augmented its reserves, which now stand at approximately 117.45 billion.
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City-Wise Gold Rates: Mumbai, Delhi, and Bengaluru
Prices vary across India due to local taxes and demand-supply dynamics. Notably, Chennai continues to record some of the highest rates in the country.
| City | 24K Gold (10g) | 22K Gold (10g) | Change (₹) |
| Mumbai | ₹157,780 | ₹144,632 | + ₹1,270 |
| Delhi | ₹157,500 | ₹144,375 | + ₹1,250 |
| Bengaluru | ₹157,900 | ₹144,742 | + ₹1,260 |
| Chennai | ₹158,230 | ₹145,044 | + ₹1,260 |
| Dubai (INR) | ₹149,441 | ₹138,508 | — |
Retail Outlook: Is it Time to Buy or Hold?
Analysts at firms like Anand Rathi suggest a “buy on dips” strategy for 2026. While short-term volatility is expected as the market digests upcoming US inflation data (due Friday), the long-term fundamentals remain bullish. For retail investors, Gold ETFs are emerging as a preferred route, with some funds rallying up to 5% in today’s session alone.
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[10-DAY GOLD PRICE TREND: FEB 2026]
| Date | 24K Price (per gram) | Sentiment |
| Feb 11 | ₹15,879 | Bullish |
| Feb 10 | ₹15,878 | Steady |
| Feb 06 | ₹15,371 | Correction |
| Feb 04 | ₹15,944 | Peak Volatility |
| Feb 01 | ₹16,058 | Record High |
Next Steps
To refine your investment timing, you should monitor the US Non-Farm Payrolls report scheduled for release later today, as any further signs of labor market weakness could push gold toward the 5,200 resistance level. Furthermore, if you are planning an overseas purchase, remember that while Dubai is cheaper, you must account for import duties if the value exceeds duty-free allowances upon your return to India.
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