Gold Silver Rate Today: Gold, silver rebound; prices claw back after historic sell-off

"Gold traded strongly positive as CME Gold surged above 4900$ in the first session, triggering sharp upside momentum in MCX Gold which rallied above ₹1,51,000, gaining nearly ₹8,000 intraday. The breakout reflects renewed safe-haven buying and short covering at lower levels.

This week, U.S. Nonfarm Payrolls and Unemployment data will be closely tracked, as they remain critical inputs for the Fed’s rate outlook and could inject further volatility into bullion. Technically, Gold has immediate support near ₹1,45,000, while resistance is seen around ₹1,55,000," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

"Gold price has rebounded significantly from the bottom of 137,000 by ~12% in recent session and currently trading near 153,000. On the other side, Silver price is currently trading at 269,000 after hitting the dip of 225,805 in previous session. After a recent fall, Gold price has pullback from the 38% of Fib. Retracement level placed at 137,728. Immediate resistance would be at 23% of Fib. Retracement level placed at 154,215. Breakout of this level will boost the upside momentum in Gold price and next resistance would be at 160,000 – 167,000.

On the other side, Silver price has started trading over 50% of Fib. Retracement level which is at 253,468, having pullback towards 38% of Fib. Retracement level placed at 292,928. Breakout of this level will continue the upward move in Silver ahead and next hurdle would be at 341,773.

We are expecting Moderately bullish trend in Gold and Silver ahead in this week," said Aamir Makda, Commodity & Currency Analyst, Choice Broking.

"Gold remains well supported by ongoing concerns around inflation, currency stability, and geopolitical risks, keeping it attractive as a strategic hedge rather than a short-term trade. Silver, while also a safe-haven asset, has the additional role in industrial demand, meaning improved global trade expectations can support prices through stronger manufacturing.

While the tariff reduction may slow down fear-driven buying, both gold and silver are likely to stay structurally firm as long as economic and policy uncertainty remains," said Ross Maxwell, Global Strategy Operations Lead, VT Markets.

"Gold remains a structural buy, and even with the uncertainty around deals dissipating, longer-term phenomena will ensure gold crosses USD 6,000 in the next 18 months. Silver remains in a speculative zone, but the reality of physical shortages and premia sustaining in China, combined with a prospective rebound in demand, will ensure we don’t go much lower from current levels. However, given the volatility, we don’t want to put an immediate price target here," said Sandip Raichura, CEO of Retail Broking and Distribution & Director, PL Capital.

A dramatic unwind which hit gold and silver markets over the past two days, erased a chunk of their record breaking January gains. The plunge began after CME Group hiked margin requirements on both metals, forcing leveraged traders to liquidate positions and accelerating a wave of selling. In additions, the selloff intensified as markets digested reports that US President Donald Trump is set to nominate Kevin Warsh—viewed as a hawkish, dollar supportive choice—as the next Federal Reserve Chair. The shift revived expectations of tighter policy and triggered a sharp rebound in the U.S. dollar, which is negative for precious metals.

“The correction was amplified by extreme overbought conditions after gold and silver touched unprecedented highs just days earlier, with silver having surged more than 60% in a month and gold over 20%. Profit taking cascaded into panic selling as liquidity thinned and volatility spiked,” said Hareesh V, Head of Commodity Research, Geojit Investments.

Gold and silver exchange traded funds (ETFs) rebounded up to 10% on February 3 after seeing a massive crash during the past few sessions. This comes as precious metals rebounded from their lows.

Analysts have said that such a “violent” drop in the precious metals was more like a technical correction than a deterioration in core fundamentals, and that the longer term drivers remain intact. (Read more)

The government has made changes to baggage rules for passengers arriving in India, widening duty-free allowances for several goods, including gold jewellery.

The Baggage Rules, 2026, which came into effect February 2,  allow most passengers arriving by air or sea to carry personal items for higher value without paying customs duty.

A resident of India, a tourist of Indian origin, or a foreign national holding a valid visa other than a tourist visa can bring goods worth up to Rs 75,000 duty-free. The earlier limit was Rs 50,000.

The rules also set up a separate limit for foreign tourists. A foreign tourist arriving in India by air or sea will be permitted duty-free clearance of articles worth up to Rs 25,000, provided the items are carried on the person or in accompanied baggage.

Silver’s outlook remains more mixed, analysts said, reflecting its dual role as both a precious metal and an industrial commodity. At last check, spot gold was trading around $4,778 an ounce in Asia, while silver hovered near $82.70. Platinum and palladium also moved higher, while the dollar index eased marginally after recent gains.

Banks and institutional analysts continue to project higher prices later this year. Deutsche Bank reiterated its bullish stance, maintaining a forecast of $6,000 an ounce for gold, citing sustained investor demand. UBS expects bullion to climb above $6,200, while JP Morgan has forecast prices could reach $6,300 by year-end.

China is expected to play a key role in determining near-term price direction. Over the weekend, buyers reportedly flocked to bullion markets in Shenzhen to purchase gold jewellery and bars ahead of the Lunar New Year holidays, suggesting dip-buying interest remains intact. Chinese markets will be closed for more than a week from February 16.

Despite the sharp pullback, analysts said prices remain elevated compared to recent months. “This is a sizeable correction, but prices are still around levels seen just a few weeks ago,” said Ross Norman, an independent metals analyst. “It does not signal the end of the bull market.”

Market participants said the correction was triggered by a rebound in the US dollar, profit-taking after an overstretched rally, and tighter trading conditions after the CME Group raised margin requirements for precious metals futures. Sentiment also cooled following political developments in the US that reduced near-term uncertainty around monetary policy.