Gold and silver prices today witnessed a sharp recovery on the Multi Commodity Exchange (MCX) and global markets this Friday. After facing intense selling pressure earlier in the week, bullion gained momentum as investors turned cautious ahead of the crucial US inflation report. Domestic sentiments were further influenced by India’s rising retail inflation, which recently breached the central bank’s comfort zone.
MCX Gold and Silver Performance on February 13
The domestic commodities market opened on a bullish note today. MCX gold futures for April delivery rose by nearly 1%, regaining ground after a 3% slump in the previous session. Simultaneously, silver futures outperformed the yellow metal, surging by over 2% to trade comfortably above the ₹92,000 per kg mark in the early hours of trading.
This uptick reflects a broader “buy-on-dips” strategy among Indian investors. On the physical front, 24K gold rates across major metros like Delhi and Mumbai showed a proportional increase, making it a pivotal day for retail buyers and institutional hedgers alike.
Global Market Trends and Spot Prices
In the international arena, spot gold climbed to approximately $4,960 per ounce. This recovery is significant given the recent volatility in the US dollar index. Silver followed a similar trajectory, gaining 2.5% to trade above the $77 per ounce threshold.
Market analysts suggest that the parallel decline in riskier assets, such as equities and cryptocurrencies, has funneled capital back into safe-haven assets. This shift indicates a growing sense of risk aversion among global fund managers who are wary of upcoming macroeconomic shifts.
Impact of India’s Rising Inflation
A key driver for domestic gold and silver prices today is the latest Consumer Price Index (CPI) data from New Delhi. India’s inflation rate surged to 2.75% in January 2026, surpassing the market expectation of 2.4%.
For the first time since August 2025, inflation has crossed the Reserve Bank of India’s (RBI) 2% tolerance limit. Historically, gold acts as a natural hedge against inflation. When the purchasing power of currency weakens, investors traditionally flock to bullion to preserve their wealth, providing a solid floor for prices even amidst global fluctuations.
US CPI Data: The Next Big Catalyst
All eyes are now on the United States Bureau of Labor Statistics, which is set to release the CPI inflation figures later today. This data is the primary compass for the Federal Reserve’s interest rate trajectory.
Earlier this week, stronger-than-expected US jobs data forced traders to recalibrate their expectations. While a rate cut was initially anticipated in June, most market participants are now pricing in the first reduction only by July. Higher interest rates typically weigh on non-yielding assets like gold, but the current geopolitical climate is offering strong counter-support.
Central Bank Actions and Currency Debasement
Despite the potential for delayed rate cuts, long-term support for precious metals remains intact. Central banks across emerging markets continue to diversify their reserves by purchasing gold, wary of currency debasement and excessive reliance on the dollar.
Moreover, ongoing geopolitical tensions in Eastern Europe and the Middle East keep the “uncertainty premium” high. Even as bullion heads for a modest weekly loss according to Trading Economics, these underlying factors suggest that the current rally might have more legs than previous short-lived spikes.
Understanding the 24K, 22K, and 18K Price Split
For the retail consumer in India, the price recovery is felt differently across various purity levels.
- 24K Gold: Preferred for investment and coins, it saw the highest nominal jump.
- 22K Gold: The standard for jewelry making, saw prices stabilizing after Tuesday’s sharp correction.
- 18K Gold: Popular for diamond-studded jewelry, this segment remains sensitive to the immediate MCX fluctuations.
Strategic Outlook for Investors
Professional traders are currently monitoring the $4,920 support level for spot gold. If the US inflation data comes in hotter than expected, we might see a temporary pullback as the dollar strengthens. However, any dip towards the ₹72,000 level (per 10 grams) on MCX is being viewed by many as a strategic entry point for long-term portfolios.
Silver, often more volatile than gold, is showing signs of industrial demand recovery. With the green energy sector and electronics manufacturing picking up pace in early 2026, silver’s role as both an industrial metal and a precious asset is being re-evaluated by many brokerage houses.
A Balancing Act
The movement in gold and silver prices today highlights a complex balancing act between domestic inflation pressures and global monetary policy. While the immediate focus remains on the Federal Reserve, Indian buyers must also keep a close watch on the Rupee’s performance against the Dollar, as any depreciation in the local currency could further inflate the landed cost of gold in India.
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