Silver jumps nearly Rs 7,000/kg; gold rises Rs 1,600 as weak US retail data boosts rate-cut bets

Summary

Precious metals rallied sharply on the Multi Commodity Exchange (MCX) and in international markets on Wednesday, February 11, 2026, after softer-than-expected US retail sales data strengthened expectations that the Federal Reserve may ease monetary policy later this year. A decline in US Treasury yields improved the appeal of non-yielding assets such as gold and silver.

Mumbai, Feb 11 — Bullion futures opened significantly higher on Wednesday as investors recalibrated expectations for the Federal Reserve’s policy trajectory following signs of cooling consumer demand in the United States.

In domestic trade, MCX silver futures (March 5, 2026 contract) surged by approximately Rs 6,970, or nearly 3%, to trade around Rs 2,59,418 per kg during the morning session.

At the same time, MCX gold futures (April 2, 2026 contract) advanced by Rs 1,633, or about 1%, to Rs 1,58,436 per 10 grams.

(Prices reflect early-session levels and may vary during the day.)

Weak US retail sales lift rate-cut expectations

The rally followed US data showing retail sales growth for December unexpectedly stalled, signaling a potential moderation in consumer spending. The data prompted traders to increase expectations that the Federal Reserve could adopt a more accommodative stance in the coming months, according to market pricing indicators.

Lower US Treasury yields reduced the opportunity cost of holding bullion, supporting demand across global markets.

In international trade:

• Spot gold rose about 0.3%–0.5% to trade between $5,038 and $5,075 per ounce.
• Spot silver advanced over 1% to trade around $81.49 to $82.43 per ounce, recovering from recent volatility.

(International prices vary across trading platforms and sessions.)

Analyst outlook: Key levels to watch

Market participants are now focused on upcoming US employment and inflation data for further direction.

Jigar Trivedi, Senior Research Analyst at IndusInd Securities, said MCX gold April futures may remain supported toward the Rs 1,58,000 level, while silver could test resistance near Rs 2,65,000 per kg, provided global sentiment remains constructive.

However, analysts cautioned that volatility may remain elevated due to fluctuations in the US dollar index and evolving expectations around the Fed’s policy path.

Broader support factors

In addition to shifting rate expectations, bullion continues to draw structural support from:

• Continued central bank gold purchases in recent months
• Portfolio diversification amid macroeconomic uncertainty
• Lower real yields in major economies

These factors have helped underpin investor interest in precious metals despite intermittent price swings.

Bullion price snapshot – February 11, 2026

FAQs

Q1: Why did gold and silver prices rise today?

Weaker US retail sales data increased expectations that the Federal Reserve may ease interest rates later this year, lowering Treasury yields and boosting demand for safe-haven assets.

Q2: What are the near-term levels for MCX gold?

Analysts suggest gold may find support around Rs 1,58,000 per 10 grams, with further direction dependent on upcoming US data and dollar movements.

Q3: How is silver performing compared to earlier in February?

Silver has rebounded strongly following recent volatility and is trading near multi-session highs.

Q4: What broader factors are supporting bullion?

Central bank purchases, macroeconomic uncertainty, and lower real yields continue to support the precious metals complex.

Q5: How have gold ETFs responded?

Industry data shows strong inflows into gold and silver exchange-traded funds in January, reflecting sustained investor interest in bullion-backed instruments.