Gold and silver rates today: Both gold and silver prices edged higher on Wednesday, February 11, after a downward rally on Tuesday, amid expectations of a US Fed rate cut.
Spot gold traded marginally higher at $5,065 per ounce, while spot silver surged 1.16% to $81.32 per ounce during the Asian trading hours on February 11.
Gold prices remained nearly 11% below their record high price of %5,608.35, reached on January 29. Silver prices are around 50% away from their all-time high price of $121.67 per ounce.
What’s driving gold and silver prices today?
According to a Bloomberg report, consumer spending unexpectedly flatlined in December, highlighting concerns over the rising cost of living and setting the stage for a delayed and closely watched January employment report due on Wednesday.
Any additional easing in borrowing costs would support gold, which does not offer interest income and generally performs well in a low-rate environment.
The precious metal climbed to a record high in late January before experiencing a sharp decline. It has since recovered roughly half of those losses and was trading near $5,000 an ounce this week.
Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, said, “Participants are awaiting key US retail sales data, followed by unemployment and non-farm payroll numbers later in the week. These releases are likely to inject volatility, as they will shape expectations around the Fed’s policy stance and influence near-term price direction in bullion.”
Gold and silver prices outlook in near-term
According to brokerage firm Geojit Investments Limited, gold prices are expected to remain supported by sustained central bank purchasing and strong ETF inflows, even as geopolitical tensions ease and trade related uncertainties diminish.
“Nevertheless, once this period of turbulence and liquidation subsides, the market is likely to refocus on the underlying structural drivers that continue to underpin bullion demand,” the brokerage firm said in a note.
On the technical outlook, Ponmudi R, CEO of Enrich Money, said that the broader uptrend remains intact, with the recent pullback reflecting profit booking and healthy price digestion. Prices continue to trade above key moving averages, suggesting the correction is maturing.
“COMEX Gold is trading near the $4,900–$5,100 zone after a sharp correction from recent highs above $5,500–$5,600. Strong buying interest is visible in the $4,500–$4,700 support band, and sustained stability above this zone could set the stage for renewed upside momentum. A breakout above $5,200–$5,300 would open the path toward a retest of record. highs,” Ponmudi added.
On the silver prices outlook, Ponmudi further opined that while the broader bullish structure remains intact on higher timeframes, the steep pullback has pushed prices below key moving averages, indicating short-term bearish pressure and an extended corrective phase.
“COMEX Silver is trading near the $78–$83 zone after a sharp correction from record highs above $121. Strong buying interest is visible in the $65–$70 support band, aligned with prior swing lows and long-term trend support. A sustained hold above this base, followed by a recovery and close above $85–$92, could revive upside momentum toward $95–$105 and potentially retest previous highs. The medium- to long-term The outlook remains constructive, supported by steady industrial demand and structural supply constraints, despite elevated volatility,” he said.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
