Silver rate today declined on Tuesday, February 10, slipping around 2% while gold prices fell over 1% as the US dollar Firmed up from a more than one-week low. The weakness came as investors turned cautious ahead of key US jobs and inflation data scheduled later this week, which are expected to provide clearer signals on the future interest rate path.
MCX silver prices lost 2% to ₹Rs 2,57,715 per kg. Gold also recovered part of its losses, with MCX gold rising 2% to ₹₹1,56,001 per 10 grams.
In the global market, however, pressure persisted. Spot silver fell 2.5% to $81.31 per ounce after jumping nearly 7% in the previous session. The white metal had touched an all-time high of $121.64 per ounce on January 29.
Meanwhile, Spot gold declined 1% to $5,016.56 per ounce by 0055 GMT, after gaining 2% on Monday when the dollar weakened to a more than one-week low. Gold had scaled a record high of $5,594.82 per ounce on January 29. US gold futures for April delivery eased 0.8% to $5,041.60 per ounce.
Other precious metals also remained under pressure. Spot platinum slipped 1.6% to $2,088.71 per ounce, while palladium declined 1.7% to $1,710.68 per ounce.
Overall, precious metals continue to trade well below their recent peaks and are still searching for a bottom after a historic rout. Gold and silver had tumbled from all-time highs at the end of last month following a record-breaking rally. Silver has crashed over 38% from its record high of around ₹4,20,000 per kg hit on January 29, 2026, and is up only about 6% so far in 2026. Gold, meanwhile, is down roughly 11% from its January 29 peak, though it remains up around 15% this year.
Silver and Gold Price: Reasons for the fall
The US dollar index rose 0.2% from a more than one-week low hit in the previous session, making dollar-denominated metals costlier for overseas buyers.
In addition, White House economic adviser Kevin Hassett said on Monday that US job gains could slow in the coming months due to weaker labor force growth and higher productivity. His comments fed into an ongoing debate at the Federal Reserve and are likely to influence upcoming policy decisions.
Investors are currently pricing in at least two 25-basis-point rate cuts in 2026, with the first expected in June. Non-yielding assets such as gold and silver typically benefit in a low interest rate environment.
Going ahead, market participants are closely watching the US nonfarm payrolls report for January, due on Wednesday, and inflation data scheduled for Friday for further cues on the Federal Reserve’s monetary policy trajectory.
