Silver rate today: Silver and gold prices rallied in early trade on Monday, February 9 as investors bought on dips, helped by a softer US dollar, political developments in Japan and other supportive global cues following last week’s steep selloff.
Silver led the recovery. MCX Silver rate rose 6% to ₹2,64,885 per kg.
In the international market, Spot silver jumped 2.5%, extending gains after a sharp 10% rise in the previous session.
Meanwhile, Gold prices also moved higher. MCX Gold rate added 2% to ₹1,58,500 per 10 grams.
Spot gold rose as much as 1.7% in early trade to move above the $5,000-per-ounce mark, before paring some gains. By 0037 GMT, spot gold was up 1.4% at $5,029.09 per ounce, building on a near 4% advance on Friday. US gold futures for April delivery climbed 1.4% to $5,051.0 per ounce.
Other precious metals also traded higher alongside gold and silver. Spot platinum gained 1.8% to $2,134.18 per ounce, while palladium advanced 1.8% to $1,737.75 per ounce, tracking the broader recovery across the complex.
Silver and gold prices: Reasons for todays’s rise
The key reason was weakness in the US dollar. The US dollar slipped to its lowest level since February 4, making greenback-priced precious metals cheaper for overseas buyers and improving near-term demand sentiment.
Apart from the dollar’s weakness, bullion sentiment was aided by a landslide election victory for Japanese Prime Minister Sanae Takaichi. Her win reinforced expectations of looser fiscal policy and sustained pressure on the yen, factors that are generally supportive for gold and other precious metals as alternative stores of value.
Moeover, US Treasury Secretary Scott Bessent said on Sunday that he does not expect the Federal Reserve to move swiftly to reduce the size of its balance sheet, even if Kevin Warsh, a vocal critic of the central bank’s bond-buying programmes, takes over as Fed chair.
Market participants currently anticipate at least two 25-basis-point interest rate cuts in 2026, with the first widely expected around June. Investors are also awaiting a key U.S. labour market report due later this week, which is likely to offer further clues on the Federal Reserve’s future policy path.
Separately, geopolitical developments were also in focus. Iran’s Foreign Minister Abbas Araqchi said that recognising Iran’s right to enrich uranium would be essential for nuclear negotiations with the United States to make progress. His comments came after U.S. and Iranian diplomats held indirect talks in Oman on Friday, as efforts to revive diplomacy continued against the backdrop of an expanded U.S. naval presence near Iran.
Silver still 40% below peak
Despite the rebound, precious metals remain well below their recent peaks. Gold and silver had crashed from all-time highs at the end of last month, following a record-breaking rally that many analysts said had run too far, too fast.
At Friday’s close, the white metal has crashed over 40% from record high of ₹4,20,000 on January 29, 2026. Meanwhile, it is up just 6% in 2026. Meanwhile, gold was down about 11% from its all-time high hit on January 29, though it remains up around 15% so far this year, underscoring the strength of the longer-term uptrend.
Market participants are now watching currency movements and global risk sentiment closely for further cues. While volatility remains elevated after the recent sharp correction, a weaker dollar and supportive macro signals could continue to underpin near-term recoveries in precious metal prices.
Is the rally back?
Most experts expect silver to remain volatile in the recent times and advises investors to remain cautious and allocate in a staggered manner.
Rajkumar Subramanian, Head – Product & Family Office, PL Wealth believes silver remains a volatile metal, with historical annualised volatility often in the 25–35% range, higher than gold, and the sharp run-up increases the risk of near-term corrections. From an investment perspective, he recommends a calibrated, staggered allocations rather than lump-sum deployment to manage entry-point risk while retaining exposure to silver’s longer-term structural drivers.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.