Gold and silver prices rallied strongly on Monday, February 9, following a broader upswing in bullion markets across India. The surge was driven by a softer US dollar, which improved global sentiment for precious metals, and growing anticipation ahead of key US economic indicators that could shape interest rate expectations.

At the time of writing, MCX gold was trading at Rs 1,57,786, up Rs 2,335 or 1.50 per cent, while MCX silver jumped Rs 12,320 or 4.93 per cent to Rs 2,62,212.

According to market experts, gold is seeing renewed buying interest after correcting from record highs, with strong support emerging in the Rs 1,45,000–Rs 1,50,000 range. If prices sustain above Rs 1,60,000, gold could target higher levels in the medium term.

Silver, which had witnessed a steep correction earlier this year, is also showing signs of stabilisation. Strong buying interest near key support zones may support further recovery, though short-term volatility is expected.

Analysts advise investors to avoid chasing prices and instead focus on disciplined, staggered buying during dips, as global uncertainty and currency movements continue to influence precious metal prices.