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Gold prices saw a strong recovery on Friday, February 13, as investors stepped in to buy after the previous session’s decline. The rebound was visible across domestic and international markets, supported by renewed interest in precious metals.
On the Multi Commodity Exchange (MCX), gold April futures climbed 1.30% to Rs. 1,54,837 per 10 grams. Silver also witnessed robust buying, with March futures advancing over 2.4%, to Rs. 2,42,081 per kilogram. The sharp uptick reflects value buying after recent profit-booking pressure.
The price of 24K gold decreased by Rs. 262 in early trade on Thursday with ten grams of the precious metal trading at Rs. 1,55,780.
The price of 22K gold also declined by Rs. 240 with ten grams of the yellow metal selling at Rs. 1,42,800.
The price of ten grams of 24K gold stood at Rs. 1,55,780 in Mumbai and Kolkata and Rs. 1,57,090 in Chennai.
In Delhi the price of ten grams of 24K gold stood at Rs. 1,55,930.
Internationally gold prices also moved higher. US gold futures for April delivery rose 0.7% to $4,985.40 per ounce, while spot silver jumped 2.1% to $76.76 per ounce.
The increase comes after a sharp correction earlier in the week. This weakness forced investors to liquidate positions.
Analysts note that Thursday's gold decline aligned with investors selling off their assets in global equities and commodity markets.
Risk sentiment improved together with technical support levels. It led investors to enter long positions again.
The recent US labour market data has played a key role in shaping sentiment. The January nonfarm payrolls showed an increase of 1,30,000 jobs while the unemployment rate decreased to 4.3%.
The weekly jobless claims decreased to 2,27,000 which reinforced resilience in the US economy.
The Federal Reserve rate cut expectations have moved further out amid strong employment data which now predict a possible rate cut in July instead of June.
Investors are closely monitoring upcoming US inflation data for clearer signals on the Fed’s interest rate outlook.
Also Read: Tether Buys 12% of Gold.com as Tokenized Gold Demand Rises
Market experts believe MCX gold April futures could attempt a move toward Rs. 1,54,000 in the near term supported by stability in global prices.
Short covering in international markets may help Silver prices test Rs. 2,42,000 per kg.
Internationally Gold has support at $4,952 while resistance can be seen at $5,140.
