Silver prices surged sharply on Wednesday, February 11, tracking gains in global bullion markets after softer-than-expected US retail sales data pulled Treasury yields lower and revived expectations of rate cuts.
On the Multi Commodity Exchange (MCX), silver futures were trading at Rs 2,59,945 per kilogram, up Rs 7,397 or 2.93% as of 09:27 AM IST. The rebound comes after heightened volatility in previous sessions, when prices had corrected sharply.
Globally, spot silver rose 2.2% to $82.43 per ounce, recovering after falling more than 3% in the prior session. Spot gold also gained 0.5% to $5,049.59 per ounce, while US gold futures climbed 0.9% to $5,073.40 per ounce.
The rally in precious metals followed a decline in US Treasury yields after data showed that retail sales were unchanged in December. Weak consumer spending reinforced expectations that the US Federal Reserve could have more room to cut interest rates this year. Lower yields reduce the opportunity cost of holding non-yielding assets like gold and silver, often supporting bullion prices.
Market participants are now focused on upcoming US macroeconomic data, including the non-farm payrolls report and inflation figures later this week, for further clarity on the Federal Reserve’s monetary policy path. Investors are currently pricing in at least two 25-basis-point rate cuts in 2026, with the first potentially coming as early as June.
The sharp uptick in MCX silver reflects a combination of global cues and currency dynamics, with domestic prices closely mirroring movements in international markets.
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