Gold rally pauses: Investors brace for volatile week in MCX gold & silver

New Delhi: India’s bullion market saw a pause in its recent rally on February 8, with gold prices easing slightly after touching record highs in late January. The price of 24-carat gold was around Rs 1.56 lakh per 10 grams, while 22-carat gold traded close to Rs 1.43 lakh per 10 grams in major markets across the country.

Silver prices remained volatile but stable compared to recent swings, trading at about Rs 2.85 lakh per kilogram. The metal has seen sharp movements in recent weeks, reflecting changing global demand and investor sentiment.

The correction in gold prices comes after the metal reached an all-time high of nearly Rs 1.79 lakh per 10 grams last month, driven by strong global demand for safe-haven assets. Since then, some investors have booked profits, leading to a decline in prices.

Market experts say precious-metal prices are currently being influenced by international economic conditions, currency fluctuations, and expectations around interest-rate decisions by major central banks. These factors often affect global bullion prices, which in turn impact domestic rates in India.

Despite the recent dip, demand for gold remains steady, especially with the wedding season and festive purchases supporting jewellery sales. Analysts believe gold and silver prices may continue to move cautiously in the coming weeks as global markets remain uncertain.

Overall, the bullion market is entering a phase of consolidation after a strong rally, with investors closely watching global trends for the next direction in prices.