Summary of this article
Gold prices rose on domestic markets following rise in international markets
Gold, silver prices rose on soft dollar ahead of US jobs data
Gold prices bounced back in the domestic markets following a surge in international markets as the dollar fell. Investors eyed a key US labour report which will be released during the week to gauge the trajectory of interest rates.
In the domestic market, gold futures were trading at Rs. 1.55 lakh for 10 grams. Silver futures on MCX were trading at Rs. 2.60 lakh per kg.
On international markets, gold futures for April delivery were trading at $5,041 on February 9, rising to the highest level in more than a week. Meanwhile, silver futures for March delivery were trading at $ 81.33, their highest in nearly a week.
The dollar was at its lowest level since February 4, which led to a rise in gold prices. This was despite caution ahead of the release of the US employment report for January along with the consumer price index (CPI) inflation print due later in the week.
The key non-farm payrolls data for January was delayed for a week amid a partial shutdown in the US government. Investors are watching out for the key data to bet on interest rate trajectory before the US Federal Open Market Committee’s (FOMC’s) next meeting in March.
Last week, San Francisco Federal Reserve president Mary Daly said that two more interest rate cuts may be necessary to counteract the weakness in the labour market. According to the FedWatch tool, investors are expecting at least two 25 basis points (bps) rate cuts by the US Fed in 2026, with the first cut expected to come in June. Gold prices tend to rise in a low-interest rate environment.
Gold prices also rose after a landslide victory for incumbent Japanese Prime Minister Sanae Takaichi. Her election victory reaffirmed the market’s expectations for a looser fiscal and monetary policy and maintained pressure on the yen. This would also be supportive for gold prices.
On the other hand, Iranian Foreign Minister Abbas Araqchi said on February 8, 2026 that recognising Iran's right to enrich uranium was key for the success of nuclear talks with the US. On February 6, American and Iranian diplomats held indirect talks in Oman aimed towards reviving diplomacy at a time when the US had stepped up their military position near Iran.
Other metals, such as platinum were trading at $2,105 an ounce, while palladium was trading at $1,744 per ounce.On the other hand, Iranian Foreign Minister Abbas Araqchi said on February 8, 2026 that recognising Iran's right to enrich uranium was key for the success of nuclear talks with the US. On February 6, American and Iranian diplomats held indirect talks in Oman aimed towards reviving diplomacy at a time when the US had stepped up their military position near Iran.
Other metals, such as platinum were trading at $2,105 an ounce, while palladium was trading at $1,744 per ounce.
