Precious metals markets in India witnessed a significant turnaround on Tuesday, with both gold and silver prices rebounding sharply. This recovery was fueled by fresh buying interest, coming after a session of heavy profit-booking that had pulled prices down from their recent record highs.
Metals Stage a Comeback on MCX
The rally was led by silver, which showcased remarkable strength in futures trade. On the Multi Commodity Exchange (MCX), the February gold contract saw steady buying. It climbed by Rs 826, or 0.61%, to settle at Rs 1,35,768 per 10 grams. Trading volumes for the contract stood at 15,953 lots.
Silver, however, stole the show with a powerful comeback. After a steep decline on Monday, the March 2026 delivery contract for silver skyrocketed by Rs 9,590, or 4.27%, to reach Rs 2,34,019 per kilogram. The turnover for silver futures was reported at 11,915 lots.
Volatility Follows Record Highs
The previous trading session on Monday had been a rollercoaster for silver. It had initially surged by Rs 14,387, or 6%, to hit an all-time high of Rs 2,54,174 per kg. However, aggressive profit-taking by traders later in the day dragged the price down dramatically by Rs 15,358, or 6.40%, to close at Rs 2,24,429 per kg.
Commenting on the market movement, Jigar Trivedi, Senior Research Analyst at Reliance Securities, stated, "Silver prices rose on Monday, stabilising after a steep drop in the previous session, as traders adjusted positions following aggressive profit-taking. The rebound came after a sharp retreat from record highs, with holiday-thinned liquidity amplifying recent price swings."
Global Markets Also See Gains
The positive sentiment was mirrored in international markets. In overseas trade, gold futures for February delivery on the Comex exchange traded higher at USD 4,380.70 per ounce, marking a gain of USD 37.10, or 0.85%. Silver futures also rebounded on value buying, with the March 2026 contract gaining USD 3.44, nearly 5%, to reach USD 73.90 per ounce.
Gold Prices Across Major Indian Cities
Here is a look at the prevailing gold rates in key Indian cities for Tuesday:
Gold prices in Delhi: 24K gold stands at Rs 13,635 per gram. The 22K variant is priced at Rs 12,500 per gram, while 18K gold costs Rs 10,208 per gram.
Gold prices in Hyderabad: 24K gold is trading at Rs 13,620 per gram. The 22K rate is Rs 12,485, while 18K gold is priced at Rs 10,193 per gram.
Gold prices in Mumbai: The financial capital sees 24K gold at Rs 13,620 per gram. The 22K variant costs Rs 12,485 per gram, and 18K gold is priced at Rs 10,193 per gram.
Gold prices in Chennai: The city continues to report higher rates, with 24K gold trading at Rs 13,746 per gram. The 22K gold rate is Rs 12,600, while 18K gold stands at Rs 10,505 per gram.
Gold prices in Kolkata: In Kolkata, 24K gold is priced at Rs 13,620 per gram. The 22K variant costs Rs 12,485, and 18K gold is selling at Rs 10,193 per gram.
Gold prices in Ahmedabad: The city shows 24K gold at Rs 13,625 per gram. The 22K gold rate is Rs 12,490, while 18K gold is priced at Rs 10,198 per gram.
The sharp recovery indicates that underlying demand for precious metals remains robust, with traders and investors viewing price dips as buying opportunities. Market participants will now watch for further cues from global economic trends and currency movements.
