Gold, silver rates today: Gold price above $5,000/oz, silver price hovering around $79. Should you buy?

Gold, silver rates today: Both gold and silver prices saw a sharp rebound on Monday, February 9, after witnessing an exceptionally volatile week.

Spot gold prices advanced nearly 1.18% to $5,040 an ounce, while spot silver prices surged as much as 3.39% to $79.89 during the Asian trading hours on Monday.

However, gold prices are still 11.27% below the record high of $5,608.35, and silver prices are 52.29% below the all-time high of $121.67 reached on January 29.

What's driving gold and silver prices today?

The rally was fueled by the decisive election win of Japan’s incumbent Prime Minister Sanae Takaichi. The result has strengthened expectations of more accommodative fiscal policy and continued pressure on the yen, both of which are supportive of gold, according to a Bloomberg report.

Market participants are also awaiting key US economic indicators for clearer signals on the Federal Reserve’s policy stance. The January employment report, due on Wednesday, is expected to point to a stabilising labour market, while inflation figures are slated for release on Friday.

Last week, both precious metals saw a heavy pullback, driven by profit-taking, a firmer U.S. dollar, and higher real yields.

Gold and silver prices outlook

According to Ponmudi R, CEO of Enrich Money, the longer-term outlook remains constructive, supported by continued central bank purchases, limited mine supply, robust industrial demand—especially for silver—and persistent geopolitical factors alongside currency diversification.

Ponmudi further added that precious metals are attempting to stabilize following last week’s sharp sell-off. Importantly, the medium- to long-term bullish structure remains firmly intact. The recent correction helped unwind excess leverage built during January’s rally.

On the gold prices outlook, Ponmudi said, “COMEX gold is consolidating above the $4,800–$4,900 region after retreating from record highs. The multi-year rising channel remains intact, with the former breakout zone near $4,500–$4,600 acting as strong structural support. As long as $4,800 holds, the current phase is viewed as a corrective pause. Renewed safe-haven demand or easing dollar strength could reopen the path toward $5,200 and beyond.”

Meanwhile, on the silver prices outlook, he added that silver remains volatile after correcting from highs above $120 but is stabilizing within the $71–$80 demand zone.

“A hammer formation near $64 aligns with the long-term 100-day EMA, reinforcing structural support. Silver’s dual monetary and industrial role continues to support a constructive outlook. A decisive move above $80–$85 would significantly strengthen recovery prospects toward $100–$105,” he said.

On the other hand, Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, believes that major U.S. data releases this week have kept sentiment slightly cautious, prices continue to find strong support near $4,800 on CME.

“Immediate resistance is now seen near $4,925 and ₹1,55,000, with volatility likely to persist around key data triggers,” Trivedi added.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.