Gold, Silver Rates Today LIVE: MCX gold near ₹1.50 lakh, silver crashes 5% to ₹2.32 lakh per kg — how to trade?

MCX Silver futures are trading near ₹2,30,000 to ₹2,50,000 after correcting sharply from record highs around ₹4,20,000. Despite the steep pullback, the long-term bullish structure remains intact. The ₹2,25,000 to ₹2,60,000 zone continues to act as a strong demand base.

— Ponmudi R, CEO at Enrich Money

Strong buying interest is visible near $65–$70, a critical long-term demand zone. A sustained recovery and close above $85–$92 would be needed to revive upside momentum toward $95–$105, with the medium- to long-term outlook remaining constructive on steady industrial demand and structural supply constraints.

— Ponmudi R, CEO at Enrich Money

COMEX Silver is trading in the $65–$80 zone after a sharp correction from record highs above $121. While the long-term bullish structure remains intact, prices are currently below key moving averages, indicating short-term bearish pressure and an extended corrective phase.

Ponmudi R, CEO at Enrich Money

Prices remain below key short-term moving averages, indicating corrective pressure. Strong buying interest is visible in the $4,500–$4,700 support band. A sustained hold above this zone could set the stage for renewed upside, while a breakout above $5,200–$5,300 would reopen the path toward prior record highs.

— Ponmudi R, CEO at Enrich Money

The white metal was also set for its second straight weekly loss, down almost 16% after shedding 18% last week in its biggest weekly fall since 2011.

JP Morgan said in a note that relatively rich silver valuations leave the metal vulnerable to outsized corrections in risk-off sessions, even as the bank sees a higher near-term floor around $75–$80 and a recovery towards $90 next year.

— REUTERS

COMEX Gold is trading within the $4,700–$5,000 zone after correcting sharply from recent highs above $5,500–$5,600. The broader uptrend remains intact, with the recent decline reflecting profit booking and healthy price digestion rather than trend reversal.

— Pponmudi R, CEO at Enrich Money

Gold and silver prices crashed again after the U.S. and Iran agreed to talk on the nuclear deal in Oman on Friday. Heavy sell-off in the global equity and crypto markets is also pressurising other asset classes like precious and industrial metals.

— Manoj Kumar Jain of Prithvifinmart Commodity Research

JP Morgan said silver appeared especially vulnerable following its steep run-up, warning that rich valuations could trigger disproportionate downside during bouts of market stress. However, the global investment bank maintained that downside may be cushioned in the near term, with prices expected to stabilise before resuming a recovery next year.

“Relatively rich silver valuations leave the metal vulnerable to outsized corrections in risk-off sessions, even as we see a higher near-term floor around $75–$80 and recovery towards $90 next year,” JP Morgan said.

Among other precious metals, spot platinum slid 4.7% to $1,892.74 per ounce, after having touched an all-time high of $2,918.80 on January 26, while palladium gained 0.8% to $1,628.95. Both metals were also lower on a weekly basis.

The U.S. dollar hovered near a two-week high and was poised for its strongest weekly performance since November, making dollar-denominated commodities costlier for holders of other currencies.

Silver rate today declined another 6% on Friday, February 6, extending losses for the second straight session after brief rebound earlier in the week was wiped out by a global selloff in technology stocks and a stronger U.S. dollar. The pressure kept the white metal on course for a second straight weekly decline, as risk sentiment deteriorated across global markets.

Gold rate crashed on the MCX on Friday (February 6) morning on profit booking amid weak global cues, dollar's rise, and subdued spot market demand. MCX gold April contracts declined over 1%, while MCX silver March futures crashed 6%.

After witnessing heavy sell-off, both gold and silver have witnessed heavy buying at the lower levels. Currently, the COMEX gold price is above $4,800/oz, whereas the COMEX silver rate is above $70/oz. So, I am expecting a flat opening as fundamentals are still weak for the precious bullions.

— Anuj Gupta, a SEBI-registered market expert

Gold and silver recouped early losses on Friday, but were headed for a second straight week of declines as a global rout in tech equities and a stronger U.S. dollar wiped out gains made by the metals during a brief rebound earlier this week.

— REUTERS

Iran and the United States are set to resume nuclear negotiations on Friday in Oman, returning to a diplomatic track derailed by Israel’s 12-day war on Iran in June and a subsequent wave of nationwide protests that triggered a deadly crackdown by Tehran.

The precious metal and base metal rally have topped out. Those who have positions at higher levels are advised to exit in the dead-cat bounce, as we witnessed on Tuesday and Wednesday. Now, precious metals will go deeper and higher and slowly but steadily keep on reaching their fair value, which is still very low from the current levels.

— Amit Goel, Chief Global Strategist at PACE 360

Gold and silver rates today are under pressure because of the easing US-Iran tension. Both countries have announced that they will initiate talks for a possible nuclear deal. The first US-Iran talks are taking place on Friday this week, i.e. today. This has fueled demand for the US Dollar against major global currencies and hit the safe-haven demand for gold and silver.

— Anuj Gupta, a SEBI-registered market expert