Silver rate today rises around 3% on MCX as US bond yields fell on weak jobs data buzz- Outlook ahead?

Silver rate today rose around 3% on MCX on Wednesday, February 11 as US Treasury bond yields declined ahead of US jobs data later today. Gold price also gained.

Silver price on MCX jumped as much as 2.7% to its day's high of ₹2,59,418 per kg while MCX gold price advanced 1% to its day's high of ₹1,58,436 per 10 grams.

Globally, Spot silver was up 2.2% at $82.43/oz, after falling more than 3% in the previous session. Meanwhile, Spot gold was 0.5% higher at $5,049.59 per ounce by 0242 GMT. U.S. gold futures for April delivery gained 0.9% to $5,073.40 per ounce.

The softer yield environment supported gains across precious metals. Spot platinum also climbed 2% to $2,127.80 per ounce, while palladium advanced 1.8% to $1,738.62 per ounce, as easing financial conditions boosted appetite for the metals complex.

Silver, gold price: Reasons for today's gains

U.S. Treasury yields slipped on Tuesday after a series of economic indicators pointed to signs of slowing momentum. Lower yields typically make non-yielding assets like precious metals more attractive.

Data showed US retail sales were flat in December. The slowdown has raised concerns that consumer demand. Market participants are now closely watching the January non-farm payrolls report due later in the day, along with inflation data scheduled for Friday, for clearer signals on the Fed’s next policy moves.

Interest rate expectations remain tilted toward easing. Investors are currently pricing in at least two rate cuts of 25 basis points each in 2026, with the first reduction expected as early as June.

Outlook ahead

Looking ahead, Gaurav Garg, Research Analyst at Lemonn Markets Desk believes near‑term, key support for gold is now seen around ₹1.52–1.54 lakh per 10 g and for silver around ₹2.45–2.55 lakh per kg, levels that may attract fresh buying on dips.

Market sentiment remains cautiously constructive, with investors awaiting fresh macro data and policy cues that could drive safe‑haven demand and price direction in the coming sessions, he added.

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