Precious Metals Market Update — February 10, 2026

The start of 2026 has been exceptionally volatile for precious metals. Following historic, record-breaking highs in late January, both gold and silver are now undergoing a sharp corrective phase marked by heightened price swings and shifting investor sentiment.

As of Tuesday, February 10, 2026, the market stands as follo

1. Current Market Prices (Global & India)

Prices softened modestly today after a brief two-day rebound earlier in the week.

Metal Global Spot Price (Approx.) MCX Futures (India) Status vs. Jan 29 Peak

Gold $5,016 – $5,040 per oz ₹1,58,060 per 10g ▼ ~11%
Silver $80.33 – $82.00 per oz ₹2,59,887 per kg ▼ ~33%

Gold: Prices continue to hold above the key psychological level of $5,000, remaining approximately 15% higher year-to-date, despite retreating from the January 29 record high of $5,608.

Silver: The metal remains significantly more volatile. Following a sharp “flash correction” from its peak of $121.64, silver is currently attempting to establish support near the $80 level.

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2. Key Drivers Behind the Volatility

The recent price action reflects a convergence of macroeconomic and policy-related factors:

The “Warsh Shock”: The nomination of Kevin Warsh as the next U.S. Federal Reserve Chair has reinforced expectations of a more hawkish monetary stance, prompting speculative capital to exit precious metals positions.

Strengthening U.S. Dollar: A firmer dollar has weighed on gold and silver prices by reducing affordability for non-U.S. buyers.

Profit-Taking Activity: After January’s parabolic rally—particularly silver’s 66% monthly surge—institutional investors have moved to lock in profits.

Industrial Demand Dynamics: Silver’s extensive use in solar energy, electric vehicles, and electronics continues to provide long-term demand support, even as short-term investment flows decline.
3. Expert Outlook and Market Expectations

While the rapid momentum-driven rally of January appears to have concluded, analysts broadly agree that longer-term fundamentals remain constructive.

Gold Outlook: Several institutions, including UBS, project potential upside toward $6,200 per ounce later in 2026, particularly if geopolitical risks escalate—most notably involving U.S.–Iran relations or renewed global trade tensions.

Silver Outlook: Analysts caution that silver is likely to remain highly volatile. Although prices could revisit the $100 level under conditions of tightening industrial supply, silver is currently viewed as a higher-risk, higher-reward asset compared to gold’s traditional safe-haven role

Market Watch:
Investors are closely monitoring upcoming U.S. inflation data and employment reports later this week, which are expected to play a decisive role in shaping the next major directional move for precious metals.
$PAXG ‌$XAUT ‌$XAG ‌