New Delhi, February 9 Precious metals saw a surge in futures trading on Monday, with silver rising by nearly 5% to ₹2.61 lakh per kilogram while gold climbed to ₹1.57 lakh per 10 grams.
Traders said the sharp rise in both metals was due to a rebound in global markets, a weaker US dollar, and renewed investor interest in safe-haven assets.
On the Multi Commodity Exchange (MCX), silver futures for March delivery rallied by ₹11,853, or 4.74%, to ₹2,61,745 per kilogram in a trading volume of 6,396 lots.
Gold futures also saw strong buying, with the April contract rising by ₹2,089, or 1.34%, to ₹1,57,540 per 10 grams in 8,279 lots on the MCX.
In the international market, silver futures on the Comex advanced by $4.80, or 6.25%, to $81.70 per ounce, while gold climbed to $81.69, or 1.64%, to $5,061.49 per ounce.
Silver jumped more than 6% to $82 per ounce on Monday, while gold prices rose over $5,000 per ounce, their highest level in over a week, supported by a weaker US dollar, said Jigar Trivedi, Senior Research Analyst at IndusInd Securities.
He added that traders continued to buy the precious metals after a historic selloff that erased nearly half of silver's value.
Investor sentiment also improved following the landslide victory of Prime Minister Sanae Takaichi's ruling coalition in Japan's weekend elections, paving the way for her expansionary fiscal policies, Trivedi said.
Meanwhile, the US and Iran held talks in Oman on Friday to ease geopolitical tensions that lent some stability to global markets, though Tehran maintained its stance on continuing nuclear fuel enrichment.
According to commodities market experts, China's central bank extended its gold buying spree for the 15th consecutive month in January, signalling sustained institutional demand.
Traders are now awaiting key US jobs and inflation numbers this week for cues on the Federal Reserve's monetary policy outlook. US Treasury Secretary Scott Bessent said last week's extreme swings in precious metals was largely driven by speculative activity from Chinese traders.