Gold And Silver Prices Fall On February 10 Amid a Stronger U.S. Dollar

Gold and silver prices declined on February 10 as profit booking emerged at higher levels and the U.S. dollar strengthened ahead of key U.S. economic data, pressuring precious metals across domestic and international markets.

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

In the domestic futures market, MCX gold April contracts fell by over ₹2,000, or 1.3%, to ₹1,56,001 per 10 grams, while MCX silver March contracts declined by more than ₹5,500, or over 2%, to ₹2,57,100 per kg, according to MCX data.

The decline followed a period of heightened volatility in precious metals, after both gold and silver touched record highs in late January before witnessing sharp corrections.

Global Market Performance Weighs On Domestic Prices

In the international market, spot gold slipped 1% to $5,016.56 per ounce by early Asian trade, after rising 2% in the previous session, Reuters reported. U.S. gold futures for April delivery eased 0.8% to $5,041.60 per ounce. Gold had touched a record high of $5,594.82 per ounce on January 29, according to Reuters data.
Spot silver declined 2.5% to $81.31 per ounce, after surging nearly 7% in the previous session. Silver had hit an all-time high of $121.64 per ounce on January 29, Reuters said. Other precious metals also weakened, with spot platinum falling 1.6% to $2,088.71 per ounce and palladium slipping 1.7% to $1,710.68 per ounce.

Dollar Strength And U.S. Data In Focus

The U.S. dollar index rose to 97.01 on February 10 from 96.82 in the previous session, making dollar-denominated commodities more expensive for overseas buyers, according to Reuters. The recovery in the dollar came as investors remained cautious ahead of key U.S. macroeconomic releases.

Reuters reported that White House economic adviser Kevin Hassett said on February 9 that U.S. job additions could slow in the coming months due to weaker labour force growth and higher productivity. Market participants are closely tracking the U.S. nonfarm payrolls report for January, scheduled for release on February 11, and inflation data due on February 13, for further clarity on the Federal Reserve’s interest rate outlook.

Sharp Correction From January Highs

Precious metals remain well below their January peaks following a steep sell-off. MCX silver has declined by over 38% from its record high of around ₹4,20,000 per kg touched on January 29, 2026, while gold is down about 11% from its peak during the same period, based on MCX and Reuters data.

Nevertheless, despite the recent corrections, the precious metal has still managed to advance by around 15% so far in 2026, while silver has gained an approximate 6% in the year to date.