Gold Prices Rally Over 3% Today as Markets Rebound from Recent Lows 

Mumbai, Feb 3, 2026: Gold prices rose sharply on Tuesday, gaining more than 3% as bullion markets rebounded from recent lows amid supportive global cues. Domestic prices tracked strength in international markets as investors repositioned in the absence of key US economic data due to a partial government shutdown. 

Gold Market Highlights Across MCX and Global Bullion 

On the Multi Commodity Exchange (MCX), gold futures for the April contract opened nearly 3% higher from the previous close and extended gains in early trade. By around 9:20 AM IST, MCX gold was trading above the ₹1.48 lakh per 10-gram level, up over 3% for the session. 

In global markets, spot gold rebounded strongly after touching a near one-month low in the previous session. US gold futures for April delivery also moved higher, reflecting improved buying interest across bullion markets. 

What Triggered the Rise in Gold Prices 

The rally in gold followed a technical rebound after recent selling pressure, and in international markets, the lack of fresh US economic data due to a partial government shutdown reduced near-term clarity on interest rate expectations, supporting demand for safe-haven assets. 

Market participants also engaged in short covering as prices corrected to lower levels in the previous session. With limited macroeconomic triggers scheduled, trading activity remained driven by positioning and global risk cues. 

Broader Commodity Performance 

Gold outperformed other commodities during the session. This led to gains across the precious metals space, and silver prices on MCX also opened sharply higher, tracking the rally in international bullion markets.  

MCX silver March futures opened about 4% higher at ₹2,45,711 per kg, compared with the previous close of ₹2,36,261, and extended gains during early trade to jump nearly 9% to around ₹2,57,480 per kg. 

Other base metals traded mixed. This reflected lingering concerns around global demand conditions and macroeconomic uncertainty. 

What to Watch Next 

Investors will monitor developments related to the US government shutdown and the release of pending economic data, and movements in global bond yields, currency markets, and central bank signals will remain key factors influencing gold prices in the near term. Volatility is expected to stay elevated following the sharp rebound. 

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