Editor’s Note
This article reports on the rebound in gold and silver prices ahead of key US inflation data, driven by geopolitical tensions and safe-haven demand. The figures quoted, including the spot gold price of USD 4,959.61, are unusually high and appear to be a reporting error. Readers should refer to current, verified market data for accurate pricing.
Gold prices climbed on Friday (February 13), supported by persistent geopolitical tensions that boosted safe-haven demand. Investors across the globe are bracing for the US core Consumer Price Index (CPI) data due later today, which could guide the next direction for precious metals.
As of 6:37 am, spot gold was up 0.8 per cent, or USD 38, trading at USD 4,959.61. The rebound comes after bullion had declined more than 3 per cent in the previous session.
Silver, often referred to as gold’s sister metal, also moved higher. Spot silver rose 1.9 per cent to trade at USD 76.73.
Gold and silver futures were not trading on the Multi-Commodity Exchange (MCX) at the time of writing. In the previous session, gold settled 4 per cent lower at Rs 1,52,300. Silver witnessed a steeper correction, slipping nearly 10 per cent to close at Rs 2,37,136.
On the geopolitical front, the Pentagon has instructed a second aircraft carrier strike group to prepare for deployment to the Middle East as the US military readies for a potential attack on Iran, according to three US officials cited by The Wall Street Journal.
Gold has historically been considered one of the most reliable safe-haven assets. During periods of heightened uncertainty, investors typically move funds into gold to protect wealth, supporting prices.
Market participants are closely watching the US inflation data scheduled for release later today. The core CPI print is expected to act as a key catalyst for bullion, as it may offer further clarity on the Federal Reserve’s monetary policy trajectory.
Earlier this week, strong US jobs data pointed to a resilient labour market. Such strength may allow policymakers to maintain elevated interest rates to ensure inflation continues to ease.
Typically, higher interest rates weigh on gold prices because non-yielding assets like gold become less attractive compared to interest-bearing instruments.
Ajay Kedia of Kedia Commodity said this. He expects gold to trade in the USD 5,000–5,100 range, while silver may move between USD 81 and USD 86.
Virendra Wakil of Paradigm Commodity said the recent “bull market in everything” appears to be unwinding.
Ankit Kapoor of Commodity Samachar Securities shared this tactical view.
Gold prices across major Indian cities remained largely steady, with 24 Carat gold trading around Rs 1,58,390–Rs 1,59,270 per 10 grams, with Chennai quoting the highest rates.