Gold prices moved higher on the Multi-Commodity Exchange (MCX) on Wednesday morning, February 11, as softer U.S. bond yields and a weaker dollar lifted demand for safe-haven assets. MCX gold April futures rose more than ₹1,600, or 1%, to ₹1,58,436 per 10 grams. MCX silver March futures climbed about ₹8,300, or 3.3%, to ₹2,60,838 per kg.
Traders linked the move to a drop in U.S. Treasury yields and a softer dollar index. A weaker dollar can reduce the cost of dollar-priced bullion for non-U.S. buyers. In the same session, U.S. gold futures for April delivery traded around $5,079 per troy ounce, up about 1%.
The dollar index slipped 0.15% to 96.66, according to the report. Falling yields lowered the opportunity cost of holding bullion.
Market participants also watched U.S. consumption data for signs of cooling demand. The U.S. Commerce Department reported flat retail sales in December and revised October sales lower. Those signals kept attention on growth risks and on how long interest rates may stay restrictive.
The near-term direction now depends on key U.S. economic prints. The U.S. Bureau of Labor Statistics calendar lists the Employment Situation report for January 2026 on Wednesday, February 11. The same schedule shows the Consumer Price Index for January 2026 on Friday, February 13.
Analysts said these releases can shift expectations for Federal Reserve policy. Jigar Trivedi, senior research analyst at IndusInd Securities, said softer retail sales reinforced concerns about slowing growth. He added that markets had priced in a higher probability of three rate cuts this year, compared with two a week earlier.
Trivedi also pointed to near-term price behaviour on MCX. He said MCX gold April could stay elevated around ₹1,58,000 per 10 grams while the international trend remains positive.
Gold often reacts to rate-cut expectations because lower yields reduce the opportunity cost of holding non-interest-bearing assets. The World Gold Council reported that total gold demand in 2025, including over-the-counter activity, exceeded 5,000 tonnes for the first time, led by stronger investment demand.
Technical levels set reference points for traders during data-driven sessions. Manoj Kumar Jain of Prithvifinmart Commodity Research said MCX gold has support near ₹1,55,500 and ₹1,54,000, with resistance around ₹1,57,700 and ₹1,59,000. For MCX silver, he cited support near ₹2,48,800 and ₹2,44,000, with resistance around ₹2,55,500 and ₹2,60,000.
Jain also outlined international markers for the day. He placed gold support near $5,000 and $4,970 per troy ounce, with resistance around $5,080 and $5,122. For silver, he cited support near $78 and $74.40, with resistance near $84.40 and $88.
He also described a “buy on dips” approach tied to closing levels. He said gold may keep an upward bias while it holds ₹1,54,000 on a closing basis, with ₹1,59,000 as a reference upside level. He gave a similar framework for silver, with ₹2,44,000 as a key closing support and ₹2,60,000 as a reference level.
With major U.S. data due, traders may see higher volatility across bullion contracts. The next signals will likely come from job growth, wage trends, and inflation readings, as markets reassess the Fed outlook.