The wedding season in India continues to fuel demand for jewellery and has pushed gold and silver prices higher for the second straight day, reflecting robust buying by families preparing for festivities and nuptials. Precious metals markets across the country are seeing upward pressure, with benchmark gold rates crossing key thresholds in major cities and silver also logging sharp increases. Analysts say the seasonal surge is interacting with broader market sentiment and investor interest, influencing prices in domestic trading.

On the Multi Commodity Exchange (MCX), gold futures on 10 February 2026 settled sharply higher, with 24-carat gold trading above ₹1,58,000 per 10 grams and silver registering a strong rebound after recent corrections. In several urban centres including Delhi, Mumbai and Chennai, 24-carat gold prices hovered in the high ₹1,58,000s, while silver rose above ₹3 lakh per kilogram in some markets.

City-Wise Price Movements And Seasonal Dynamics

In the national capital, prices for standard gold purities climbed above recent levels as buyers stepped in ahead of key wedding dates, with 24-carat gold near ₹1,58,060 per 10 grams and silver around ₹3,01,900 per kilogram. Similar trends were seen in Mumbai and Kolkata, where gold rates remained firm and silver posted daily gains as consumers weighed purchases against anticipated further increases. In Chennai, relatively higher local demand pushed 24-carat prices even slightly above those in other metros.

Jewellers describe the current period as one of heightened activity, spanning well beyond the traditional festival window. Many families are bringing forward purchases to lock in jewellery ahead of connecting ceremonies later in the season, a behaviour that has contributed to sustained pressure on both gold and silver rates. This pattern is especially evident in tier-2 and tier-3 cities, where jewellers report unusual early demand for wedding jewellery.

Broader Market Context And Implications

Precious metal prices have not moved in isolation. While their upward trajectory in recent days stems mainly from festival and wedding-linked buying interest, broader market forces are also at play. A combination of global asset volatility, expectations of central bank policy changes and shifts in currency markets has kept gold and silver attractive as safe-haven assets for many investors.

The rising prices are also reflected in consumer inflation metrics, with economists noting that firmer gold and silver costs are likely to contribute to monthly price indices. Data and forecasts suggest that inflation rates could inch higher due to stronger precious metal demand, a trend analysts are watching closely ahead of forthcoming economic releases.

For buyers and investors alike, the current environment presents both opportunities and challenges. While buyers may feel pressure from rising rates, some market observers encourage watching price patterns and timing purchases to navigate volatility. As wedding season extends in the coming weeks, jewellers and consumers are expected to continue tracking precious metal prices closely amid evolving market sentiment.

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