On MCX, gold April futures were quoted at ₹1,53,955, up ₹1,885 over Thursday | Photo Credit: Reuters
Gold went past $4,900 an ounce, and silver briefly went past $75 an ounce on Friday evening, even as the Chicago Mercantile Exchange (CME) Group increased the initial margin for COMEX silver and gold.
Silver prices in the Chinese market dropped below $100 an ounce for the first time this year, though it continued to enjoy a premium of over $10 an ounce. The precious metal complex was buoyed by a rise in the US employment numbers, signaling a possible cut in the Fed rates.
Below 20,000 yuan in China
At 1940 hours, gold was up nearly three per cent at $4,922 an ounce compared with Thursday. On COMEX, gold April ruled at $4,944.61 an ounce. In the Mumbai spot market, gold ended the week a tad lower at ₹1,52,078 per 10 gm (₹1,52,502 on Thursday). On MCX, gold April futures were quoted at ₹1,53,955, up ₹1,885 over Thursday.
Silver briefly topped $75 but dropped to $74.81 an ounce. On COMEX, silver March futures ruled at $74.56. In the Mumbai spot market, silver ended below ₹2.5 lakh a kg at ₹2,44,929 (₹2,54,339). On MCX, gold was up marginally at ₹2,43,239 a kg.
On the Shanghai Futures Exchange, silver March futures dropped below 20,000 yuan to 19,999 a kg ($89.66 an ounce), still holding its premium over COMEX rates.
Strong CME intervention
Hareesh V, Head of Commodity Research, Geojit Investments Limited, said monitoring the dollar and upcoming Fed signals are crucial, while investors could keep positions balanced to navigate heightened volatility.
Meanwhile, CME increased the initial margin for the sixth time in a little over a month. The margin for silver 5000 futures has been raised to 18 per cent from 15 per cent, while for gold it has been increased to 9 per cent from 8 per cent.
Traders said CME’s intervention in the market has been strong during the current situation in the silver market.
Published on February 6, 2026