Gold price today, Feb. 4 -- The rates of gold and silver saw strong gains in the morning trade on the MCX on Wednesday, February 4, on strong spot demand and the dollar's weakness.

MCX gold April contracts rose by nearly Rs.7,000, or 4.5%, to Rs.1,60,755 per 10 grams, while MCX silver March contracts jumped by more than Rs.16,000, or 6%, to Rs.2,84,094 per kg.

International gold prices also rose over 2% on Wednesday, supported by a softer dollar.

The dollar index eased on profit-taking after recent gains driven by healthy US macro data and the US Fed's status quo on interest rates. A weaker dollar makes greenback-backed gold cheaper for overseas buyers.

"Gold and silver prices rebounded from their recent lows, climbing back above $5,0...