New Delhi, Feb. 7 -- Gold rate rebounded sharply on Friday, supported by a weaker dollar, healthy spot demand, and persisting geopolitical uncertainties.

MCX gold April futures jumped over 2% to Rs.1,55,374 per 10 grams, while MCX silver March futures jumped almost 3% to Rs.2,50,300 per kg.

International gold prices also witnessed solid gains. U.S. gold April futures for April closed 1.8% higher at $4,979.80 per troy ounce.

The major drivers of a rebound in gold prices were a significant 0.20% decline in the US dollar index, making greenback-priced bullion cheaper for overseas buyers.

Moreover, expectations of US Fed rate cuts remain a key support for the yellow metal. A report of the University of Michigan suggested median one-year i...