Gold, Silver Today Rate: Gold and silver prices saw a sharp correction on February 2, 2026, a day after the Union Budget was presented by Finance Minister Nirmala Sitharaman. Precious metals came under heavy selling pressure as traders booked profits after a strong January rally, while the Budget announcement failed to provide any fresh trigger for further gains.
Gold, Silver Today Rate – 2 February 2026
Gold prices declined by nearly 3 per cent, while silver prices crashed by around 9 per cent in domestic markets. The fall followed the government’s decision to keep customs duty on gold and silver imports unchanged, maintaining the existing tax structure and dampening bullish expectations in the bullion market.
On the futures side, gold contracts for April delivery recorded a steep fall. As of February 1, gold futures dropped 6 per cent, or ₹9,140 per 10 grams, opening at ₹1,43,205 per 10 grams on the MCX. The decline reflected weak post-Budget sentiment and cautious global cues.
In the physical market, gold of 99.9 per cent purity slipped ₹3,500, or 2.07 per cent, to ₹1,65,500 per 10 grams, inclusive of all taxes. In the previous session, gold had already corrected by 7.6 per cent after touching a record high of ₹1,83,000 per 10 grams, indicating intense profit booking at elevated levels.
Silver witnessed an even sharper correction. According to the All India Sarafa Association, silver prices plunged ₹72,500, or 18.85 per cent, to ₹3,12,000 per kilogram, inclusive of taxes. This marked the second straight session of heavy losses, coming shortly after silver touched an all-time high of ₹4,04,500 per kg.
Despite the sharp fall, silver remained a strong performer on a monthly basis. Prices ended January with gains of ₹73,000, or 30.5 per cent, rising from ₹2,39,000 per kg on December 31, 2025. Market experts believe the correction reflects short-term adjustment rather than a reversal of the broader trend.
The absence of any change in import duty during the Budget reduced expectations of further upside. Importers will continue to pay the same duty rates on gold and silver, while a stronger global dollar and cautious international markets added pressure on bullion prices.
City-wise prices showed variation. In Chandigarh, gold was priced at ₹16,073 per gram for 24 karat, ₹14,735 per gram for 22 karat, and ₹12,059 per gram for 18 karat gold. Silver in the city was quoted at ₹350 per gram, or ₹3,50,000 per kilogram.
In Chennai, gold prices stood at ₹16,255 per gram for 24 karat, ₹14,900 per gram for 22 karat, and ₹12,800 per gram for 18 karat gold. Silver was priced at ₹320 per gram, or ₹3,20,000 per kilogram.
Gold prices in Pune and Bangalore remained the same, with 24 karat gold at ₹16,058 per gram, 22 karat at ₹14,720 per gram, and 18 karat gold at ₹12,044 per gram. Silver prices in Delhi were steady at ₹350 per gram.
On a monthly basis, gold gained ₹27,800, or 20.2 per cent, rising from ₹1,37,700 per 10 grams at the end of last year. Analysts say long-term fundamentals for gold and silver remain supportive, though short-term volatility is likely to continue as markets react to global cues and investor sentiment.