After a staggering rally, Gold and silver prices plunged on Friday in the international as well as domestic markets. Geopolitical concerns and a pickup in the dollar weighed on investor sentiment. The Indian investors will be watching the space as Multi Commodity Exchange of India will be open for trading as Finance Minister Nirmala Sitharaman will be presenting the Union Budget 2026-27.
“On account of the live trading session on Sunday, February 01, 2026, due to the presentation of the Union Budget. Members may please note the following schedule for reporting of holding statements for the specified period. Members are requested to take note of the above and comply with applicable regulatory requirements,” read a circular.
Gold rate today
The glittering metal surged past the $5,000 per ounce mark for the first time on COMEX and briefly hit $5,500. Silver touched an all-time high of $ 121.755 per ounce. On Friday, gold prices decreased by more than 11%, and COMEX silver declined by more than 31%.
If in the Union Budget there are any modifications in customs duties, import taxes, or investment incentives, it would have an impact on domestic prices. Also, there is much discussion about whether the Finance Ministry will raise taxes on gold and silver to control rising imports and protect the country’s balance of trade.
On Friday, the rate for 24-carat gold dropped to Rs 1,49,590 per 10 grams, falling sharply from its all-time high. The price of gold has declined by 12% in a single day, as per the data on Financial Express. The 24 kt gold rate today in Delhi is Rs 1,49,330 per 10 grams. The 18-carat gold price in India was Rs 1,12,192.5. The 24-carat gold rate in Dubai was Rs 1,49,590.
“Gold surged nearly 28%, marking only the second such monthly gain in the last 100 years, the previous instance being January 1980. Silver rallied nearly 70%, the strongest monthly performance in its recorded history. Such extraordinary gains, however, often attract speculative excess—making corrections not just possible, but inevitable,” said Ajay Kedia, Founder of Kedia Advisory.
Silver rate today
On Friday, silver prices dropped below $100 per ounce on COMEX, ending a strong rally after rising about 63% in January. The fall came after reports that US President Donald Trump may nominate Kevin Warsh as the next Federal Reserve chair, which pushed the US dollar higher. On MCX, silver closed down over 12% on Friday.
Why did gold and silver price fall recently?
Gold prices have been skyrocketing to unprecedented levels lately, partly due to concerns that Trump might choose a US Fed chairman willing to succumb to his pressure for interest rate cuts, which could result in a weaker dollar and increased inflation. Globally, purchasing gold serves as a hedge against these potential issues. However, as news surfaced that Kevin Warsh could be the next Fed Chief, it weighed on investor sentiment. He is seen as someone with a comparatively more hawkish stance.