Gold, Silver Price in India (2nd Feb 2026) Live Updates: Precious metals are in focus today (February 2) after a rebound in prices following one of the steepest single-day declines in more than a decade. Silver Futures remain volatie in trade. The prices are again sharply lower after a brief bounceback.
Gold and Silver under pressure
Spot gold is under pressure, sliding sharply in the latest session. Prices are currently at 4,561.62, marking a steep 6.78% drop.
The sharp movements come as investors react to global developments, including the U.S. President Donald Trump’s nomination of Kevin Warsh as the next Federal Reserve Chair, strengthened the dollar and impacted sentiment in metals markets.
Gold and silver prices bounce back
Gold prices, which had fallen sharply in Friday’s session, regained some ground but remained under pressure due to a firm US dollar. Meanwhile, US gold futures also climbed, indicating a cautious optimism among traders. Silver rebounded sharply over 8% on Monday, reversing a brief 12% plunge in the previous session.
Gold-related stocks and imports remain under focuss after the Finance Ministry maintained the existing import duty in Budget 2026. Rising gold imports and their impact on India’s trade balance continue to be monitored, making the bullion market closely watched in the coming days.
Gold, Silver Rate Today Live Updates | MCX Gold Price Today | MCX Silver Rate Today Live on 2nd Feb 2026
MCX Gold, Silver Rate Today Live Updates: FM says ‘volatility due to global uncertainty’
FM Nirmala Sitharaman has said that the volatility in gold prices is largely due to global uncertainty, news agency PTI reported. She said this price fluctuation shows that investors do not have confidence in any particular agency.
“It also shows that investors do not have confidence in any one particular currency. and hence the rush to buy gold,” Sitharaman said as per the PTI report.
MCX Gold, Silver Rate Today Live Updates: Key reason behind Gold, silver price pressure
The sharp movements come as investors react to global developments, including the U.S. President Donald Trump’s nomination of Kevin Warsh as the next Federal Reserve Chair, strengthened the dollar and impacted sentiment in metals markets.
MCX Gold, Silver Rate Today Live Updates: Deutsche Bank sees gold at $5,500,by end of 2026
Deutsche Bank predicts gold will reach $5,500, with a potential rise to $6,000 in 2026, as outlined in its January 26, 2026 report.
MCX Gold, Silver Rate Today Live Updates: Morgan Stanley sees gold at $4,600 by end of 2026
Morgan Stanley forecasts gold at $4,600, with a bull-case target of $5,700 in the second half of 2026, according to its January 23, 2026 outlook.
MCX Gold, Silver Rate Today Live Updates: JPMorgan sees gold at $6,300 by end-2026
J.P. Morgan said it expects gold prices to climb to $6,300 per ounce by the end of 2026, driven by sustained demand from central banks and investors. The bank now projects central banks will buy about 800 tons of gold in 2026, pointing to an ongoing and still-unmet push to diversify reserves.
"Even with the recent near-term volatility, we remain firmly bullishly convicted in gold over the medium-term on the back of a clean, structural, continued diversification trend that has further to run amid a still well-entrenched regime of real asset outperformance vs paper assets," the brokerage said in a note on Monday.
MCX Gold, Silver Rate Today Live Updates: UBS forecasts gold at $6,200/oz by mid-2026
UBS bank expects the prices of gold to consolidate between $4,500-4,800/oz in the coming days. The added that the prices of gold are likely to rise toward the $6,200 oz by mid-2026 owing to strong demand.
"Despite gold experiencing its steepest decline in 13 years, it’s still up 13% this year. And with two more rate cuts expected this year, the Fed’s policy direction is unlikely to change—which has historically triggered the end of bull markets for gold—in the near term," the firm said in its report.
MCX Gold, Silver Rate Today Live Updates: Gold and silver update
At 6:43pm, the April delivery contract of gold up by 0.78% on MCX with LTP at Rs 148912.00 per 10 grams. While the march contract for silver was down 4.79 with LTP at Rs 252916.00 per kg.
MCX Gold, Silver Rate Today Live Updates: Spot gold and silver up on MCX
As of 06:08 pm (IST), the spot price of gold is Rs 1,47,878 per 10 grams. Gold prices saw a recovery today bouncing from their lows.
While the spot price of silver on MCX is Rs 2,50,254 per kg. The price of silver is also up as per the data available on official website of MCX.
(These are the spot prices of gold and silver in Ahmedabad as available on official website of MCX)
Viewers are advised to check the official website of MCX for more precise details.
FM Nirmala Sitharaman has said that the volatility in gold prices is largely due to global uncertainty, news agency PTI reported. She said this price fluctuation shows that investors do not have confidence in any particular agency.
"It also shows that investors do not have confidence in any one particular currency. and hence the rush to buy gold," Sitharaman said as per the PTI report.
MCX Gold, Silver Rate Today Live Updates: Gold closes in green, Silver futures down 2%
The March delivery contract of silver ended on MCX at Rs 2,65,652 per kg, down 2.39%.
While the April delivery contract of gold saw a relief and ended in green at Rs 1,49,091, up 0.91%
As of 04:10 pm, the most active gold contract was down 0.95% on MCX with LTP at Rs 1,46,342 per 10 grams.
While the most active contract of silver was down 7.45% with LTP at Rs 2,45,865 per kg
MCX Gold, Silver Rate Today Live Updates: Silver marks one of its biggest falls
“MCX Silver March prices are likely to drop to Rs 2,45,000/kg since the metal's global market selloff has not yet stopped,” Jigar Trivedi, Senior Research Analyst at Indusind Securities said in a note.
He added that in the international markets, silver tumbled more than 6% to around $79/oz, remaining under pressure as the market continued to reel from Friday’s 26% plunge which was its biggest one-day decline ever.
MCX Gold, Silver Rate Today Live Updates: Gold down 1%, silver down 8%
As of 03:05 pm (IST), the most active gold contract on MCX was down 1.34% with LTP at Rs 1,45,727 per 10 grams.
While, the most active silver contract was down 8.14% with LTP at Rs 2,44,027 per kg
MCX Gold, Silver Rate Today Live Updates: Gold and Silver bullish in the longer run
Despite the recent pullback, the prices of gold and silver remain elevated in the longer run.
Over the last 12 months, gold has been up by 87%, while the YTD return is 20%. Over the last 12 months, silver has been up by 263%, while the YTD return is 46%.
Analyst have said that the recent downturn is more of a price correction and the undertone for these precious metals still remains bullish in the longer run.
MCX Gold, Silver Rate Today Live Updates: Futures of gold and silver see slight recovery from intraday lows
Seeing a slight recovery from their intraday lows, on MCX the April delivery contract of gold is now down 2.44% with its LTP at Rs 1,44,150 per 10 grams.
While, the March delivery contract of silver is now down 8.58% with LTP at Rs 2,42,860 per kg.
MCX Gold, Silver Rate Today Live Updates: Nomination of Kevin Warsh weighs on silver
Just a few days ago, the dollar index had tumbled to its yearly low levels. However, following the nomination of Kevin Warsh as the next chair of the US Federal Reserve, the dollar index bounced back.
A firmer dollar makes precious metals like gold and silver more expensive for overseas currency holders, thereby denting demand.
MCX Gold, Silver Rate Today Live Updates: Easing geopolitical tensions weigh on gold and silver
Reports have emerged that the US and Iran may hold diplomatic talks to avoid a war. Additionally, the US is set to lead the next round of peace talks between Russia and Ukraine.
With easing geopolitical tensions, safe-haven demand for precious metals tends to weaken.
Easing geopolitical uncertainties also reduce the opportunity cost of holding non-interest-yielding assets like gold and silver, as investors shift towards interest-yielding assets such as bonds and currencies.
However, it is important to note that prices of silver and gold are ‘crashing’ from their record-high levels. Industry experts have pointed out that prices still remain elevated compared to their broader structural trends.
MCX Gold, Silver Rate Today Live Updates: Losses amplify as Chinese speculators exit positions
Gold and Silver prices are witnessing a sharp decline as heavy profit-taking is taking place, especially from China. For early 2026, heavy purchases by Chinese speculators had pushed the prices of precious metals to their record high levels.
As these speculators exited their positions, a heavy sell-off was triggered in the market which further accelerated the losses in the prices.
China is one of the largest consumers of gold and silver
MCX Gold, Silver Rate Today Live Updates: Futures gold down 5%, silver crashes 15%
As of 12:32 pm (IST) on MCX, the most-active contract of Gold was down 5.38% with LTP Rs 1,39,799 per 10 grams.
While the most active contract of Silver was down 14.55% with LTP at
Rs 2,27,000 per kg
MCX Gold, Silver Rate Today Live Updates: MCX futures gold down 6%, silver down 12%
Futures April delivery contract of gold was down 6% on MCX, with LTP at Rs 1,38,888 per 10 grams, also marking its intraday low.
While the futures March delivery contract of silver was down 12%
with LTP at Rs 2,33,774 per kg. The LTP was also the contract's intraday low.
MCX Gold, Silver Rate Today Live Updates: Silver correction may follow post-bubble phase
Well-known fund manager and market veteran Sandip Sabharwal weighed in on the recent volatility in silver prices, pointing to a familiar pattern seen after sharp rallies.
He suggested that steep corrections often follow asset bubbles and highlighted past price behaviour to put the current move in perspective.
In a post on social media platform X (formerly Twitter), Sabharwal said, “After Bubbles burst there is always a pull back. Watch the 2011 bubble move in #silver“
“However after that there could be a long phase of consolidation/correction,” he added.
https://twitter.com/sandipsabharwal/status/2018201711261987238?s=20
MCX Gold, Silver Rate Today Live Updates: Futures' Gold down 5% and Silver down 9%
The April delivery contract of gold was down 4.57% on MCX with LTP at Rs 1,40,990 per 10 grams. While the march contract for silver was down 9% with LTP at Rs 2,41,744 per kg.
MCX Gold, Silver Rate Today Live Updates: Kedia Advisory says stay avoid fresh bullion trade
Kedia Advisory Commodity News, in their social media channels advised investors to avoid fresh bullion trades at the current levels. They also expect high volatility and whipsaws for gold and silver bullion.
They added that high profit-booking, raised margin requirements, strong dollar, and ETF selling pressure continue to weigh on these precious metals, further advising investors to shy away from fresh trade.
Silver prices extended their slide with March futures on the MCX crashing the full 9% lower circuit to Rs 2,41,744 per kilogram, as heavy selling continued across precious metals. The fall came a day after sharp losses in the special Budget trading session.
The correction has been deep and rapid. MCX silver has now fallen over 43% from its lifetime high of Rs 4,20,048 per kg, erasing a large part of the gains made during the recent rally.
Also Read: Gold and silver futures 9% lower; ETFs slide up to 16% on Budget day
Giving the outlook for the prices of gold, Ponmudi R, CEO of Enrich Money said,
"MCX Gold futures are trading near major structural points within the Rs 1,38,000–Rs 1,48,000 range, after marking fresh all-time highs near Rs 1,80,779."
He added that the broader outlook for the yellow metal remains bullish, though the market is witnessing sharp intraday swings, which reflects short-term overheating and tactical profit booking after the recent vertical rise.
"The rising channel remains intact, and pullbacks continue to attract buyers, suggesting selling pressure is being absorbed efficiently. The Rs 1,43,000–Rs 1,45,000 zone continues to act as a strong dynamic support." the analysts said.
A sustained hold above Rs 1,50,000 could revive upside momentum toward Rs 1,65,000–Rs 1,70,000, keeping the medium-term outlook constructive despite near-term volatility, he added
MCX Gold, Silver Rate Today Live Updates: Expert view - Volatility keeps precious metals on edge
Market veteran Ajay Bagga said the choppy trend in bullion is continuing in early Asian trade, noting on social media platform X (formerly Twitter), “Volatility continues in Gold and Silver this Asian morning. Deleveraging will continue but hopefully the shorts have cleaned out. Oil fell sharply as US Iran talks are expected, which reduces the geopolitical risk premium in crude prices.”
https://twitter.com/Ajay_Bagga/status/2018136848871362873?s=20
MCX Gold, Silver Rate Today Live Updates: Gold prices across key cities today
Gold rates in India across major Indian cities are as follows:
In Mumbai, 22-carat gold was priced at Rs 1,17,752 for 8 grams, while 24-carat gold was quoted at Rs 1,28,456 for the same quantity.
In the national capital, Delhi, prices were marginally higher, with 22-carat gold at Rs 1,17,872 per 8 grams and 24-carat gold at Rs 1,28,576. Chennai continued to quote the highest rates among these cities, where 22-carat gold stood at Rs 1,19,200 for 8 grams and 24-carat gold was priced at Rs 1,30,032.
Global metals markets are set to see tighter trading conditions as CME Group moves to raise margin requirements on several metal futures contracts.
Margins on COMEX gold futures will be increased to 8% from the earlier 6%, while margin requirements for COMEX 5,000-ounce silver contracts will rise to 15% from 11%. Similar hikes have also been announced for platinum and palladium contracts.
Also Read: ‘Leverage in commodities is crazy,’ says Deepak Shenoy after Gold, Silver prices crash
Gold prices continued to slide on Monday as fresh factors added to the pressure on precious metals. The upcoming increase in margin requirements for precious metals contracts on the Chicago Mercantile Exchange (CME), effective at the end of the session, kept sentiment weak. At the same time, investors remained cautious while assessing US President Donald Trump’s choice of Kevin Warsh as the next Federal Reserve Chair and what his stance on interest rate cuts could mean for bullion prices.
The weakness in silver was clearly visible in exchange-traded funds as well. Kotak Silver ETF slipped as much as 20% to hit an intraday low of Rs 206, while SBI Silver ETF declined up to 19%. Edelweiss Silver ETF also saw sharp selling pressure, falling around 16% during the session
Gold, Silver Prices Today: Easing geopolitical tensions add to the downside
Easing geopolitical tensions also added to the downside in the prices of gold and silver.
US led Russia and Ukraine peace talks are set to start soon. Also, reports have emerged that US and Iran are set to start negotiations to end tensions.
This has weighed on the safe-haven demand of the precious metals, reducing their demand.