Gold, Silver Price in India (1st Feb 2026) Live Updates: Futures contracts of Gold and silver prices saw a hectic day today, as they started quite low but saw a recovery in intraday trade and ended flat. Traders were closely watching the trend after the dramatic sell-off, clocking the worst single day loss for silver since 1980. Several analysts believe that the sharp sell-off is the function of ‘excesses getting out of the system.’
Today, the MCX is was open for a special Sunday session as the Union Budget 2026 was presented in the Parliament. Markets were watching Union Budget 2026 presentation by Finance Minister Nirmala Sitharaman for fresh cues over the long term trajectory on how these safe-haven assets would trade today and is there is more pain ahead.
A sudden reversal after record highs
Till late January, both metals were moving higher, with silver and gold touching fresh lifetime highs on MCX. That rally, however, ended abruptly on January 30. Silver saw an unprecedented fall, losing nearly 30% in a single session, while gold recorded its steepest one-day decline in over a decade.
Prices that were close to record peaks only a day earlier dropped sharply, pulling silver back to the Rs 2.9 lakh per kg zone and gold to around Rs 1.49 lakh per 10 grams.
What are key reasons behind the sharp fall
The fall happened due to a few key reasons. Some of them include –
Many investors sold their holdings to lock in profits after prices had risen quickly. At the same time, a stronger US dollar made gold and silver less attractive.
Higher trading margins set by overseas exchanges also forced traders to reduce their positions, which added more pressure on prices.
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Gold, Silver Rate in India Today Live Updates: Gold futures up marginally, silver flat
On MCX, the April delivery contract of gold was up marginally with its LTP at Rs 1,48,101 per 10 grams. The contract had opened at Rs 1,51,610 per 10 grams.
For the MCX's evening trade session, the most-active silver contract opened at Rs 2,65,652 per kg. It has touched a high of Rs 2,84,826 per kg. As of 05:00 pm it is trading flat.
Gold, Silver Rate in India Today Live Updates: Analysts say environment supportive for gold-loan led NBFC
Analysts have said despite the recent pullback gold prices remain elevated, and the environment remains supportive for gold-loan led NBFCs
"For gold-loan-led NBFCs, this environment supports measured growth anchored in valuation discipline and conservative tenures. Formalisation on the income side improves credit behaviour, while high gold valuations enhance collateral quality. This scenario creates conditions where secured retail credit can expand without compromising portfolio stability or risk standards." Senthil R Kumar, MD & CEO of Nitstone Finserv Private said.
"The Bullion industry expected support to ease cost pressures from high gold and silver prices, including import duty reductions on gold, cut & polished diamonds, coloured gemstones, and GST rationalisation (e.g., from 3 % to ~ 1–1.25 %)," says Dr. Renisha Chainani, Head of Research, Augmont
"In the actual Budget announced, there were no major sector-specific tax cuts or import duty reductions announced specifically for the gems & jewellery sector.” Chainani added.
As of 03:34 pm (IST), the March delivery contract of silver was down 8.88% on MCX with LTP at Rs 2,66,000 per kg. While the April delivery contract of gold was down 2.26% with LTP at Rs 1,48,899 per 10 grams.
Gold, Silver Rate in India Today Live Updates: Gold down 2%, Silver down 9% on MCX
On MCX, Gold futures are seeing a recovery as the most active April contract of gold is now down 1.93% with LTP at Rs 1,49,400 per 10 grams. In the early morning trade this contract was down 9%.
While silver futures on MCX are trading near their morning range, as the March delivery contract of silver is down 8.88% with LTP at Rs 2,66,000 per kg.
Gold, Silver Rate in India Today Live Updates: Gold and Silver down on strong dollar
Gold and Silver prices have been trending down on the back of steep profit-booking and a firm dollar index. The US Dollar rose to its months high level which led to the downside in the prices of gold.
A strong dollar makes precious metals like gold and silver more expensive for other currency holders, thereby denting demand.
Additionally, US led Russia-Ukraine peace talks are set to begin soon which decreased the safe-haven appeal of the asset.
However, analysts have added that long term trend for precious metals still remains positive.
Gold, Silver Rate in India Today Live Updates: MCX gold down 3%, silver down 9%
On MCX, the April delivery contract of gold was down 3.11% with the LTP at Rs 1,47,610 per 10 grams.
While the fall in silver was sharper, as the March delivery contract of silver was down 8.9% on MCX, with LTP at Rs 2,65,950 per kg.
Market Veteran, expressed his surprise over the the new proposed legislation which removes tax exemption for secondary market buyers on redemption of SGBs.
In a social media post on X he said this is " Very negative for SGB if you have bought in the market."
https://twitter.com/deepakshenoy/status/2017864283951141359?s=20
Under the proposed changes for Union Budget 2026, secondary buyers of Sovereign Gold Bonds lose the tax-free status on maturity.
Under the existing Income Tax Act, capital gains on SGBs are exempted from exempted from tax for all holders, whether it be an original issue or secondar market buyers.
However, under the new proposed legislations in the Union Budget 2026, secondary market buyers of SGBs would lose the capital gains tax exemption on maturity redemption.
Tax benefits on Sovereign Gold Bonds have been tightened as the Union Budget 2026 read that,
"It is proposed to provide that the exemption from capital gains tax in respect of Sovereign Gold Bonds shall be available only where such bonds are subscribed to by an individual at the time of original issue and are held continuously until redemption on maturity, "
"It is also proposed to provide that this exemption applies uniformly to all issuances of Sovereign Gold Bonds by the Reserve Bank of India."
Gold, Silver Rate in India Today Live Updates: Gold and Silver exempt from STT
FM Nirmala Sitharaman has raised the Securities Transaction Tax (STT) on futures and options with the aim to help diminish speculative positions in the markets.
However, STT is not levied on futures and options of gold and silver traded on MCX. Gold and silver ETFs are explicitly exempt from Securities Transaction Tax.
The Commodity Transaction Tax (CTT) is levied on gold and silver futures that too on the sell side, which stands at 0.01%
Gold, Silver Rate in India Today Live Updates: Silver ETFs down 28%
As FM announces the Union Budget 2026, silver ETFs are witnessing a sharp decline. The share price of HDFC Silver ETF is down nearly 29% in the intraday session.
Share price of ICICI Prudential Silver ETF is down 28%, while Nippon India Silver ETF is also down 28%.
Gold, Silver Rate in India Today Live Updates: MCX Gold down 3%, Silver down 8%
On MCX, the April delivery contract of gold was down 2.98% with the LTP at Rs 1,47,799 per 10 grams.
While, the March delivery contract of silver was down 8.47% with the LTP at Rs 2,67,186 per kg.
Gold, Silver Rate in India Today Live Updates: Jewellery stocks flat as FM announces budget 2026
As FM Nirmala Sitharaman announces the Union Budget 2026, the stocks of jewellery manufacturers were mostly flat. Share price of Titan company was down marginally, while Senco Gold was flat.
Share price of Kalyan Jewellers rose marginally, while the stock of PC Jewellers was flat.
Gold, Silver Rate in India Today Live Updates: Metals hit lower circuit on MCX
As we begin with the budget day eyes are now on what will the Finance Minister announce for precious metals.
In early trade, the April delivery contract of gold on MCX hit a 9% lower Rs 2,65,652 and copper stocks also declined. Speaking on the sharp selloff in select metal stocks, Siddharth Khemka of Motilal Oswal Financial Services said,
“The correction is significantly driven by sentiment. I think this is a good pullback, which is happening. This will ensure the excesses in these prices come off to a large extent.”
Gold, Silver Rate in India Today Live Updates: Gold and Silver recover 3% from intraday low
Futures contracts of gold and silver recovered by nearly 3% from their intraday lows.
The April delivery contract of gold retreated by Rs 9,404 from its intraday low.
The March delivery contract of silver also recovered by Rs 2,048 from its intraday low.
Gold, Silver Rate in India Today Live Updates: Deepak Shenoy says leverage in commodities is crazy
Capitalmind AMC CEO, Deepak Shenoy in a post on X described how high leverage in commodity markets can be volatile. He added that traders take large positions with small margins, but when market volatility kicks in the margins increase which forces traders to exit or put in more cash than their initial margin.
https://twitter.com/deepakshenoy/status/2017586546946593185?s=20
Read More: ‘Leverage in commodities is crazy,’ says Deepak Shenoy after Gold, Silver prices crash
As the special budget trade session begins, on MCX the most-active April contract of gold was down 8.6%, while the most-active March contract of silver was down 9%.
The LTP for silver delivery contract of March as of 9:23 am (IST) stood at Rs 2,65,652 per kg. While the LTP for April delivery contract of gold was at Rs 1,38,634 per 10 grams.
Following one of the biggest declines in decades, CME Group has raised its margin requirements for the futures contracts of gold and silver.
The margin requirements for gold has been raised to 8% from the present 6% for non-heightened risk profile, while for silver it has been raised to 15% from the present 11%.
Silver futures heightened risk profiles have been raised to 16.5% from present 12.1%.
Also margins for the futures of platinum and palladium have also been increased.
The margin hike will come into effect from Monday, February 2, 2026.
Gold, Silver Rate in India Today Live Updates: MCX revises margins for gold and silver
Following the CME margin hike on Comex gold and silver futures, MCX has also revised its margins for various commodities.
Bullion gold margin has been revised to 20%, while the silver margin is now at 25%, the exchange said in a circular.
The margin revision stands effective from today, Sunday, February 1, 2026.
Viewers are also advised to check the official website of MCX for all details.
Commenting on the price crash of gold and silver, market veteran Ajay Bagga in a a post on X wrote that the trades for these metals are not yet over. He added that if investors have the capacity they should keep 10-15% of their portfolio towards these.
He further pointed that the the demand for these metal still exceeds their supply and over the longer run gold and silver will give "satisfactory returns"
https://twitter.com/Ajay_Bagga/status/2017593972429124070?s=20
Gold, Silver Rate in India Today Live Updates: January most volatile month for precious metals
Gold and Silver have witnessed one of their largest intraday decline since the 1980s, as gold was down over 12% below the $5,000 per ounce mark. While, silver was down by 34% in the intraday session.
"January 2026 is done, (and) it will go down as the most volatile month in precious metals history," Reuters quoted Nicky Shiels, head of metals strategy at MKS PAMP SA, as saying in a note.
Gold, Silver Rate in India Today Live Updates: When the rally broke - gold and silver
Until late January, precious metals were on a strong upward run. Silver surged to record levels above Rs 4.09 lakh per kg on MCX, while gold crossed Rs 1.80 lakh per 10 grams, driven by global uncertainty, currency weakness and geopolitical tensions. That rally, however, came to an abrupt halt on January 30.
In a single session, silver recorded its steepest-ever fall on MCX, crashing nearly 30% and losing over Rs 1 lakh per kg. Gold also saw a sharp reversal, logging its biggest one-day decline in over a decade. Prices that were near lifetime highs a day earlier slipped sharply, dragging silver down to the Rs 2.91 lakh per kg zone and gold closer to Rs 1.49 lakh per 10 grams.
Gold and silver prices retreated from their records highs on Friday owing to steep profit corrections and rebound in the dollar index.
Gold and Silver ETFs listed on Indian stock exchanges have fallen up to 24%. Prices of all silver ETFs, including Tata Silver Exchange Traded Fund, Aditya Birla Sun Life Silver ETF, Edelweiss Silver ETF, Mirae Asset Silver ETF, Nippon India Silver ETF, HDFC Silver ETF, ICICI Prudential Silver ETF, were down between 7% and 24% on Friday.
Read More: Gold, Silver ETFs tumble up to 24%; silver falls 15% with price below Rs 3.5 lakh in India
Gold, Silver Rate in India Today Live Updates: MCX trading on Sunday
The Multi Commodity Exchange (MCX) on which precious metals like gold and silver trade is open today i.e. Sunday, February 1, 2026. Generally commodity markets- MCX and NCDEX are closed on weekends. However, on account of the presentation of budget commodity markets are trading today.
Viewers are advised to check the official website of MCX for spot prices and futures contracts of gold and silver.
Read More: Is MCX open on Sunday for Budget? Check why it is breaking a 23-year tradition
Gold, Silver Rate in India Today Live Updates: Gold and silver prices in focus
Gold and silver prices are back in sharp focus today as the commodity market opens for a special Sunday session on the MCX, due to the presentation of the Union Budget 2026.
After last week’s dramatic swings, investors are entering the session with caution, watching closely to see whether prices stabilise or face fresh volatility.