Mumbai, February 2, 2026
The decline in precious metal prices showed no signs of slowing on Monday, as gold and silver witnessed steep losses across domestic and international markets. After weeks of record highs, bullion prices are now facing intense selling pressure amid changing global cues.
On Monday, gold slipped to around ₹1.34 lakh per 10 grams, while silver plunged to nearly ₹2.33 lakh per kilogram, marking one of the sharpest corrections in recent years.
💰 MCX Gold and Silver Rates Today
On the Multi Commodity Exchange (MCX):
Gold:
Gold prices fell by ₹8,187, or 5.76%, to ₹1,34,000 per 10 grams.Silver:
Silver crashed by ₹31,878, or nearly 12%, to ₹2.33 lakh per kilogram.
Market participants described the move as panic-led selling following a prolonged rally.
🌍 Global Market: Precious Metals Under Pressure
In early Monday trade, global bullion markets also witnessed heavy losses.
Spot gold slipped nearly 4%.
Silver, after plunging as much as 12% intraday, managed to stabilize above $80 per ounce.
This marked silver’s largest intraday fall in nearly a decade, underscoring extreme volatility in the metals market.
❓ Why Are Gold and Silver Prices Falling?
Over the past year, gold and silver had surged to historic highs, driven by:
Global geopolitical tensions
Weak global currencies
Safe-haven buying
The rally accelerated further in January amid concerns over the independence of the Federal Reserve.
However, the latest sell-off was triggered after reports suggested that Donald Trump is planning to nominate Kevin Warsh as the next Federal Reserve Chair.
Following this development:
The US dollar strengthened sharply
Expectations of a softer dollar faded
Investors cut exposure to precious metals
🏙️ Gold Prices in Major Indian Cities (24 Carat)
Mumbai: ₹1,47,970 per 10 grams
Kolkata: ₹1,47,780 per 10 grams
Delhi: ₹1,47,720 per 10 grams
📍 South India (Highest Levels)
Chennai: ₹1,48,400
Hyderabad: ₹1,48,210
Bengaluru: ₹1,48,090 per 10 grams
🪙 Silver Prices in Major Cities (per kg)
Mumbai: ₹2,66,020
Delhi: ₹2,65,560
Chennai: ₹2,66,790
Hyderabad: ₹2,66,440
Bengaluru: ₹2,66,230
Kolkata: ₹2,65,660
Retail prices remain elevated due to local taxes, logistics, and inventory costs, despite the sharp futures market correction.
📊 Market Outlook
Analysts expect continued volatility in gold and silver prices in the near term, driven by:
US monetary policy signals
Dollar movement
Global risk sentiment
Long-term investors are closely watching prices for potential accumulation opportunities, while short-term traders remain cautious.
