Mumbai, February 2, 2026
The downward trend in the bullion market continued on Monday, with gold and silver prices witnessing sharp declines across domestic and international markets. Ongoing volatility has kept investors cautious, as precious metals retreat from recent record highs.
On Monday, gold slipped to around ₹1.39 lakh per 10 grams, while silver dropped to nearly ₹2.49 lakh per kilogram, marking one of the steepest corrections in recent sessions.
💰 MCX Gold and Silver Rates Today
On the Multi Commodity Exchange (MCX):
Gold:
Gold prices fell by ₹3,415, or 2.4%, to ₹1,38,800 per 10 grams.Silver:
Silver plunged by ₹15,939, or nearly 6%, to ₹2.49 lakh per kilogram.
Market experts say such sharp moves reflect profit booking and changing global cues.
🌍 International Market Update
In early Monday trading, precious metals also came under heavy pressure globally.
Spot gold declined by nearly 4% in the international market.
Silver witnessed a similar fall and, after tumbling as much as 12% intraday, managed to stabilize above $80 per ounce.
This marked silver’s largest intraday fall in a decade, highlighting the intensity of selling pressure.
❓ What’s Driving the Sharp Decline?
According to bullion traders, gold and silver had surged to record highs over the past year, driven by:
Global geopolitical tensions
Weakening currencies
Safe-haven demand
Jewelry trader Manish Verma, owner of Shri Shyam Jewelers, said the rally even surprised seasoned investors.
The recent sell-off intensified after reports suggested that Donald Trump may nominate Kevin Warsh as Chair of the Federal Reserve.
Following the report:
The US dollar strengthened
Expectations of a softer dollar weakened
Precious metals lost their immediate appeal
🏙️ 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
Despite the correction, retail prices remain elevated due to local taxes and logistics costs.
📊 Market Outlook
Analysts expect continued volatility in gold and silver prices in the near term as markets react to:
Global monetary policy signals
Currency movements
Investor risk appetite
Long-term investors, however, continue to track precious metals closely for potential accumulation opportunities.
