Gold & Silver Crash Post-Budget: Gold Down 3%, Silver Plunges 6% on Feb 2, 2026.
Gold & Silver Price Today, 2 February 2026: Precious Metals Crash After Budget.
New Delhi – 2 February 2026: Gold and silver prices in India witnessed a sharp correction following the Union Budget 2026-27, with investors booking profits after the spectacular rally seen in January.
Gold fell by around 3%, while silver declined by nearly 6% in the retail market, according to the figures provided in the original report. The correction came after Finance Minister Nirmala Sitharaman presented the Budget on 1 February.
The market reaction was particularly notable because precious metals had rallied strongly in January. Gold had reportedly gained more than 20% during the month, leaving prices vulnerable to profit-booking when the Budget failed to deliver the expected changes to bullion import duties.
Global market weakness, a stronger US dollar and reduced safe-haven demand added to the selling pressure.
Gold Rate Today in India – 2 February 2026
According to the supplied market figures, gold prices were approximately:
Gold PurityPrice Per Gram24K Gold ₹15,153
22K Gold ₹13,890
18K Gold ₹11,365
For 24K gold, the approximate retail price was ₹1,51,530 per 10 grams.
Actual jewellery prices can differ depending on the jeweller, making charges, local taxes and other applicable costs. Buyers should therefore confirm the final price before making a purchase.
MCX Gold Price Today
MCX gold futures also experienced substantial volatility.
The report states that April 2026 gold futures opened at around ₹1,46,000 per 10 grams before falling towards ₹1,43,501. Intraday lows were reported around the ₹1,37,000–₹1,38,000 range.
This sharp movement demonstrates how quickly commodity prices can react when traders unwind positions following a major economic announcement.
Silver Price Today in India – 2 February 2026
Silver suffered an even sharper correction than gold.
The supplied figures put the approximate silver price at:
Silver per gram: ₹300
Silver per 10 grams: ₹3,000
Silver per 100 grams: ₹30,000
Silver per kilogram: ₹3,00,000
MCX silver futures were considerably more volatile, with the report citing intraday declines and prices in the ₹2.33 lakh–₹2.55 lakh per kg region during the sharp correction.
The move represents a substantial reversal from the elevated levels recorded before the Budget.
City-Wise Silver Rates Today
The supplied report gives the following approximate silver prices:
City10g100g1kgChennai ₹3,199 ₹31,990 ₹3,19,900
Mumbai ₹3,000 ₹30,000 ₹3,00,000
Delhi ₹3,000 ₹30,000 ₹3,00,000
Kolkata ₹3,000 ₹30,000 ₹3,00,000
Bengaluru ₹3,000 ₹30,000 ₹3,00,000
Hyderabad ₹3,199 ₹31,990 ₹3,19,900
Kerala ₹3,199 ₹31,990 ₹3,19,900
Pune ₹3,000 ₹30,000 ₹3,00,000
Vadodara ₹3,000 ₹30,000 ₹3,00,000
Ahmedabad ₹3,000 ₹30,000 ₹3,00,000
Jaipur ₹3,499 ₹34,990 ₹3,49,900
Lucknow ₹3,499 ₹34,990 ₹3,49,900
Patna ₹3,499 ₹34,990 ₹3,49,900
Chandigarh ₹3,499 ₹34,990 ₹3,49,900
Surat ₹3,499 ₹34,990 ₹3,49,900
Bhubaneswar ₹3,199 ₹31,990 ₹3,19,900
Note: These are approximate figures from the supplied article. Local jewellers may quote different prices.
Gold & Silver Today Rate, 2 February 2026 Live Updates: Sharp Crash Post-Budget – Gold Falls 3%, Silver Plunges 6%
On February 2, 2026, precious metals in India witnessed significant declines following the Union Budget 2026-27 presentation by Finance Minister Nirmala Sitharaman on February 1.
The budget's lack of major changes to import duties (contrary to some market expectations of further reductions) triggered heavy profit-booking and selling pressure, leading to one of the steepest short-term corrections in recent memory.
Gold and silver prices, which had surged dramatically in January (gold up over 20%), corrected sharply amid global weakness, a stronger US dollar, and reduced safe-haven demand. Domestic rates reflected this volatility, with MCX futures hitting lower circuits in some contracts and retail prices in major cities adjusting downward.
Current Gold Prices in India (as of February 2, 2026)
24 Karat Gold: Rs 15,153 per gram (down approximately 3% from recent levels)
22 Karat Gold: Rs 13,890 per gram
18 Karat Gold: Rs 11,365 per gram
Per 10 grams (common benchmark): Around Rs 1,51,530 for 24K in retail markets, though MCX futures traded lower intraday.
MCX gold (April 2026 futures) opened around Rs 1,46,000 per 10 grams but slipped to levels near Rs 1,43,501 (down 3%) and touched intraday lows around Rs 1,37,000-1,38,000 in volatile trading, reflecting a broader 6-9% drop in sessions around budget day.
Current Silver Prices in India (as of February 2, 2026)
Silver per gram: Approximately Rs 300
Silver per kilogram: Rs 3,00,000 (down nearly 6% post-budget, with steeper intraday corrections)
Silver experienced even sharper volatility, with MCX futures (March 2026) dropping significantly – some reports noted declines of 12% intraday to levels around Rs 2,33,000-2,55,000 per kg, marking a crash from recent highs near Rs 4,00,000+ per kg.
This represents a notable decline of nearly Rs 60,000-1,00,000 per kg in short sessions for silver, one of the most aggressive corrections seen recently.
City-Wise Silver Prices Today (per 10g / 100g / 1kg)
Based on aggregated data from sources like GoodReturns (as of early February 2, 2026):
Chennai: Rs 3,199 (10g) / Rs 31,990 (100g) / Rs 3,19,900 (1kg)
Mumbai: Rs 3,000 / Rs 30,000 / Rs 3,00,000
Delhi: Rs 3,000 / Rs 30,000 / Rs 3,00,000
Kolkata: Rs 3,000 / Rs 30,000 / Rs 3,00,000
Bangalore: Rs 3,000 / Rs 30,000 / Rs 3,00,000
Hyderabad: Rs 3,199 / Rs 31,990 / Rs 3,19,900
Kerala: Rs 3,199 / Rs 31,990 / Rs 3,19,900
Pune: Rs 3,000 / Rs 30,000 / Rs 3,00,000
Vadodara: Rs 3,000 / Rs 30,000 / Rs 3,00,000
Ahmedabad: Rs 3,000 / Rs 30,000 / Rs 3,00,000
Jaipur: Rs 3,499 / Rs 34,990 / Rs 3,49,900
Lucknow: Rs 3,499 / Rs 34,990 / Rs 3,49,900
Patna: Rs 3,499 / Rs 34,990 / Rs 3,49,900
Chandigarh: Rs 3,499 / Rs 34,990 / Rs 3,49,900
Surat: Rs 3,499 / Rs 34,990 / Rs 3,49,900
Bhubaneswar: Rs 3,199 / Rs 31,990 / Rs 3,19,900
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(Note: Prices vary slightly by jeweler, making charges, and local taxes. Southern cities like Chennai and Hyderabad often show marginally higher rates due to demand patterns.)
Key Factors Behind the Crash
The sharp fall was triggered primarily by the Union Budget 2026-27:
No further reduction in import duties on gold and silver (some markets had anticipated cuts to 5% or below from previous levels around 6%, following earlier adjustments to curb smuggling).
This led to unwinding of positions built on duty-cut expectations.
Global cues: International gold prices fell over 5% to around USD 4,600-4,887 per ounce (from recent highs), with silver following suit amid profit-taking after record rallies.
Domestic factors: Heavy selling on MCX, hitting lower circuits in some contracts, and reduced speculative interest post-budget (e.g., changes in STT on futures/options impacting commodity trading volumes).
Gold had gained Rs 27,800 (20.2%) in January alone, from Rs 1,37,700 per 10g at year-end 2025, making the correction feel more pronounced.
Gold Rates in Major Cities (24K per gram, approximate)
Mumbai: Rs 15,153
Delhi: Rs 15,168
Chennai/Hyderabad/Kerala: Slightly higher at ~Rs 15,218
Other metros aligned closely with national averages.
Market Outlook and Advice
Analysts noted volatility is likely to persist in the near term:
Support for gold on MCX around Rs 1,37,000-1,44,000 per 10g; resistance at Rs 1,48,000+.
Silver remains under pressure but could stabilize if industrial demand (e.g., solar, electronics) picks up.
The budget's capex focus and fiscal targets (4.3% deficit) were seen as balanced but didn't provide the bullion-friendly surprise some hoped for.
For buyers/investors: The dip could present opportunities for long-term purchases (jewelry, coins, ETFs, or Sovereign Gold Bonds), especially as festive demand may rebound later. However, short-term traders should exercise caution due to ongoing swings.
Always check live rates from trusted jewelers or platforms like MCX, GoodReturns, or official sources before transactions, as prices fluctuate intraday.
This update captures the dramatic market reaction on February 2, 2026, with precious metals adjusting sharply after the budget-driven sentiment shift. Stay tuned for further live movements!Gold and Silver Price Today 2 February 2026
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FAQs: Gold and Silver Price Today, 2 February 2026
Why did gold prices fall on 2 February 2026?
Gold prices declined amid profit-booking, global weakness and disappointment over the absence of an expected change in bullion import duties following the Union Budget.
Why did silver fall more than gold?
Silver is often more volatile because it is influenced by both investment sentiment and industrial demand. Heavy profit-booking after its strong rally contributed to the sharp correction.
What is the 24K gold price today?
According to the supplied figures, 24K gold was approximately ₹15,153 per gram, or around ₹1,51,530 per 10 grams.
What is the silver price today in India?
The supplied report puts silver at approximately ₹300 per gram, or around ₹3,00,000 per kilogram.
Is gold cheaper after the Budget?
Gold prices fell sharply from recent highs, but whether they are "cheap" depends on the reference price and future market movements. A one-day correction does not necessarily indicate a long-term bottom.
Should I buy gold after the price crash?
Buyers should consider their financial goals and compare current prices with recent market levels. It is sensible to check live rates and the complete cost, including applicable charges, before purchasing.
Will gold prices rise again?
A future rise is possible, but it cannot be guaranteed. Gold prices can be influenced by global interest rates, currency movements, geopolitical conditions, central-bank demand and investor sentiment.
Why is silver so volatile?
Silver has both precious-metal and industrial characteristics. Changes in investment demand and industrial consumption can therefore produce significant price movements.
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