Gold Price Today [02 February, 2026]: MCX Gold Holds Near ₹1.60 Lakh per 10g | Check City-Wise Gold Rates in Delhi, Mumbai, Chennai, Kolkata & More

Gold Price Today, 2 February, 2026: The Union Budget 2026 being announced on February 1, the markets began February on tenterhooks. Gold known to react to fiscal announcements, tax hints and inflation expectations, remained range-bound a day after the budget announcements as investors digested the impact of the proposals on savings, imports and price movements. There were no shockers in the bullion market, but the overall mood of fiscal responsibility and growth-oriented policies kept gold prices trading in a tight range.

Gold Price Today (2 February, 2026)

• 24K Gold: Rs. 16,058 per gram
• 22K Gold: Rs. 14,720 per gram
• 18K Gold: Rs. 12,044 per gram
• Yesterday’s Price: No change across all purities

Gold Rate Today: From Record Highs to Correction

• Gold touched a recent peak of Rs. 17,885 per gram (24K) on January 29
• Prices corrected by nearly 10.2% within three trading sessions
• Weekly decline for 24K gold stands at approximately Rs. 1,827 per gram
• 22K gold mirrored the trend, dropping about Rs. 1,675 per gram from its weekly high
• The correction is driven by profit booking and stable global bond yields
• Despite the pullback, prices remain over 18% higher year on year

Gold Price Today: MCX Gold and Silver Prices in India

On the Multi Commodity Exchange, gold futures continue to trade in a narrow range as traders await fresh global cues while silver prices remain volatile due to industrial demand uncertainty. Analysts note that MCX gold is still well supported above key technical levels, suggesting consolidation rather than reversal.

April MCX gold futures closed intraday at Rs. 1,50,849 per 10 grams, slipping Rs. 1,496 or 0.98%, compared with the previous close of Rs. 1,52,345 per 10 grams. The current level places gold nearly Rs. 29,930 below its all-time high of Rs. 1,80,779 per 10 grams and highlighting the scale of the pullback from January’s peak.

While MCX silver March futures witnessed a much steeper decline and prices settled at Rs. 2,91,922 per kg, down by Rs. 1,28,126 or roughly 30.5%, from the record high of ₹4,20,048 per kg. The sharp fall underscores heightened volatility in silver, driven by shifting industrial demand expectations and aggressive profit booking.

Gold Prices in Mumbai

• 24K: Rs. 16,058 per gram
• 22K: Rs. 14,720 per gram
• 18K: Rs. 12,044 per gram

Gold Rate Today in Delhi

• 24K: Rs. 16,073 per gram
• 22K: Rs. 14,735 per gram
• 18K: Rs. 12,059 per gram

Gold Prices in Kolkata

• 24K: Rs. 16,058 per gram
• 22K: Rs. 14,720 per gram
• 18K: Rs. 12,044 per gram

Gold Rate in Bengaluru

• 24K: Rs. 16,058 per gram
• 22K: Rs. 14,720 per gram
• 18K: Rs. 12,044 per gram

Gold Prices in Chennai

• 24K: Rs. 16,255 per gram
• 22K: Rs. 14,900 per gram
• 18K: Rs. 12,800 per gram

Gold Price City-wise (₹/gram)

24K Gold Price Country-wise (per 10g)

Gold Rate in India for Last 10 Days (10 gram)

How much did Gold & Silver Prices Crash on Budget Day?

Gold and silver futures on the Multi Commodity Exchange (MCX) plunged between 6-9% during the morning session and hitting lower circuits.

• Gold: Prices dropped over Rs. 10,600 per 10 grams in the first hour.
• Silver: Prices fell Rs. 26,273 per kilogram in the same period.

This sharp decline was attributed to a massive global rout, margin hikes by the CME Group and pre-Budget profit-booking.

Gold & Silver ETFs Crash

The effect was not delayed in the ETF segment. Gold ETFs dropped as much as 16% in early trading, keeping in line with the steep fall in spot and futures markets. Baroda BNP Paribas Gold ETF, Motilal Oswal Gold ETF and Edelweiss Gold ETF were some of the worst-hit funds, losing more than 15% in a single day while silver ETFs were no different either. Bandhan, Motilal Oswal and Zerodha Silver ETFs dropped between 14 and 16%, indicating panic selling by short-term investors.

How Deep was the Price Correction?

The scale of the sell-off becomes clear when you look at the numbers. Gold futures opened the session down nearly 6%, wiping out over Rs. 9,000 per 10 grams in just one day. The bigger story, though is the cumulative slide. In the space of three trading sessions, gold has shed almost Rs. 50,000 per 10 grams, translating to a drop of around 26% from its recent peak. Silver has seen even sharper swings, plunging by more than Rs.17,000 per kilogram in a single session and losing close to Rs.1.45 lakh per kilogram or roughly 35%, over the same period.