A day after the Union Budget 2026 was presented, gold prices in India showed little movement as investors continued to assess the impact of fiscal proposals, tax signals and inflation expectations.
Traditionally sensitive to budget announcements, the yellow metal remained largely steady on Monday, reflecting a cautious market mood rather than any fresh trigger. While there were no major surprises for the bullion market, the government’s emphasis on fiscal discipline and growth kept prices confined to a narrow band.
As of February 2, gold rates across purities remained unchanged from the previous session, indicating that traders are waiting for clearer global and domestic cues before taking fresh positions.
Gold prices today across purities
Gold prices on Monday were steady across all major categories:
- 24 karat gold: Rs. 16,058 per gram
- 22 karat gold: Rs. 14,720 per gram
- 18 karat gold: Rs. 12,044 per gram
There was no change in prices compared to Sunday, underscoring the consolidation phase after last week’s sharp swings.
From record highs to a steep correction
Gold’s current calm comes after a turbulent end to January. The metal had touched a recent high of Rs. 17,885 per gram for 24 karat gold on January 29 before witnessing a sharp pullback.
Within three trading sessions, prices corrected by nearly 10.2 percent. On a weekly basis, 24 karat gold fell by around Rs. 1,827 per gram, while 22 karat gold dropped roughly Rs. 1,675 per gram from their respective highs. Market participants attribute this decline largely to aggressive profit booking and relatively stable global bond yields.
Despite the correction, gold prices are still more than 18 percent higher on a year-on-year basis, highlighting the strong rally seen over the past twelve months.
MCX gold and silver futures remain volatile
On the Multi Commodity Exchange, gold futures continued to trade in a tight range, suggesting consolidation rather than a trend reversal. April gold futures slipped Rs. 1,496, or 0.98 percent, to close intraday at Rs. 1,50,849 per 10 grams, compared with the previous close of Rs. 1,52,345.
Even after the fall, MCX gold remains about Rs. 29,930 below its all-time high of Rs. 1,80,779 per 10 grams, underlining the scale of the recent pullback.
Silver, however, has seen far sharper moves. March silver futures settled at Rs. 2,91,922 per kg, down by Rs. 1,28,126 or nearly 30.5 percent from the record high of Rs. 4,20,048 per kg. Analysts point to uncertainty around industrial demand and heavy profit booking as key reasons behind silver’s heightened volatility.
Budget day crash and ETF impact
Gold and silver futures had plunged between 6 and 9 percent during the Budget day session, hitting lower circuits in early trade. Gold prices dropped by over Rs. 10,600 per 10 grams within the first hour, while silver fell by Rs. 26,273 per kilogram. This sharp fall was attributed to a global market rout, margin hikes by the CME Group and pre-Budget profit booking.
The sell-off also spilled over into exchange-traded funds. Several gold ETFs declined by as much as 16 percent in early trade, while silver ETFs dropped between 14 and 16 percent, reflecting panic selling by short-term investors.
City-wise gold rates today (Rs per gram)
Mumbai
- 24K: Rs. 16,058
- 22K: Rs. 14,720
- 18K: Rs. 12,044
Delhi
- 24K: Rs. 16,073
- 22K: Rs. 14,735
- 18K: Rs. 12,059
Chennai
- 24K: Rs. 16,255
- 22K: Rs. 14,900
- 18K: Rs. 12,800
Kolkata
- 24K: Rs. 16,058
- 22K: Rs. 14,720
- 18K: Rs. 12,044
Bengaluru
- 24K: Rs. 16,058
- 22K: Rs. 14,720
- 18K: Rs. 12,044
Hyderabad
- 24K: Rs. 16,058
- 22K: Rs. 14,720
- 18K: Rs. 12,044
City-wise silver rates today
Major cities
- Delhi: Rs. 3,50,000 per kg
- Mumbai: Rs. 3,50,000 per kg
- Pune: Rs. 3,50,000 per kg
- Chennai: Rs. 4,18,900 per kg
- Ahmedabad: Rs. 3,50,000 per kg
- Lucknow: Rs. 3,50,000 per kg
- Gurgaon: Rs. 3,50,000 per kg
Overall, bullion markets remain cautious in the immediate aftermath of the Union Budget. While prices have stabilised for now, traders and investors are closely tracking global cues, currency movements and interest rate expectations to gauge the next direction for gold and silver.
