Updated February 1, 2026 — 7:05 PM IST
In a turbulent market session influenced by the Union Budget announcement, gold and silver prices have seen considerable fluctuations today. At the Multi Commodity Exchange (MCX), the price of 24-carat gold dropped significantly to ₹1,36,185 per 10 grams, down from an opening of ₹1,46,800. This sharp decline follows a prior decrease of ₹3,500, or 2.07%, landing gold at ₹1,65,500 the previous day, inclusive of taxes. In major metropolitan areas-Delhi, Mumbai, Bengaluru, and Kolkata-24-carat gold prices stabilized around ₹1,69,300 for each 10 grams, with Chennai reporting the highest rate of ₹1,73,010.
Silver prices showed slight stability, with minor gains recorded from Saturday. The premium for silver peaked at ₹4,18,900 in Chennai, while prices in Delhi, Mumbai, and Pune hovered around the ₹4,10,000 mark. The finance minister, Nirmala Sitharaman, presented the Union Budget for the ninth consecutive year today, starting at 11 am and lasting approximately 1.5 hours.
The fluctuating prices of precious metals reflect recent market volatility. Notably, gold prices with 99.9% purity plunged by ₹14,000 on Friday, and silver saw a dramatic fall of ₹20,000 per kilogram. This downturn is attributed to profit-booking by investors amid concerns over rising geopolitical tensions and fluctuating interest rates, which have led many to seek out gold as a safe-haven asset.
Globally, silver prices remain under pressure, plummeting nearly 35% from a peak of $121.755 per ounce. The market has been influenced by external factors such as U.S. Federal Reserve policy changes. Investors reacted sharply to the nomination of Kevin Warsh as chair of the Federal Reserve, heightening fears about future financial stability.
A city-by-city breakdown of today’s gold and silver prices highlights disparities across India. For instance, in Mumbai, 24K gold is priced at ₹1,69,300 per 10 grams, with silver at ₹4,10,900 per kilogram. In Delhi, the gold rate stands at ₹1,69,470, while silver is slightly higher at ₹4,11,900.
The economic landscape shifted notably post-Budget, as the announcement of an increased Securities Transaction Tax (STT) on Futures and Options sent ripples through the equity market, resulting in significant drops for key indices like the Sensex and Nifty. This announcement led to a sharp profit-taking trend, impacting gold and silver prices.
The recent volatility in gold and silver markets has prompted the BSE to impose a 20% circuit limit on Gold and Silver exchange-traded funds to curb excessive intraday price swings.
As of now, the overall sentiment remains cautious. Experts recommend that investors closely monitor these fluctuations as gold and silver continue to react to various economic indicators and global events, particularly in the wake of significant shifts arising from today’s budget discussions.
In summary, the landscape for gold and silver remains fluid, marked by recent declines that reflect broader market concerns. With prices continuing to hover at elevated levels, investors are advised to exercise vigilance as these commodities navigate this volatile market environment.
Categories: Gold Prices, Silver Prices, Market News
Tags: Gold, Silver, Investment, Union Budget 2026
Original Source: https://www.hindustantimes.com/india-news/gold-silver-rate-today-live-update-mcx-gold-price-today-mcx-silver-price-today-1st-feb-2026-delhi-mumbai-kolkata-101769910058413.html
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Publish Date: 2026-02-01 19:05:00
