“From glitter to glitch — gold slips as markets shake.”
Table of Contents
Gold Price Overview
Gold rates in India have witnessed a sharp correction as of February 2, 2026, triggered by global sell-offs, a stronger US dollar, and post-Union Budget volatility. International spot gold slipped below $4,700 per ounce, falling over 4% in a single session, sending shockwaves across domestic bullion markets.
Current Gold Rates in India
Domestic gold prices cooled significantly from last week’s record highs:
- 24K Gold: ₹16,057 per gram (₹1,60,570 per 10g)
- 22K Gold: ₹14,719 per gram
- 18K Gold: ₹12,043 per gram
In Muzaffarpur, Bihar, gold rates broadly track national averages, ranging between ₹1,60,000–₹1,62,000 per 10 grams for 24K, depending on jeweller margins and making charges.
Meanwhile, MCX April gold futures trade near ₹1,50,849 per 10g, down nearly 1% intraday.
Recent Market Trends
Gold peaked at ₹17,885 per gram on January 29 before undergoing a steep correction. Within just three trading sessions, prices plunged over 10%, erasing nearly ₹1,827 per gram on a weekly basis.
On Budget day, MCX gold collapsed sharply from ₹1,46,800 to ₹1,36,185 per 10g. Silver suffered even deeper cuts, falling 5–9% to around ₹2,51,294 per kg on MCX.
City-wise Gold & Silver Prices
| City | 24K Gold (₹/10g) | Silver (₹/kg) |
|---|---|---|
| Mumbai | 1,60,720 | 3,66,000 |
| Delhi | 1,60,860 | 3,67,000 |
| Chennai | 1,62,660 | 3,34,000 |
| Bengaluru | 1,60,690 | 3,61,000 |
| Kolkata | 1,60,700 | 3,62,000 |
Why Gold Prices Are Falling
Several powerful forces are weighing on bullion prices:
- Stronger US Dollar: Markets reacted to President Trump’s nomination of hawkish economist Kevin Warsh as Fed Chair.
- Margin Pressure: CME raised gold margins by 33%, prompting MCX to hike margins to 20%, forcing leveraged selling.
- Budget Impact: Post-Union Budget 2026 uncertainty triggered profit-booking across commodities.
- Global Correction: Spot gold is down nearly 12% from highs near $5,600/oz.
According to Citi, gold may test levels below $4,724 if dollar strength continues, though geopolitical risks and rising US debt could limit deeper downside.
Outlook & Investor Strategy
Despite sharp futures-led volatility, retail gold prices in cities like Muzaffarpur remain relatively stable — offering potential dip-buying opportunities for long-term investors.
Analysts see key support near ₹1,40,000 per 10g on MCX. Any renewed global uncertainty or softer Fed signals could spark a rebound. For now, investors should closely track Federal Reserve cues, dollar movement, and geopolitical headlines.
Disclaimer: Prices are indicative and may vary by city and jeweller. Always confirm before buying or investing.