Gold and Silver Prices in India End Lower on 2 Feb 2026: Market Close Analysis, City-Wise Rates and Intraday Movement

Gold and silver prices in India ended the trading day on 2 February 2026 with notable declines, continuing the sharp sell-off seen over the past few sessions. Retail bullion rates across major cities fell as global uncertainty and profit-booking weighed on precious metals. Silver saw sharper losses, while gold also declined due to a stronger dollar and weakness in global futures markets.

Closing Gold and Silver Prices - Retail Bullion Rates

Figures are indicative retail closing rates for 2 Feb 2026; local premiums/taxes may cause variation.

Intraday Movement & Price Direction

Precious metals opened earlier in the session, still grappling with late-week correction headwinds. On the MCX futures board, April gold contracts dipped near ₹1,50,849 per 10 g, a modest retreat from immediate prior levels, while silver futures exhibited sharper drawdowns of over 30 % from recent highs.

Intraday trade was dominated by extended profit-booking, triggered by global risk sentiment and tightening liquidity conditions as exchanges raised margin requirements. Silver exhibited greater intraday volatility than gold, with larger percentage swings as industrial demand expectations fluctuated and speculative positioning unwound.

Gold Price Analysis: Safe-Haven, Currency & Macro Impact

Gold’s decline today reflects a blend of technical correction after aggressive rallies in prior weeks and shifts in investor risk appetite. Benchmark spot gold prices on global markets retreated as the U.S. dollar strengthened, making dollar-denominated bullion relatively costlier for holders of other currencies.

The CME Group’s margin hikes on precious metals futures compounded selling pressure, as participants facing higher liquidity requirements liquidated positions to meet funding obligations. This dynamic feeds into domestic prices via MCX and physical markets, compounding local selling sentiment.

In domestic retail markets, 24-carat gold in major cities hovered in the ~₹1.60–₹1.62 lakh per 10 g range by close, marking a continued correction from recent peaks and reflecting both global pricing and rupee-dollar dynamics.

Silver Price Analysis: Industrial Demand & Volatility

Silver’s intraday action diverged from gold’s relatively steadier pattern, as prices experienced a notably sharper decline and broader trading range. March silver futures were reported around ₹2,91,922 per kg on MCX, substantially below recent record levels, underscoring silver’s heightened sensitivity to industrial demand expectations and profit-booking.

Retail silver rates across metros reflected this broad weakness, with average closing around ~₹3.49 lakh per kg, a significant contraction from end-January levels. This pronounced underperformance relative to gold underscores silver’s dual role as both an investment and industrial metal, making it more susceptible to shifts in economic growth outlook and portfolio rebalancing.

Key Factors Driving Gold & Silver Prices Today

• Global Margin Hikes & Liquidity Pressure: Higher exchange margin requirements triggered deleveraging in bullion futures, intensifying selling across gold and silver.
• Dollar Strength & Safe-Haven Rotation: A firmer U.S. dollar weighed on dollar-priced bullion, dampening demand from currency-sensitive markets.
• Profit Booking & Technical Correction: After extended rallies, traders harvested gains, especially in silver, leading to sharp corrective moves in both metals.

Union Budget Impact on Gold and Silver Prices

The Union Budget 2026 continues to shape bullion sentiment, even as today’s price action was driven mainly by global cues and market correction. With no change in import duties on gold and silver, domestic pricing remains aligned with international movements rather than policy shifts. Fiscal discipline signals and inflation management priorities are influencing medium-term asset allocation behaviour, supporting gold’s role as a hedge, while silver remains more sensitive to growth and industrial demand expectations.

What Today’s Close Signals for the Market

The closing profile on 2 Feb 2026 suggests a phase of consolidation and risk re-adjustment. Rather than a clear bullish reversal, the retreat in gold and silver prices indicates temporary cooling in momentum as market participants digest recent excesses and recalibrate exposures amidst broader macro uncertainty. The volatility differential between gold and silver also hints that industrial demand cues and speculative positioning are key drivers for silver’s broader moves.

Verdict for Investors

Today’s session emphasises the importance of capital flows, risk sentiment and portfolio reallocation in shaping precious metal price action. The divergence between gold’s steadier correction and silver’s sharper swings reflects differing underlying demand components and risk-off behaviour among global and domestic participants. As markets navigate macroeconomic data, monetary policy signals and currency movements, bullion pricing remains a critical barometer of investor positioning and risk appetite.

This analysis is based on market data and observed pricing dynamics as of the evening of 2 February 2026.

Gold, Silver Prices in India End Lower on 30 Jan 2026 as Profit Booking and ETF Sell-Off Hit Precious Metals

Gold and silver prices in India ended lower on 30 January 2026 after recent record highs. Evening market analysis covers city-wise closing rates, intraday movement, gold and silver price trends, key global and domestic drivers, and what today’s close signals for bullion markets.

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