Gold & Silver Price In Mumbai Today: Is It Costlier Or Cheaper On Feb 3?

Gold and silver prices in Mumbai continued to show a marginally soft trend today, February 3, 2026, reflecting cautious sentiment among bullion buyers amid global economic uncertainties and muted domestic demand. Both precious metals edged lower compared to the previous session, extending the recent pattern of mild corrections after the sharp volatility witnessed in the second half of January.

According to the latest rates, the price of 24 karat gold in Mumbai today stands at ₹15,316 per gram, down by ₹1 from yesterday's level of ₹15,317 per gram. Similarly, 22 karat gold is priced at ₹14,039 per gram, while 18 karat gold is trading at ₹11,487 per gram, both also witnessing a marginal decline of ₹1 per gram. Though the dip is negligible in absolute terms, it signals a pause in the upward momentum that gold prices had enjoyed earlier this year.

In terms of higher quantities, 8 grams of 24K gold costs ₹1,22,528, while 10 grams is priced at ₹1,53,160. For bulk buyers, 100 grams of 24K gold is available at ₹15,31,600, lower by ₹100 compared to yesterday. A similar trend was observed in 22 karat gold, where 8 grams costs ₹1,12,312, 10 grams ₹1,40,390, and 100 grams ₹14,03,900, each reflecting small day-on-day declines. In the case of 18 karat gold, 10 grams is priced at ₹1,14,870, while 100 grams costs ₹11,48,700, again lower by ₹100.

Market experts note that the slight correction in gold prices comes after a steep fall earlier this week. Data from the last 10 days shows that gold rates in Mumbai have been highly volatile. On February 1, 24K gold was trading as high as ₹16,058 per gram, before plunging sharply on February 2. Earlier, prices had touched a peak of ₹17,885 per gram on January 29, following which a series of corrections set in.

The recent cooling suggests profit booking by investors after the rally, coupled with stable global cues and a stronger rupee, which often puts pressure on domestic gold prices.

It is important to note that the quoted gold prices are indicative and do not include GST, TCS and other levies. Actual prices may vary depending on jeweller margins and making charges, especially as Mumbai continues to be one of India's largest bullion and jewellery markets.

Silver prices in Mumbai also mirrored gold's subdued trend today. The price of silver is ₹299.90 per gram, down by ₹0.10 from yesterday, while silver per kilogram is priced at ₹2,99,900, lower by ₹100. Though the decline appears modest on a daily basis, silver has seen significant fluctuations over the past few days.

A look at the 10-day trend reveals that silver prices have fallen sharply from their recent highs. On January 29, silver was trading at ₹4,10,000 per kg, but has since corrected by more than ₹1 lakh. On February 1, silver stood at ₹3,50,000 per kg, and further declines were recorded in the following sessions. The sharp swings underline silver's higher volatility compared to gold, making it both attractive and risky for investors.

For investors and retail buyers in Mumbai, the current dip in gold and silver prices may offer a cautious entry point, especially for long-term accumulation. However, experts advise closely tracking global factors such as US interest rate signals, inflation data, and geopolitical developments, which are likely to influence bullion prices in the coming weeks.