Gold Silver Rate Today, February 1, 2026: City-Wise Rates And MCX Prices In India

Gold Silver Rates Today, Feb 1, 2026: Gold and silver prices in India on February 1, 2026 are under heavy pressure on 1 February 2026, just before Budget 2026. Investors are tracking sharp losses in both metals after a volatile week on the Multi Commodity Exchange of India and the international COMEX market.

The steep moves came after a strong start to the week, when silver hit new records and gold also rallied. By the final trading session, however, both contracts had given up gains, leaving traders worried about further swings during Finance Minister Nirmala Sitharaman's Budget speech.

Gold Prices Decline on Global Demand

Gold prices in the Indian market declined on Sunday, tracking weakness in global bullion markets and profit-booking after January's sharp rally. While inflation concerns continue to support prices over the long term, near-term sentiment remains cautious ahead of Budget 2026. As of today, 24-carat gold is trading around ₹16,050 per gram, while 22-carat gold is priced near ₹14,720 per gram. Price movements are being driven by international bullion trends, fluctuations in the US dollar and subdued domestic buying interest.

Delhi
24 Karat (99.9% Pure): ₹16,934 per gram

22 Karat (91.6% Pure): ₹15,524 per gram

18 Karat (75.0% Pure): ₹12,704 per gram

Mumbai
24 Karat (99.9% Pure): ₹16,919 per gram

22 Karat (91.6% Pure): ₹15,509 per gram

18 Karat (75.0% Pure): ₹12,689 per gram

Chennai
24 Karat (99.9% Pure): ₹17,124 per gram

22 Karat (91.6% Pure): ₹15,699 per gram

18 Karat (75.0% Pure): ₹12,844 per gram

Bengaluru
24 Karat (99.9% Pure): ₹16,919 per gram

22 Karat (91.6% Pure): ₹15,509 per gram

18 Karat (75.0% Pure): ₹12,689 per gram

Kolkata
24 Karat (99.9% Pure): ₹16,919 per gram

22 Karat (91.6% Pure): ₹15,509 per gram

18 Karat (75.0% Pure): ₹12,689 per gram

MCX Gold and Silver Rates Today

MCX Silver Futures (March): ₹3,94,900 per kg

MCX Gold Futures (February): ₹1,69,200 per 10 grams Despite the recent correction, silver prices remain significantly higher on a weekly and monthly basis, reflecting strong speculative and industrial demand.

Outlook After a Volatile

January saw one of the sharpest rallies in silver in recent years, with prices jumping from around ₹2,38,000 per kilogram at the start of the month to nearly ₹3,95,000 per kilogram by January 31, just ahead of February trading. Analysts say the market is now searching for direction after intense speculative activity and sharp price swings.

While short-term indicators suggest volatility may continue into early February, long-term fundamentals remain supportive. Strong industrial demand from renewable energy, electronics and electric vehicles is expected to underpin silver prices over time. Going forward, price movement will depend on trends in the US dollar, physical demand and activity on futures exchanges such as the MCX.