Gold Silver Rate Today, February 5, 2026: City-Wise Gold Recovers Losses As Two-Tier Silver Market Emerges

Gold and Silver prices in India bounced back sharply on 5 February 2026, registering one of the most notable single-day advances in recent weeks.

After slipping in the wake of the Budget 2026 sell-off, the yellow metal found renewed strength as bargain hunters stepped in and global sentiment improved. The rally was visible across major bullion markets, signalling a decisive change in investor mood.

Strong Rebound Signals Shift In Market Sentiment

Gold rates climbed significantly compared to the previous session.

• 24K gold: ₹15,944 per gram (up ₹551)
• 22K gold: ₹14,615 per gram (up ₹505)
• 18K gold: ₹11,958 per gram (up ₹413)

A day earlier, 24K gold was priced at ₹15,393 per gram while 22K stood at ₹14,110, highlighting the scale of the recovery.

On the derivatives front, MCX Gold Futures (February 2026) traded near ₹1,59,440 per 10 grams, reclaiming an important psychological threshold. The rapid uptick suggests buyers are returning at lower levels, encouraged by technical triggers, dip-buying from physical investors, and supportive global indicators. Much of the loss recorded after the Budget has now been recovered.

MCX Trends: Precious Metals Move In Opposite Directions

While gold strengthened, silver presented a mixed picture.

• MCX Gold Futures (Feb 2026): ₹1,59,440 per 10g
• MCX Silver Futures (Feb 2026): near ₹2,80,000 per kg after hitting a 4% lower circuit
• Retail silver price: ₹3,20,100 per kg, up ₹100 from the previous close

Both metals had earlier moved together in the broader commodity rally, but silver's futures slump created a striking divergence even as physical prices showed modest resilience.

City-Wise Gold Rates Reflect Broad-Based Buying

Gold prices remained largely aligned across major cities, indicating uniform demand during the upswing.

Mumbai
24K: ₹15,944 | 22K: ₹14,615 | 18K: ₹11,958

Delhi
24K: ₹15,959 | 22K: ₹14,630 | 18K: ₹11,973
The slight premium in the national capital points to stronger local buying interest.

Kolkata
24K: ₹15,944 | 22K: ₹14,615 | 18K: ₹11,958

Bengaluru
24K: ₹15,944 | 22K: ₹14,615 | 18K: ₹11,958
Investors in the technology hub were seen re-entering the market.

Chennai
24K: ₹16,256 | 22K: ₹14,900 | 18K: ₹12,750
The southern city continued to command higher rates, particularly for 18K gold, while still participating in the nationwide rally.

Other cities such as Hyderabad, Kochi, Pune, and Ahmedabad reported similar pricing, underscoring consistent momentum.

Global Support Lifts Gold

International prices also moved higher, ending a multi-session decline. Short covering by speculators and fresh physical demand from key markets like China helped fuel the recovery. A slight dip in US Treasury yields further supported the metal even as the dollar remained steady.

Market observers noted that gold successfully defended a crucial technical support level, triggering algorithm-driven and momentum buying.

Silver Struggles As Futures Market Slides

Silver prices in India highlighted growing instability. Although retail rates edged higher, the futures market remained under intense pressure.

Retail silver prices (5 February 2026):

• 1 gram: ₹320.10
• 8 grams: ₹2,560.80
• 10 grams: ₹3,201
• 100 grams: ₹32,010
• 1 kg: ₹3,20,100

The metal has rebounded more than ₹40,000 per kg from the crash low of ₹2,80,000 recorded on 3 February. However, the continued lower circuit in futures indicates that the recovery lacks strong derivative support and that volatility remains elevated.

Two-Tier Market Emerges For Silver

A rare pricing gap has developed, with futures trading nearly ₹40,000 per kg below physical rates. Analysts attribute the futures collapse to speculative exits, margin calls, and limited buying interest following last week's sharp fall. The disparity suggests liquidity stress within paper markets.

Physical demand from investors and industrial users will now be crucial. Strong offtake could help narrow the gap and stabilise sentiment, but without a clear shift, futures may remain vulnerable to further declines.

Gold-To-Silver Ratio Widens As Outlook Diverges

The stark difference in performance has significantly expanded the gold-to-silver ratio. Gold's resilience contrasts with silver's fragile outlook, leaving traders closely watching whether physical buying can restore balance to the market.