Gold Silver Rate Today, February 7, 2026: Know What Is City-Wise Price Update As Silver Records Steeper Losses

The article reports on the decline in MCX gold and silver futures following the RBI's decision to keep rates unchanged, with domestic physical markets remaining elevated. It covers city-wise price variations, futures volumes, and the influence of global cues on Indian prices, highlighting ongoing investor focus on upcoming sessions.

Gold and silver prices on the Multi Commodity Exchange showed sharp swings as global bullion weakened and domestic sentiment turned cautious after the Reserve Bank of India kept the repo rate unchanged. Expectations of quick monetary easing faded, triggering a steep correction in the last session, and traders now await the next reaction once activity restarts after the current trading break.

Despite the fall on futures, physical market benchmarks in India remain elevated. Standard 24 karat gold is quoted at Rs 1,53,700 per 10 grams, while 22 karat stands at Rs 1,40,890. The 18 karat category is priced at Rs 1,15,270 per 10 grams. Silver trades at Rs 2,749 per 10 grams and Rs 2,74,900 per kilogram across many centres.

Gold and silver prices: MCX futures movement and volumes

On the MCX, the sharp correction starts with the benchmark gold contract opening at Rs 1,49,396 per 10 grams. This level is down Rs 2,675, or 1.76 percent, from the earlier close of Rs 1,52,071. Silver futures record an even deeper slide, opening at Rs 2,34,063 per kilogram, which is lower by Rs 9,752, nearly 4 percent, from Rs 2,43,815.

Gold futures show mixed behaviour through different expiries, despite the overall negative bias in gold and silver prices. The March 5, 2026 contract for 10 grams opens at Rs 1,48,889, hits a low of Rs 1,48,000, and finally settles at Rs 1,50,316, showing an absolute change of -Rs 1,230 or 0.82 percent compared with the prior settlement.

The April 2, 2026 gold futures contract starts trade at Rs 1,49,396 and ends at Rs 1,52,071, reflecting a change of -Rs 1,358 or 0.89 percent. Trading volumes highlight steady participation in gold and silver prices, with 1,091 lots changing hands for the March contract and 71 lots for the April series, even as prices correct.

Gold and silver prices: Domestic drivers and daily fluctuations

Movements in gold and silver prices in India are closely tied to international bullion trends and currency swings. When global prices fall and the rupee weakens or strengthens against the US dollar, domestic quotations adjust. The latest decline follows softness in overseas markets combined with the Reserve Bank of India’s decision to maintain current interest rates.

Inflation trends, interest rate outlook and broader economic risks often push investors towards gold and silver prices as perceived safe assets. Geopolitical events and shifts in physical demand or mining supply also influence daily pricing. As a result, Indian buyers often see frequent changes, even when long term demand remains resilient.

Gold and silver prices: City-wise rate comparison across India

Gold and silver prices differ slightly across major cities due to local taxes, logistics, and regional demand. Key metropolitan and regional centres report distinct 24 karat, 22 karat and 18 karat gold levels, although the broad pattern stays aligned with national benchmarks. The tables below summarise city-wise gold and silver rates reported for the latest session.

Overall data shows that gold and silver prices in India stay elevated even after the MCX correction linked to the Reserve Bank of India’s unchanged repo stance and weaker global cues. Futures trade records active interest across contracts, while regional spot prices display only modest variation, keeping investors focused on upcoming sessions for clearer direction.