Gold Silver Rates Today, 3 February 2026: City-Wise Prices Stay Weak As Markets Digest Budget Impact In India

Gold prices in India remained subdued on Tuesday, extending their quiet phase for a third straight session as investors continued to digest the implications of the Union Budget 2026 and global policy signals.

After the sharp post-Budget slide, gold is now hovering near mid-January levels, with weak international cues and a lack of fresh domestic triggers keeping participation low. Silver, meanwhile, remained under intense pressure, sitting close to recent crash lows after one of the steepest corrections ever seen in the Indian market.

Gold Prices Consolidate After Post-Budget Volatility

Gold rates edged marginally lower by ₹1 per gram across purities on February 3. The precious metal has entered a consolidation phase as the immediate Budget-related uncertainty has eased, but without any strong positive catalyst to drive a rebound.

• 24K gold: ₹15,316 per gram
• 22K gold: ₹14,039 per gram
• 18K gold: ₹11,487 per gram

MCX gold futures for February 2026 traded near ₹1,53,160 per 10 grams, reflecting muted activity and a wait-and-watch stance among traders. Market participants noted that the Budget's decision not to sharply raise gold import duties removed a major overhang, but did little to lift sentiment. The relative stability of the Indian rupee against the US dollar has also contributed to the narrow trading range.

City-Wise Gold Rates Show Limited Movement

Gold prices across major Indian cities broadly tracked the national trend, with only minor regional variations driven by local demand.

Mumbai, Kolkata, Bengaluru, Hyderabad, Kochi, Pune:
24K at ₹15,316 per gram, 22K at ₹14,039 per gram

Delhi:
24K at ₹15,331 per gram, 22K at ₹14,054 per gram, trading at a slight premium

Chennai:
24K at ₹15,217 per gram and 22K at ₹13,949 per gram, while 18K gold continued to trade at a premium compared to other metros

Over the past 10 days, gold has seen a sharp pullback from late-January highs, underlining the scale of the recent correction following January's strong rally.

Global Cues and Outlook for Gold

International gold markets remained calm, with prices consolidating after the steep fall triggered by a hawkish Federal Reserve chair nomination and the Indian Budget. Analysts believe the metal is undergoing a healthy correction after its rapid January rise. Attention has now shifted to upcoming US economic data for clearer signals on interest rates.

Despite cautious near-term sentiment, many experts maintain a constructive long-term view, citing geopolitical risks and sustained central bank buying. On the domestic front, wedding season demand is expected to provide a degree of price stability in the coming weeks.

Silver Stuck Near Crash Lows After Historic Sell-Off

Silver prices in India remained near multi-month lows on Tuesday, following an extraordinary collapse over the past week. Just five days ago, silver had surged to a record high of nearly ₹4.10 lakh per kg. Since then, prices have reversed sharply, shedding close to ₹1.25 lakh per kg as a "triple threat" of negative factors crushed sentiment.

• Silver price today: ₹2,99,900 per kg
• 10 grams: ₹2,999

The retail rate slipped by a modest ₹100 per kg on the day, signalling market exhaustion after days of heavy selling. MCX silver futures for February 2026 were locked at a 5 percent lower circuit, trading near ₹2,45,000 per kg.

What Triggered the Silver Market Crisis?

Silver has fallen roughly 36 percent from its January 29 peak, marking one of the fastest and steepest corrections in the Indian market's history. The crash was driven by a combination of hawkish US Federal Reserve signals, global exchange margin hikes and aggressive post-Budget profit-booking in India.

The sell-off was intensified by a scheduled margin increase by the CME Group from 11 percent to 15 percent, effective February 2. This forced a rapid unwinding of leveraged positions, leading to a liquidity crunch as buyers stepped aside. The silver-to-gold ratio widened sharply, highlighting silver's severe underperformance compared to gold.

Is the Silver Bull Run Over?

The sharp fall has raised questions about whether the silver bull market has ended or if this is a brutal but temporary correction. Technical analysts point to the breach of the ₹3.00 lakh per kg level as a key bearish signal, suggesting further downside risk in the short term.

However, some fundamental analysts argue that the long-term drivers remain intact, including a tight physical supply situation linked to AI and green energy demand, as well as China's export curbs. The recent collapse is being viewed by some as a shakeout of speculative "weak hands." The next phase will depend on whether physical buyers and long-term investors step in at current levels or if fear continues to dominate trading.