Gold and Silver Rates Today, February 1: Amid an extreme sell-off in the global bullion market, gold and silver prices in India declined by nearly 9% in the opening trade on the MCX on the Budget 2026
day. In Mumbai, the price of 24-carat gold crashed to Rs 1,38,600 per 10 grams, while 22k gold was available at Rs 1,27,050 per 10 grams. These rates do not include GST and making charges. Silver also declined to around Rs 2,65,600 per kg in the spot market.
What Is The Price Of 22kt, 24kt Gold Rates Today In India Across Key Cities On February 1?
| City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
|---|---|---|
| Delhi | Rs 1,26,950 | Rs 1,38,250 |
| Jaipur | Rs 1,26,950 | Rs 1,38,250 |
| Ahmedabad | Rs 1,26,850 | Rs 1,38,200 |
| Pune | Rs 1,27,050 | Rs 1,38,600 |
| Mumbai | Rs 1,27,050 | Rs 1,38,600 |
| Hyderabad | Rs 1,27,050 | Rs 1,38,600 |
| Chennai | Rs 1,27,050 | Rs 1,38,600 |
| Bengaluru | Rs 1,27,050 | Rs 1,38,600 |
| Kolkata | Rs 1,27,050 | Rs 1,38,600 |
Silver Rates In India
After hitting a record high of Rs 4 lakh last week, silver prices in India on Friday declined 27% to around Rs 2,90,000 per kg in the spot market, the biggest single-day crash since 1980s. It had fallen to Rs 3,30,000 in the evening on Thursday before staging a sharp recovery.
What Factors Affect Gold Prices In India?
International market rates, import duties, taxes, and fluctuations in exchange rates primarily influence gold prices in India. Together, these factors determine the daily gold rates across the country.
In India, gold is deeply cultural and financial. It is a preferred investment option and is key to celebrations, particularly weddings and festivals.
With constantly changing market conditions, investors and traders monitor fluctuations closely. Staying updated is crucial for effectively navigating dynamic trends.
