Gold Rate Today: Gold prices saw a dramatic reversal over the past few sessions, shaking both retail buyers and market participants. After touching record
highs in earlier weeks, bullion prices slumped across domestic and global markets, marking one of the steepest short-term corrections seen in recent months. The decline unfolded over two to three days, coinciding with Budget Day trading, profit-booking by investors, and weak global cues. From futures contracts to spot markets and jewellery rates, gold saw losses across the board. On Monday, February 2, gold prices in India were largely steady, with 24 karat gold priced at Rs 15,153 per gram. Meanwhile, 22-carat gold was trading at Rs 13,890 per gram, while 18-carat gold, also known as 999 gold, stood at Rs 11,363 per gram, according to the data from Goodreturns. MCX Gold Sees Steep Volatility MCX gold prices started the session on a weak note, opening 1.18 per cent lower at Rs 1,46,000 per 10 grams compared with the previous close of Rs 1,47,753. The yellow metal continued to trade in the red, slipping Rs 1,253, or 0.85 per cent, to Rs 1,46,500 per 10 grams, after touching an intraday low of Rs 1,43,501. On the Multi Commodity Exchange (MCX), gold prices dropped sharply by more than 20 per cent within two days. The metal opened Sunday’s session at Rs 1,46,800 per 10 grams, fell to Rs 1,36,185, and later recovered slightly to close near Rs 1,43,000 per 10 grams. Gold Rate Across Major Cities
| City | 24 Carat Gold (10g) | 22 Carat Gold (10g) | 18 Carat Gold (10g) |
| Delhi | Rs 1,51,680 | Rs 1,39,050 | Rs 1,13,800 |
| Mumbai | Rs 1,51,530 | Rs 1,38,900 | Rs 1,13,650 |
| Kolkata | Rs 1,51,530 | Rs 1,38,900 | Rs 1,13,650 |
| Chennai | Rs 1,52,180 | Rs 1,39,500 | Rs 1,20,000 |
| Patna | Rs 1,51,580 | Rs 1,38,950 | Rs 1,13,700 |
| Lucknow | Rs 1,51,680 | Rs 1,39,050 | Rs 1,13,800 |
| Meerut | Rs 1,51,680 | Rs 1,39,050 | Rs 1,13,800 |
| Kanpur | Rs 1,51,680 | Rs 1,39,050 | Rs 1,13,800 |
| Ayodhya | Rs 1,51,680 | Rs 1,39,050 | Rs 1,13,800 |
| Varanasi | Rs 1,51,680 | Rs 1,39,050 | Rs 1,13,800 |
| Ghaziabad | Rs 1,51,680 | Rs 1,39,050 | Rs 1,13,800 |
| Noida | Rs 1,51,680 | Rs 1,39,050 | Rs 1,13,800 |
| Chandigarh | Rs 1,51,680 | Rs 1,39,050 | Rs 1,13,800 |
| Gurugram | Rs 1,51,680 | Rs 1,39,050 | Rs 1,13,800 |
| Jaipur | Rs 1,51,680 | Rs 1,39,050 | Rs 1,13,800 |
| Ahmedabad | Rs 1,51,580 | Rs 1,38,950 | Rs 1,13,700 |
| Pune | Rs 1,51,530 | Rs 1,38,900 | Rs 1,13,650 |
| Ludhiana | Rs 1,51,680 | Rs 1,39,050 | Rs 1,13,800 |
| Guwahati | Rs 1,51,530 | Rs 1,38,900 | Rs 1,13,650 |
| Bhopal | Rs 1,51,580 | Rs 1,38,950 | Rs 1,13,700 |
| Indore | Rs 1,51,580 | Rs 1,38,950 | Rs 1,13,700 |
| Surat | Rs 1,51,580 | Rs 1,38,950 | Rs 1,13,700 |
| Nagpur | Rs 1,51,530 | Rs 1,38,900 | Rs 1,13,650 |
| Nashik | Rs 1,51,560 | Rs 1,38,930 | Rs 1,13,680 |
| Bangalore | Rs 1,51,530 | Rs 1,38,900 | Rs 1,13,650 |
| Vadodara | Rs 1,51,580 | Rs 1,38,950 | Rs 1,13,700 |
| Bhubaneswar | Rs 1,51,530 | Rs 1,38,900 | Rs 1,13,650 |
| Cuttack | Rs 1,51,530 | Rs 1,38,900 | Rs 1,13,650 |
| Kerala | Rs 1,51,530 | Rs 1,38,900 | Rs 1,13,650 |
| Raipur | Rs 1,51,530 | Rs 1,38,900 | Rs 1,13,650 |
| Hyderabad | Rs 1,51,530 | Rs 1,38,900 | Rs 1,13,650 |
Weakness in international markets further weighed on domestic prices. On Comex, gold plunged by $609.70 per ounce, or 11.39 per cent, to $4,745.10 per ounce. Spot gold also came under selling pressure, falling sharply from recent record highs amid profit-booking and a stronger dollar.
Experts Explain The Sudden Correction
According to PTI, Saumil Gandhi, senior commodity analyst at HDFC Securities, said that gold prices fell sharply due to sharp profit-booking by investors after the recent record rally. He added that the selling of long positions by large institutional investors and a recovery in the dollar increased pressure on the bullion market. Technically, both gold and silver had been in overbought conditions for the past several sessions, which already created the possibility of a correction.
