Gold, Silver Rate: Gold rises to nearly Rs 1.5 lakh/10 grams, silver recovers from day's lows; what lies ahead?

The recent "flash crash" in gold and silver, triggered by a hawkish US Fed nominee and increased margin requirements, is viewed by many as a necessary cooling of "overbought" markets rather than a trend reversal, said Abhinav Tiwari, Research Analyst at Bonanza.

He however noted that the long-term outlook remains structurally bullish, despite the volatility. “Record central bank buying, silver’s persistent supply deficit, and geopolitical tensions provide a solid floor,” he said.

Gold and silver exchange traded funds (ETFs) made a partial recovery on February 2, after crashing sharply earlier during the day. Analysts have expressed belief in the long-term bullish outlook for the precious metals, despite current volatility.

Edelweiss Silver ETF, Kotak Silver ETF, Mirae Asset Silver ETF and Tata Silver ETF, which had hit the 20 percent lower circuit earlier during the day, recovered up to 10 percent.

Gold ETFs, which were down up to 9 percent in the early trading hours, were down up to 5 percent, with some already in the green. It is important to note that despite the partial recovery, most of the ETFs are still in the deep red.

Gold futures sharply recovered and are now near day's highs. Gold futures with April expiry are now down around 1% at Rs 1,46,221 per 10 grams. The contracts with February expiry recovered all loses and are now in the green with marginal gains.

Under the proposed changes, the exemption will apply only to investors who purchase the bond at its original issue price set by the RBI and hold it until maturity (Read Full Report)

In Chandigarh, 24-carat gold is priced at Rs 15,168 per gram, 22-carat gold at Rs 13,905 per gram and 18-carat gold at Rs 11,380 per gram, Good Returns said.

Gold rates in Nagpur are Rs 15,153 per gram for 24-carat, Rs 13,890 per gram for 22-carat and Rs 11,365 per gram for 18-carat gold, as per Good Returns.

Gold prices in Surat stand at Rs 15,158 per gram for 24-carat, Rs 13,895 per gram for 22-carat and Rs 11,370 per gram for 18-carat, according to Good Returns.

Gold in Jaipur stands at Rs 15,168 per gram for 24-carat, Rs 13,905 per gram for 22-carat and Rs 11,380 per gram for 18-carat gold, as per Good Returns.

In Ahmedabad, gold is trading at Rs 15,158 per gram for 24-carat, Rs 13,895 per gram for 22-carat and Rs 11,370 per gram for 18-carat, Good Returns said.

Gold prices in Vadodara are Rs 15,158 per gram for 24-carat, Rs 13,895 per gram for 22-carat and Rs 11,370 per gram for 18-carat gold, according to Good Returns.

Gold back above $4,6000 & silver above $77 - Check city-wise list across India

In Pune, 24-carat gold costs Rs 15,153 per gram, 22-carat gold Rs 13,890 per gram and 18-carat gold Rs 11,365 per gram, as per Good Returns.

Across Kerala, gold is priced at Rs 15,153 per gram for 24-carat, Rs 13,890 per gram for 22-carat and Rs 11,365 per gram for 18-carat gold, Good Returns data showed.

Gold rates in Hyderabad stand at Rs 15,153 per gram for 24-carat, Rs 13,890 per gram for 22-carat and Rs 11,365 per gram for 18-carat gold, according to Good Returns.

In Bengaluru, gold prices are Rs 15,153 per gram for 24-carat, Rs 13,890 per gram for 22-carat and Rs 11,365 per gram for 18-carat, Good Returns reported.

Gold in Kolkata is trading at Rs 15,153 per gram for 24-carat, Rs 13,890 per gram for 22-carat and Rs 11,365 per gram for 18-carat gold, as per Good Returns.

In Delhi, 24-carat gold costs Rs 15,168 per gram, 22-carat gold Rs 13,905 per gram and 18-carat gold Rs 11,380 per gram, according to Good Returns.

Gold prices in Mumbai stand at Rs 15,153 per gram for 24-carat, Rs 13,890 per gram for 22-carat and Rs 11,365 per gram for 18-carat gold, Good Returns data showed.

In Chennai, 24-carat gold is priced at Rs 15,218 per gram, 22-carat gold at Rs 13,950 per gram and 18-carat gold at Rs 12,000 per gram, as per Good Returns.

Gold prices across major Indian cities showed limited variation across purity levels, according to data from Good Returns. Below are city-wise rates for 24-carat, 22-carat and 18-carat gold.

Gold prices in Mangalore, Visakhapatnam, Mysore, Davanagere and Cuttack are largely aligned with major metros at around Rs 15,153 per gram for 24-carat, Rs 13,890 per gram for 22-carat and Rs 11,365 per gram for 18-carat gold, according to Good Returns.

In Nashik, gold is priced at Rs 15,156 per gram (24-carat), Rs 13,893 per gram (22-carat) and Rs 11,368 per gram (18-carat).

In Salem, Trichy and Coimbatore belt cities, rates are slightly higher at Rs 15,218 per gram for 24-carat, Rs 13,950 per gram for 22-carat and Rs 12,000 per gram for 18-carat gold, Good Returns data showed.

In Bhubaneswar, silver is priced at Rs 3,000 per 10 grams, Rs 30,000 per 100 grams and Rs 3,00,000 per kg, according to Good Returns.

Silver prices in Surat are Rs 3,000 for 10 grams, Rs 30,000 for 100 grams and Rs 3,00,000 per kg, Good Returns reported.

In Chandigarh, silver is trading at Rs 3,000 per 10 grams, Rs 30,000 per 100 grams and Rs 3,00,000 per kg, as per Good Returns.

Silver rates in Nagpur stand at Rs 3,000 for 10 grams, Rs 30,000 for 100 grams and Rs 3,00,000 per kg, according to Good Returns.

In Patna, silver prices are Rs 3,000 per 10 grams, Rs 30,000 per 100 grams and Rs 3,00,000 per kg, Good Returns data showed.

Silver in Vijayawada costs Rs 3,000 for 10 grams, Rs 30,000 for 100 grams and Rs 3,00,000 for 1 kg, as per Good Returns.

In Madurai, silver is priced at Rs 3,000 per 10 grams, Rs 30,000 per 100 grams and Rs 3,00,000 per kg, Good Returns said.

Gold hits 6% lower circuit on MCX, plunges Rs 9,700 per 10 g

Silver prices hit a 12% lower circuit on the MCX, plunging nearly Rs 32,000 per kg, while gold slipped around 6%, as selling pressure intensified across bullion markets. The sharp fall comes amid sustained profit-booking following last month's record-breaking rally in precious metals. Weakness in both domestic and global markets has reflected cautious investor sentiment, with a firmer US dollar and shifting expectations around US Federal Reserve policy continuing to weigh on bullion prices despite their recent highs.

Silver prices in Coimbatore remain at Rs 3,000 for 10 grams, Rs 30,000 for 100 grams and Rs 3,00,000 per kg, according to Good Returns.

In Lucknow, silver is trading at Rs 3,000 per 10 grams, Rs 30,000 per 100 grams and Rs 3,00,000 per kg, as per Good Returns.

Silver rates in Jaipur stand at Rs 3,000 for 10 grams, Rs 30,000 for 100 grams and Rs 3,00,000 per kg, Good Returns reported.

In Ahmedabad, silver is priced at Rs 3,000 per 10 grams, Rs 30,000 per 100 grams and Rs 3,00,000 for 1 kg, according to Good Returns.

Silver prices in Vadodara are Rs 3,000 for 10 grams, Rs 30,000 for 100 grams and Rs 3,00,000 per kg, as per Good Returns.

In Pune, silver is selling at Rs 3,000 per 10 grams, Rs 30,000 per 100 grams and Rs 3,00,000 per kg, Good Returns data showed.

Across Kerala, silver rates stand at Rs 3,000 for 10 grams, Rs 30,000 for 100 grams and Rs 3,00,000 for 1 kg, according to Good Returns.

Silver in Hyderabad is priced at Rs 3,000 per 10 grams, Rs 30,000 per 100 grams and Rs 3,00,000 per kg, as per Good Returns.

In Bengaluru, silver costs Rs 3,000 for 10 grams, Rs 30,000 for 100 grams and Rs 3,00,000 for 1 kg, Good Returns said.

Silver prices in Kolkata are Rs 3,000 per 10 grams, Rs 30,000 per 100 grams and Rs 3,00,000 per kg, as reported by Good Returns.

In Delhi, silver is trading at Rs 3,000 for 10 grams, Rs 30,000 for 100 grams and Rs 3,00,000 for 1 kg, according to Good Returns.

Silver prices in Mumbai stand at Rs 3,000 per 10 grams, Rs 30,000 per 100 grams and Rs 3,00,000 per kg, Good Returns data showed.

In Chennai, silver is priced at Rs 3,000 for 10 grams, Rs 30,000 for 100 grams and Rs 3,00,000 for 1 kg, as per Good Returns.

Silver prices were largely unchanged across major Indian cities, with rates staying consistent across all weight categories, according to data from Good Returns.

The Union Budget for 2026-27 has proposed a change to the capital gains tax treatment of previously issued Sovereign Gold Bonds (SGBs). Under the revised rule, the exemption will apply only if the bonds are subscribed to by an individual at the time of original issuance and held continuously by that individual until redemption at maturity.

Gold and silver exchange traded funds (ETFs) made a partial recovery on February 2, after crashing sharply earlier during the day. Analysts have expressed belief in the long-term bullish outlook for the precious metals, despite current volatility. Edelweiss Silver ETF, which had hit the 20 percent lower circuit earlier during the day, recovered nearly 10 percent to trade at Rs 232.17 apiece, as seen at 10.30 am. Axis Silver ETF, which also crashed 20 percent earlier during the day, also recovered around 10 percent to trade at Rs 231.85 apiece. (Read More)

What happens next in the silver market may once again depend on China, a Bloomberg report says. Investors will be closely watching when trading opens in Shanghai on Sunday evening, New York time, to gauge whether Chinese demand for metals can rebound after the recent shock selloff. A daily price movement limit of 16%-19% on various silver contracts on Chinese exchanges means Shanghai's prices may need time to catch up. The current pullback, occurring just ahead of the Lunar New Year-a traditional buying season-could present an entry point for retail investors who missed the recent rally. In Shuibei, a major bullion trading hub, silver tightness has eased somewhat, with more selling than buying over the weekend, according to traders. However, there are no signs of panic selling, and Shuibei silver prices continue to trade at a premium to exchange contracts. Meanwhile, as retail interest simmers, several Chinese banks on Friday announced new measures to curb risks associated with retail gold accumulation products, following a series of similar steps over the past year.

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Precious metals had already been witnessing sharp price swings, with surging values and heightened volatility putting pressure on traders' risk models and balance sheets. Goldman Sachs Group Inc. said in a note that a record surge in call option buying-contracts that give holders the right to purchase at a pre-set price-was mechanically amplifying upward price momentum, as option sellers hedged their rising exposure by purchasing more of the underlying metals.

"This isn't over," said Robert Gottlieb, a former precious metals trader at JPMorgan Chase & Co. and now an independent market commentator. He noted that hesitation among investors to take on fresh risk is likely to restrict market liquidity. "We need to see whether prices are able to find support. The reality is that the trade had become far too crowded," he added.

Gold and silver exchange traded funds (ETFs) extended their sharp decline on February 2 as precious metals continued to drop. Analysts have suggested what investors should do amid such sharp volatility. This comes even as markets remained in red amid a sharp rise in volatility, with India VIX jumping to 15.55.

Standard gold (22 carat) is at Rs 1,17,752 per 8 grams, while pure gold (24 carat) costs Rs 1,28,456 per 8 grams.

Standard gold (22 carat) is priced at Rs 1,19,200 per 8 grams, while pure gold (24 carat) is at Rs 1,30,032 per 8 grams.

Standard gold (22 carat) stands at Rs 1,17,752 per 8 grams, and pure gold (24 carat) at Rs 1,28,456 per 8 grams.

Standard gold (22 carat) is priced at Rs 1,17,872 per 8 grams, while pure gold (24 carat) costs Rs 1,28,576 per 8 grams.

Jain said gold has support in the $4,680-4,620 range and resistance at $4,800-4,910 per troy ounce. Silver support is seen at $67-74, with resistance at $84-88.80 per troy ounce in today's trade.

On the MCX, gold support is placed at Rs 1,44,400-1,37,700, with resistance at Rs 1,48,800-1,54,000. Silver has support at Rs 2,55,500-2,44,000 and resistance at Rs 2,78,000-2,92,000.

Manoj Kumar Jain of Prithvi Finmart said gold and silver are witnessing unusually high volatility. He expects near-term price action to remain choppy, driven by movements in the dollar index and ongoing geopolitical uncertainties. Silver could find support near $65 per troy ounce, while gold may defend the $4,440 level on a weekly closing basis.

Bullion markets have seen heightened volatility amid speculation over US monetary policy following President Donald Trump's nomination of Kevin Warsh as the next Federal Reserve chair. The development has strengthened the dollar and put pressure on precious metal prices.

The US dollar stayed firm as investors assessed the likely policy stance of the Federal Reserve under Kevin Warsh, who is seen as supporting a smaller balance sheet. A stronger dollar typically weighs on gold by making it more expensive for buyers using other currencies.

In overseas markets, spot gold fell 3.3% to $4,703.27 an ounce as of 0259 GMT, after sliding more than 5% earlier in the session to its lowest level in over two weeks. Gold had touched a record high of $5,594.82 on Thursday. Spot silver rose 1.6% to $85.98 an ounce but remained well below its all-time high of $121.64 hit last week.

Losses were steeper in the previous session, with MCX silver futures plunging Rs 26,273, or 9%, to close at Rs 2,65,652 per kg. Gold April futures declined 3%, or Rs 4,592, to settle at Rs 1,47,753 per 10 grams.

On the MCX, silver futures expiring on March 5, 2026 dropped Rs 10,000, or 3.7%, to Rs 2,55,652 per kg. Gold futures for April 2, 2026 delivery slipped Rs 4,252, or 3%, to Rs 1,43,501 per 10 grams.

Gold and silver futures fell for a third straight session today, pressured by sharp profit-booking after a strong rally that had pushed both metals to record highs last month.