Gold Silver Rate Highlights: Gold on MCX at Rs 1.43 lakh per 10 grams, Silver at around Rs 2.66 lakh per kilogram

The Budget 2026 has kept rates on customs duty unchanged for import of gold and silver. Importers will continue to pay the same duty rates as before.

Currently, import of gold in all forms attracts a 6 percent duty, including 5 percent basic customs duty (BCD) and 1 percent agriculture infrastructure and development cess (AIDC).

Silver imports are taxed at 6 percent for eligible Indian residents, while others pay 36 percent, comprising 35 percent basic customs duty and 1 percent AIDC. Both metals attract a uniform GST of 3 percent.

The Centre had slashed the customs duty on gold from 15 percent to 6 percent with effect from July 24, 2024.

Complete report - HERE

The government has kept the Commodity Transaction Tax (CTT) unchanged in Budget 2026. However, Finance Minister Nirmala Sitharaman announced an increase in the Securities Transaction Tax (STT) on Futures and Options (F&O) transactions during her Budget 2026 speech.

The benchmark equity indices Sensex and Nifty pared early gains on February 1 as investors booked profits at higher levels amid volatility on Budget day.

Ahead of the Union Budget presentation by Finance Minister Nirmala Sitharaman at 11 am — her ninth Budget — markets had advanced sharply. The Sensex climbed to an intra-day high of 82,726.65, rising 457 points or 0.55 percent, while the broader Nifty moved up to 25,440.90, gaining 120.25 points or 0.47 percent.

However, by around 11.45 am, profit booking emerged, pulling the benchmarks off their highs. The Sensex slipped to 82,230.75, down 39.03 points or 0.05 percent, while the Nifty declined to 25,291.60, down 29.05 points or 0.11 percent. Complete report - HERE

Gold prices witnessed a sharp crash of around 20 per cent over the last two days, as extreme volatility gripped the commodity markets, according to data from the Multi-Commodity Exchange.

Gold prices continued their decline on Sunday, the budget day, with 24-carat gold on the MCX falling to Rs 1,36,185 per 10 grams. The precious metal had opened the session at Rs 1,46,800 per 10 grams, reflecting sustained selling pressure and sharp intraday swings. Gold prices have become highly volatile, with sharp price swings in recent sessions.

On Saturday, gold had already seen heavy pressure, closing lower by around 5.4 per cent at Rs 1,69,470 per 10 grams for 24-carat gold in the domestic commodity market. The weakness was also visible in global markets, where international gold prices declined by over 9 per cent to USD 4,887 per ounce, adding to the pressure on domestic prices.

(ANI)

MCX silver prices traded lower by Rs 23,436 per kilogram, or 8.03 per cent, to Rs 2,68,489 per kilogram.

The shares of Gujarat Mineral Development Corporation (GMDC), Orissa Minerals Development Company and NMDC surged in trade on February 1 after Finance Minister Nirmala Sitharaman spoke about rare earth magnets while presenting the Union Budget 2026.

GMDC shares gained around 7 percent to trade at Rs 617.8 apiece, while Orissa Minerals Development Company shares also rose around 7 percent to trade at Rs 4,776 apiece. NMDC shares reversed earlier losses and rose nearly 2 percent.

Read full report - HERE

BSE has imposed a 20 per cent circuit limit on gold and silver exchange-traded funds (ETFs). For the current trading session, ETF prices will be referenced to the previous day’s NAV (T-1 NAV), with trades permitted only within a ±20 per cent range.

“In view of the volatility in underlying Gold & Silver prices, Reference Price for Gold and Silver ETFs traded on the Exchange shall be based on the T- 1 NAV as published by the respective Mutual Funds / Asset management Companies. Accordingly, the prescribed price band of +/- 20% shall apply to the said T- 1 NAV price for trading purposes,” BSE said in a circular on February 1.

Gold prices in Kolkata today stand at Rs 1,69,310 per 10 grams for 24-carat gold and Rs 1,55,210 per 10 grams for 22-carat gold.

Gold prices witnessed sharp volatility in the commodity market on Saturday, falling about 5.4 per cent to Rs 1,69,470 per 10 grams for 24-carat gold. In the global market, gold prices declined by more than 9 per cent to around USD 4,887 per ounce.

Gold prices in Ahmedabad today stand at Rs 1,55,310 per 10 grams for 22-carat gold and Rs 1,69,410 per 10 grams for 24-carat gold.

During the Budget 2026 presentation, Finance Minister Nirmala Sitharaman announced a proposal to support mineral-rich states—Andhra Pradesh, Tamil Nadu and Kerala—to promote the mining of rare earth minerals.

Gold and silver prices crashed globally, marking one of the largest wealth erasures in recorded history. Following the explosive rally, profit-booking led prices of the precious metals crashing across international exchanges, wiping away $5 trillion according to estimates.

Most factors point to the U.S. President Donald Trump's nomination of Kevin Warsh as the next Federal Reserve chairperson. Earlier, the markets were pricing in a more dovish chair, however, reports suggest that Warsh is a 'hawk'.

Complete report - HERE

Gold futures with April expiry reclaimed the Rs 1.51-lakh mark, after hitting a low of Rs 1,38,634 per 10 grams earlier during the day. This marks a 9 percent intraday jump from day’s low. The futures are however still down in the red around 0.5 percent.

Silver futures with March expiry reclaimed Rs 2.8-lakh mark, after hitting a low of Rs 2,65,652 per kilogram in the early trading hours of Sunday. This marks a 7 percent intraday jump from day’s low. The future contracts are still down more than 2 percent.

Full report - HERE

Gold exchange-traded funds (ETFs) rebounded sharply from their early-morning lows on February 1, tracking a partial recovery in gold prices after an extended sell-off.

Silver ETFs, however, were yet to see a similar rebound, even as silver prices on the MCX moved higher intraday, as of 10.20 am.

Shares of Hindustan Copper plunged 19 per cent to Rs 555.10 apiece. National Aluminium Company (NALCO) slipped 14.5 per cent, while Hindustan Zinc declined 13.5 per cent. Vedanta and Hindalco Industries were down 10 per cent each.

NMDC, Tata Steel, Steel Authority of India (SAIL), Jindal Steel and several other metal stocks also traded lower, falling around 3 per cent apiece.

Maneesh Sharma, AVP - Commodities & Currencies, Anand Rathi Shares & Stock Brokers, noted that the sharp moves in precious metals seen today reflected speculation that Warsh may be less enthusiastic to cut rates than other candidates, given his past warnings of inflation risks and more recent calls for the Fed to reduce its balance sheet.

"Going ahead markets could now look ahead to more cues from labor market reports due next week in US which could show signs of weakening labor markets, while local markets could remain glued towards Union budget announcement due on Sunday. Any signs of changes in Import duty structure could reflect directly into MCX prices. Overall volatility with a corrective bias is expected to persist for few more sessions before markets stabilize at lower levels," Sharma added.

Last week’s sharp fall in gold and silver prices can be explained as a classic bout of profit-booking after an extended record rally and not as a breakdown in fundamental sentiments, said Pranav Koomar, Founder and CEO of PlusCash.

While high positioning, strong dollar movements, and an uptick in bond yields have contributed to a correction in gold prices, from a medium- to a long-term perspective, the prices have continued to find support due to global uncertainty, buying from Central Banks, and tight supply dynamics, the analyst added.

Investors should consider any fall as a buying opportunity and not a sign of any change in the trend, Koomar said.

On the Multi-Commodity Exchange (MCX), gold and silver have seen a marginal recovery.

Gold and silver prices witnessed a sharp decline amid heavy profit-booking and a strengthening US dollar. The sell-off was further triggered after US President Donald Trump announced former Federal Reserve Governor Kevin Warsh as his choice to lead the American central bank. Warsh is widely regarded as hawkish and cautious on interest rate cuts, adding to pressure on precious metal prices.

Read full report - HERE

Baroda BNP Paribas Gold ETF crashed 16 per cent to Rs 135.20 apiece, while Motilal Oswal Gold ETF fell nearly 16 per cent. Edelweiss Gold ETF, LIC MF Gold ETF and Birla Sun Life Gold ETF fell more than 15 per cent each.

Gold on the MCX trades at Rs 1.43 lakh per 10 grams, while Silver trades at Rs 2.65 lakh per kilogram.

Gold futures for April delivery fell 6 per cent, or Rs 9,140 per 10 grams, in a single session to open at Rs 1,43,205 per 10 grams. The move extends a sharp correction, with prices now down nearly Rs 50,000 per 10 grams, or about 26 per cent, over the last three sessions after touching a fresh lifetime high of Rs 1,93,096 per 10 grams.

Read full report - HERE

Shares of MCX, Hindustan Zinc, Vedanta and gold financing companies such as Muthoot Finance, Manappuram and IIFL Finance fell by as much as 10 per cent on February 1, tracking a sharp decline in precious metal prices.

Silver prices on the MCX opened at Rs 2.74 lakh per kilogram, down 6 per cent from Friday’s close of Rs 2.92 lakh per kilogram. Gold also opened lower at Rs 1.45 lakh per 10 grams, slipping 3 per cent from the previous close of Rs 1.49 lakh per 10 grams.

Full report - HERE

Gold prices opened lower on February 1, with the MCX rate falling 6 per cent to Rs 1,43,205 per 10 grams from the previous close of Rs 1,52,345. The decline came as a stronger US dollar and geopolitical developments weighed on bullion prices ahead of the Budget 2026 session.

In the international market, spot gold on Comex was trading just above $4,879 per ounce, down about 8.25 per cent from its previous close.

Full report - HERE

Nikunj Saraf, CEO of Choice Wealth, said that the sharp fall in gold and silver ETFs is not mysterious—it is classic profit-taking after Thursday’s record highs on MCX. “A hawkish Fed chair pick under President Trump sparked global fears of tighter policy, strengthening the USD and crushing overbought metals,” he said.

For investors, this dip tests conviction, according to the analyst. He advised investors to diversify, avoid panic selling, and eye rebounds from central bank demand. “Long-term bulls hold firm,” Saraf added.

Silver prices on the Multi Commodity Exchange (MCX) opened at Rs 2.74 lakh per kilogram today. The opening rate comes amid ongoing movements in precious metal prices, with investors tracking updates in gold and silver across domestic and global markets.

Gold on the MCX opens at Rs 1.40 lakh per 10 grams, while silver begins the session at Rs 2.74 lakh per kilogram.

Gold futures for April delivery on the MCX slipped nearly 9 per cent on Friday to touch a low of Rs 1,67,406 per 10 grams, a day after scaling a fresh lifetime high of Rs 1,93,096 per 10 grams. This translates into a one-day decline of about 13 per cent, or Rs 25,690 per 10 grams.

The Multi-Commodity Exchange (MCX) has revised margins for gold and silver following a margin increase by CME on Comex gold and silver futures. According to a circular issued by the exchange, the bullion gold margin has been set at 20%, while the silver margin has been revised to 25%.

The new margin structure comes into effect from today, Sunday, February 1, 2026. Market participants are advised to visit the official MCX website for complete details on the margin revisions.

The US dollar surged on Friday following the announcement of Kevin Warsh as the new Federal Reserve chair and the release of recent inflation data. The dollar index, which tracks the greenback against a basket of major currencies, climbed 0.57% to 96.73. In contrast, the euro fell 0.54%, trading at $1.1904.

The move reflects heightened market expectations of a more hawkish monetary policy under Warsh, which has strengthened the dollar and influenced global currency and commodity markets, including gold and silver.

The sharp decline in gold and silver exchange-traded funds (ETFs) is the result of profit-taking following record highs seen on the MCX last Thursday, according to Nikunj Saraf, CEO of Choice Wealth.

Saraf said the correction was triggered by global concerns over tighter monetary policy after US President Donald Trump’s pick for a hawkish Federal Reserve chair, which strengthened the US dollar and weighed heavily on overbought precious metals. “A hawkish Fed chair pick under President Trump sparked global fears of tighter policy, strengthening the USD and crushing overbought metals,” he said. The analyst noted that the recent dip is a test of investor conviction and advised against knee-jerk reactions.

For investors, this dip tests conviction, according to Saraf, who urged market participants to focus on diversification and avoid panic selling while watching for potential rebounds supported by central bank demand. “Long-term bulls hold firm,” Saraf added.

Gold and silver prices, which peaked during overnight trade, fell sharply after six of the “Magnificent 7” equities were hit hard in the North American session. On Wednesday, the US Federal Reserve maintained the status quo, keeping interest rates unchanged while noting improvement in the labour market. On inflation, the Fed said it remains elevated and reiterated a data-dependent, meeting-by-meeting approach.

Markets also reacted to speculation around the Trump administration’s stance, with expectations building that President Donald Trump may nominate Kevin Warsh as the next Federal Reserve chair on Friday. The sharp moves seen in precious metals reflected concerns that Warsh may be less inclined to cut rates than other candidates, given his past warnings on inflation risks and his more recent calls for the Fed to shrink its balance sheet.

Looking ahead, investors are expected to track upcoming US labour market data next week for signs of weakening, while domestic markets remain focused on the Union Budget announcement due on Sunday. Any indication of changes in the import duty structure could have a direct impact on MCX prices. Overall, volatility with a corrective bias is likely to persist for a few more sessions before prices stabilise at lower levels.

The sharp correction seen in gold and silver prices is a result of profit-booking following a prolonged record rally and does not indicate any deterioration in underlying fundamentals, according to Pranav Koomar, Founder and CEO of PlusCash.

“Today’s sharp fall in gold and silver prices can be explained as a classic bout of profit-booking after an extended record rally and not as a breakdown in fundamental sentiments. In this regard, while high positioning, strong dollar movements, and an uptick in bond yields have contributed to a correction in gold prices, from a medium- to a long-term perspective, the prices have continued to find support due to global uncertainty, buying from Central Banks, and tight supply dynamics. Any fall seems to be a buying opportunity and not a sign of any change in the trend.”

Gold and Silver have witnessed one of their largest intraday decline since the 1980s, as gold was down over 12% below the $5,000 per ounce mark. While, silver was down by 34% in the intraday session.

“January 2026 is done, (and) it will go down as the most volatile month in precious metals history,” Reuters quoted Nicky Shiels, head ⁠of metals strategy at ⁠MKS PAMP SA, as saying in ​a note.

Stocks linked to precious metals came under heavy pressure on Friday following the sharp fall in gold and silver prices. Muthoot Finance shares plunged 7 percent to close at Rs 3,818 apiece, while other gold financiers such as Manappuram Finance and IIFL Finance declined by around 4 percent each.

Shares of the Multi Commodity Exchange of India (MCX) fell more than 6 percent to end the session at Rs 2,515 apiece. Hindustan Zinc, India’s largest silver producer with refined silver purity of at least 99.9 percent, saw its shares crash around 12.5 percent to Rs 626 apiece. Vedanta shares also dropped more than 11 percent.

Gold and silver prices pulled back from their record highs on Friday, pressured by sharp profit-booking and a rebound in the dollar index.

Gold and silver exchange-traded funds listed on Indian stock exchanges declined by as much as 24%. All silver ETFs, including Tata Silver Exchange Traded Fund, Aditya Birla Sun Life Silver ETF, Edelweiss Silver ETF, Mirae Asset Silver ETF, Mirae Asset Silver ETF, Nippon India Silver ETF, HDFC Silver ETF, and ICICI Prudential Silver ETF, fell between 7% and 24% during Friday’s session.

The Multi Commodity Exchange (MCX), where precious metals such as gold and silver are traded, is open today, Sunday, February 1, 2026. Commodity markets, including MCX and NCDEX, are typically closed on weekends, but trading is taking place today due to the presentation of the Budget.

Viewers are advised to visit the official MCX website for spot prices and futures contracts of gold and silver.

Gold and silver prices are in the spotlight as the commodity market opens for a special Sunday trading session on the MCX, prompted by the presentation of the Union Budget 2026.

Following the sharp fluctuations seen last week, market participants are approaching the session cautiously, closely watching whether prices stabilize or resume volatility.

Gold prices fell more than 12%, slipping below $5,000 an ounce in their sharpest single-day drop since the early 1980s. Silver prices plunged by more than 36%, marking a record intraday fall, as heavy selling spread across the wider metals market.