Big Crash In Gold Rates In India: 24K/100 Gms Falls Rs 90,500, MCX Gold Under Pressure; Check Gold Outlook

Following the release of the Budget 2026, gold prices in India saw a precipitous decline on February 2. After experiencing a steep drop over the previous three trading sessions, MCX Gold has entered a phase of technical weakness. Spot Gold is anticipated to continue to face pressure due to an array of political and macroeconomic factors. A stronger US dollar and rising Treasury yields are reducing the appeal of non-yielding assets, while easing geopolitical tensions and improving fiscal clarity in the US have softened safe-haven demand.

Gold Prices In India Today

The price of gold in India today is Rs 15,153 per gram for 24 karat gold, Rs 1 3,890 per gram for 22 karat gold and Rs 11,365 per gram for 18 karat gold. Gold rates in India for 24k of 10 grams reached Rs 1,51,530 which was Rs 1,60,580 yesterday, representing a drop of Rs 9,050 whereas 24k of 100 grams reached Rs 15,15,300 which was Rs 16,05,800 representing a sharp drop of Rs 90,500 overnight.

Gold rates in India for 22k of 10 grams reached Rs 1,38,900 which was Rs 1,47,200 yesterday, representing a price drop of Rs 8,300 whereas 22k of 100 grams of gold rates in India today has become cheaper by Rs 83,000, reaching Rs 13,89,000 on Monday which was Rs 14,72,000 yesterday.

The price of 18k of 100 gms of gold in India was Rs 11,36,500 on Monday, which was Rs 12,04,400 yesterday, indicating an overnight price drop of Rs 67,900. The price of 18k of 10 grams of gold in India was Rs 1,13,650, which was Rs 1,20,440 yesterday, reflecting a price loss of Rs 6,790.

MCX Gold Outlook

"On the technical front, it has seen a steep fall over the last three trading sessions. Prices have breached the 10- and 20-DEMA support levels on the daily chart. An evening star pattern has also formed on the daily timeframe, indicating a potential trend reversal. Immediate momentum remains on the downside, and the bullish trend has weakened. MCX Gold has witnessed selling pressure at higher levels. Immediate support is placed at 134,000, while resistance is seen at 151,100-154,200. Given the downside momentum, bulls are advised to remain cautious," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

"MCX Gold April is expected to slip towards ₹138,000-₹135,000 level as long as it stays below ₹155,000 level," stated the research analysts of ICICI Securities.

Spot Gold Prediction Today

"Spot Gold is likely to trade with negative bias on strong dollar and rise in US treasury yields. Further, demand for safe haven may decline amid ease in geopolitical tension in Middle East and US President Donald Trump and Democratic leaders reached a deal to avoid a partial government shutdown. Additionally, hopes for aggressive interest rate cut by US Federal Reserve started fading after US President Doanld Trump named former Fed Governor Kevin Warsh as his choice to succeed Jerome Powell as Fed Chair. Investors even expect him to rein in Fed's balance sheet. Moreover, CME group increased margins on both non-heightened risk profile and heightened risk profile," commented the research analysts of ICICI Securities.

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