Gold Price Freefall Continues Post Budget 2026; 24K Gold Crashed Rs. 90,500 Overnight Check Gold Rate On Feb 2

After the announcement of Budget 2026, gold rate in India reacted sharply, with 24k gold falling by Rs. 90,500 per 100g. This is the third consecutive day of decline, as gold prices have now fallen more than Rs. 2,73,000 per 100g in just three days. Silver prices in India also met a similar fate, with prices dropping around Rs. 1.1 lakh from their record high.

The continuous crash in the gold and silver market has come as a big relief for buyers who were waiting to make purchases, but it has had a huge impact on early investors, many of whom have already lost a significant chunk of their investment during this sharp correction.

Similar sentiment was seen in the international commodities market, where spot gold slipped to a two-week low, falling below the crucial $5,000 per ounce level, as investors assessed US President Donald Trump's choice of Kevin Warsh as the Federal Reserve chair and his approach to interest rate cuts. Spot silver, on the other hand, also fell sharply and is now around $41 below its record high of $121 per ounce.

Gold Price In India Today

On 2nd February, 24-carat gold rates in India fell by Rs. 9050 per 10 grams to cost Rs. 1,51,530 while the 24-carat gold rates declined by Rs.8,300 to retail at Rs.1,38,900 per 10 grams.

For heavy weight quantities, 100 grams of 24-carat gold rates are now priced at Rs. 15,15,300 after witnessing the decline of Rs. 90,500 , while the 22-carat gold fell by Rs.83,000 to cost Rs. 13,89,000. Just like that, 18-carat gold rates in India also experienced this fall, which made the yellow metal dip to Rs. 67,900 per 100 grams to retail at Rs. 11,36,500.

Silver rates in India today

Silver prices in India on 2nd February slipped for the third consecutive session. Silver rates in India per kilogram are down By Rs. 50000, it costs Rs. 300000 per kg. The price of 100 grams of silver was Rs. 35,000, a decline of Rs. 5000.

MCX Gold and Silver Futures Update

On the Multi Commodity Exchange (MCX), gold futures, slated to mature on April 4th, also experienced a decline, trading at Rs.1,44,548, after dropping 2.17%. Similarly, silver futures, with an expiry date of March 5, showed a dip during the trading session. Prices declined by 5.95% to Rs.2,49,845 per kg at the time of writing.

International Gold and Silver Prices Update

Gold prices took another hit on Monday following last week's record highs. According to Reuters, "Spot gold was down 3.3% at $4,703.27 per ounce, as of 0259 GMT.U.S. gold futures ​for April delivery were down 0.3% at $4,729.20 per ounce. Spot silver ​fell 5% to $80.28 an ounce."

Gold Price Outlook Ahead

According to a research report by India Bullion and Jewelers Association Ltd., "Gold suffered its biggest slide in four decades and silver posted a record intraday decline in a stark reversal of the rally on Friday that lifted prices to all-time highs. Gold fell more than 12% to slump below $5,000 an ounce in its biggest intraday decline since the early 1980s. Silver plunged as much as 36%, a record intraday decline, as the selloff swept through the broader metals markets. We expect precious metals prices on Indian bourses to trade rangebound to slightly lower for the day; as gold prices fell, following its biggest plunge in more than a decade, and silver whipsawed in choppy trading after a dramatic pullback from record highs."

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