The bullion market witnessed a massive crash today on February 2, 2026, bringing some relief to buyers waiting for a correction. Silver prices dropped significantly, falling between 6 to 12 percent in a single session on the MCX. Gold rates also saw a decline after reaching record highs last month. This sudden drop happened due to global market changes and the recent Union Budget announcements.
Latest Gold and Silver Rates Today
Silver prices have corrected sharply from their peak levels. The metal is now trading between ₹2,41,744 and ₹2,65,000 per kg on the MCX. Just a few days ago, silver had touched a record high of over ₹4.20 lakh per kg. This means prices have dropped by over ₹1.5 lakh per kg within a short period.
Gold prices have also cooled down for the common man. The yellow metal is currently trading in the range of ₹1,36,185 to ₹1,43,321 per 10 grams for 24K purity. This is a drop of roughly 3 to 5 percent following the Union Budget presentation on Sunday. Spot rates in local markets like Delhi and Mumbai are adjusting to these new lower levels.
Why Did Gold and Silver Prices Fall Suddenly?
Market experts have pointed out several reasons for this sudden “bloodbath” in precious metal prices. The nomination of Kevin Warsh as the next US Federal Reserve Chair has strengthened the dollar, which usually brings down gold rates.
- Union Budget 2026: Market volatility increased after the budget session was held on February 1.
- Margin Hikes: The CME Group raised margin requirements to 15% for silver and 8% for gold, forcing many traders to sell their holdings.
- Global Peace Talks: Reports of potential negotiations between the US, Russia, and Ukraine have reduced the demand for safe assets like gold.
