After several days of gains, gold and silver prices fell today as investors reacted to US President Donald Trump’s announcement that he will not impose a new 10% tariff on the European Union. The development eased market tensions, triggering profit-taking in precious metals.
On MCX, gold for 5 February delivery opened at ₹1,51,557 per 10 grams, down over ₹3,000 from the previous close of ₹1,52,862. During early trading, it hit a low of ₹1,49,400 and a high of ₹1,53,784, trading at ₹1,49,584 by 10:00 AM—a decline of ₹3,278.
Silver also saw a sharp drop, with 5 March delivery silver opening at ₹3,19,843 per kg, down approximately ₹13,000 from the previous close of ₹3,18,492. In early trade, silver touched a low of ₹3,05,753 and a high of ₹3,25,602, and was trading at ₹3,11,533 at 10:11 AM, down ₹6,959.
Why Prices Fell
Gold had reached an all-time high earlier this week, prompting profit-taking. Trump’s announcement that the EU tariffs would not be implemented, which were initially planned in response to disputes over Greenland, reduced safe-haven demand for gold and silver.
Global markets also contributed to the decline. Easing tensions over Greenland strengthened the US dollar, putting pressure on precious metals. Gold prices fell by up to 1%, after reaching a record $4,888 per ounce over three consecutive days. Spot silver had also reached a record of $95.87 per ounce on Tuesday.
Outlook
Gold is considered a safe-haven investment during economic and geopolitical uncertainty. After surging 64% in 2025, gold has already risen 11% in 2026. Analysts predict continued volatility this week due to movements in the dollar index, US unemployment data, and ongoing geopolitical tensions.
City-wise Gold Prices (8 grams)
- Delhi: Standard 22K ₹1,14,968 | Pure 24K ₹1,25,408
- Mumbai: Standard 22K ₹1,14,848 | Pure 24K ₹1,25,288
- Chennai: Standard 22K ₹1,14,328 | Pure 24K ₹1,25,816
- Hyderabad: Standard 22K ₹1,14,848 | Pure 24K ₹1,25,288
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