Gold & Silver Prices Today, 2 February 2026: Silver Plunges ₹40,000, Gold Also Declines; MCX Rates Update

Gold and silver prices continued their downward trend for the third consecutive day, with silver dropping nearly ₹40,000 and gold falling over ₹10,000 on the Multi Commodity Exchange (MCX).

Silver Prices:
Silver for 5 March delivery had closed at ₹2,65,652 per kg in the previous session. Today, it opened at ₹2,67,501 per kg but quickly fell during trading to ₹2,25,805 per kg—a decline of ₹39,847. By 2:00 PM, silver was trading at ₹2,35,000 per kg, down ₹30,652 (11.54%). Over the past three days, silver prices have dropped by more than ₹1.75 lakh.

Gold Prices:
Gold for 2 April delivery fell by ₹10,688 during trading. It had closed at ₹1,47,753 per 10 grams in the previous session and opened today at ₹1,46,000 per 10 grams. Prices dropped to ₹1,37,065 during the session, and by 2:00 PM, gold was trading at ₹1,43,298 per 10 grams—a decline of ₹4,455 (3.02%). In the last session, gold had already fallen ₹4,592 (3%) to ₹1,47,753 per 10 grams.

Reasons for the Decline:
Global gold and silver markets have also weakened. Spot gold fell 3.3% to $4,703.27 per ounce, hitting a two-week low, after a previous 5% decline. U.S. gold futures for April delivery were trading at $4,729.20 per ounce, down 0.3%. Spot silver dropped 5% to $80.28 per ounce, after reaching a record $121.64 per ounce on Thursday. The fall is attributed to profit booking and the strengthening U.S. dollar.

Investor Guidance:
Experts caution that gold and silver prices may continue to show high volatility. Silver may find support around $65 per ounce, while gold could test $4,440 per ounce this week. Market fluctuations in the dollar index and geopolitical tensions worldwide may continue to affect prices in the near term.

On the MCX, gold may find support at ₹1,37,700–1,44,400 per 10 grams and face resistance at ₹1,48,800–1,54,000. Silver’s support range is ₹2,44,000–2,55,500, with resistance at ₹2,78,000–2,92,000 per kg. Investors are advised to wait for market stability before taking fresh positions in bullion.