Gold and silver prices witnessed a sharp correction on February 2, 2026, a day after the Union Budget, as profit booking and lack of fresh policy triggers weighed on bullion markets. Gold prices fell nearly 3 per cent, while silver plunged around 9 per cent in domestic trade.
The decline came after the government kept customs duty on gold and silver imports unchanged in the Budget, dampening bullish expectations. On MCX, April gold futures dropped 6 per cent, or ₹9,140, to open at ₹1,43,205 per 10 grams. In the physical market, 99.9 per cent purity gold slipped ₹3,500 to ₹1,65,500 per 10 grams, inclusive of taxes, after correcting sharply from record highs.
Silver saw steeper losses, plunging ₹72,500 to ₹3,12,000 per kg, according to the All India Sarafa Association, marking its second straight session of heavy selling.
Despite the correction, both metals posted strong January gains. Analysts said the fall reflects short-term adjustment, with long-term fundamentals for gold and silver remaining supportive amid global uncertainties.
