Gold prices opened the new week on a weaker note, extending their recent decline amid unfavourable global cues and profit booking by investors. On Monday morning, February 2, gold prices slipped across major domestic markets, while silver also continued its downward trend. Rising global uncertainty, a stronger US dollar, and cautious investor sentiment weighed heavily on precious metals.

Both domestic and international factors continue to influence gold prices in India, making daily rate checks crucial for buyers and investors.

Gold Prices Fall in Major Indian Cities

According to the latest market data, 24-carat gold prices in the national capital dropped to ₹160,720 per 10 grams, while 22-carat gold was priced at ₹147,340 per 10 grams. In Mumbai, the rate for 24-carat gold stood at ₹160,570 per 10 grams, and 22-carat gold was trading at ₹147,190 per 10 grams.

Despite today’s dip, gold prices have shown limited movement over the past week. On a weekly basis, 24-carat gold has risen by around ₹320, while 22-carat gold gained approximately ₹300. However, short-term volatility remains high due to shifting global conditions.

City-Wise Gold Rates (February 2, 2026)



City 22 Carat Gold (₹/10g) 24 Carat Gold (₹/10g)

Delhi	147,340	160,720
Mumbai	147,190	160,570
Ahmedabad	147,240	160,620
Chennai	147,190	160,570
Kolkata	147,190	160,570
Hyderabad	147,190	160,570
Jaipur	147,340	160,720
Bhopal	147,240	160,620
Lucknow	147,340	160,720
Chandigarh	147,340	160,720

Prices may vary slightly depending on local taxes, jeweller margins, and making charges.

Why Are Gold Prices Falling?

The decline in gold prices is largely driven by weak global trends. In the international market, spot gold was trading at $5,087.73 per ounce, reflecting pressure from a stronger US dollar and expectations of tight monetary policies in major economies.

When the dollar strengthens, gold becomes more expensive for investors holding other currencies, reducing demand. Additionally, after recent gains, many investors have opted for heavy profit booking, further pulling prices down.

Market experts say that gold is currently reacting to mixed signals—while global uncertainties support its long-term appeal as a safe-haven asset, short-term movements remain volatile.

Silver Prices Continue to Slide

Silver prices also witnessed a notable decline. On Monday morning, silver slipped to ₹3,49,900 per kilogram in the domestic market. Although prices are lower today, silver has still gained nearly ₹15,000 over the past week.

It is worth noting that on January 30, silver prices had crossed the ₹4 lakh per kilogram mark, highlighting the sharp volatility in the metal. In global markets, spot silver was trading around $95.26 per ounce, reflecting similar pressure as gold.

What Should Investors Do Now?

With both gold and silver experiencing short-term corrections, investors are closely watching global cues, currency movements, and upcoming economic data. Analysts believe that while prices may remain volatile in the near term, long-term investors could consider staggered buying if prices soften further.

Jewellery buyers, on the other hand, may find the current dip an opportunity to make purchases, especially ahead of the upcoming wedding season.

Final Outlook

At the start of the week, precious metals are under pressure due to global market weakness and investor caution. Gold and silver prices are expected to remain sensitive to international developments, dollar movements, and investment flows.

Those planning to invest or buy jewellery should continue to track daily rates and adopt a well-informed approach before making decisions.