Gold rate saw a drop of 3 per cent, and silver prices of 6 per cent after Union Finance Minister Nirmala Sitharaman presented the Union Budget Sunday. Gold prices continued to slump again, trading at Rs 143,321 per 10 grams, down 3 per cent.

The price of silver in India today, on Monday, February 2, is ₹300 per gram and ₹3,00,000 per kilogram, reflecting a notable decline from the recent level. It has experienced a notable decline over the last two sessions, dropping by nearly Rs 60,000 per kg from its record highs, marking one of the steepest short-term corrections in recent times.

Gold prices continued to decline on Sunday, with 24-carat gold on the MCX falling to Rs 1,36,185 per 10 grams, as Finance Minister Nirmala Sitharaman presented the Union Budget 2026-27 in Parliament. The precious metal had opened the session at Rs 1,46,800 per 10 grams, reflecting sustained selling pressure and sharp intra-day swings. Gold had witnessed sharp volatility, falling around 5.4 per cent on Saturday to Rs 1,69,470 per 10 grams for 24 carat. In international markets, gold prices declined by over 9 per cent to USD 4,887 per ounce. Gold gained Rs 27,800, or 20.2 per cent, in January, from Rs 1,37,700 per 10 grams at the end of last year.

Gold and silver extended falls on Monday after CME Group raised margin requirements following a sharp selloff in precious metals last week on U.S. President Donald Trump’s nomination of Kevin Warsh to be the next Federal Reserve chair. Spot gold logged its sharpest one-day drop since 1983 on Friday with a fall of more than 9%, and had lost a ‍further 3.6% ⁠to $4,686.51 per ounce by 0504 GMT. U.S. gold futures for April delivery were down 0.8% at $4,707.60 per ounce. Spot silver plunged 27% in the previous session in its worst daily fall on record and has lost an additional 6.7% to $78.96 an ounce on Monday. “The Warsh nomination, whilst likely being the initial trigger, did not justify the ​size of the downward move in precious metals, with forced ‌liquidations and margin increases having a cascading effect,” said KCM Chief Trade analyst Tim Waterer.