MCX Gold and Silver Plunge 9% After Budget 2026; Check City-Wise Prices

Gold, Silver Prices Plunge Nearly 9% on Budget 2026 Day; Check Rates Across India

Gold and silver prices in India tumbled sharply in early trading on the MCX on February 1, coinciding with Budget 2026 announcements and heavy global sell-offs in bullion.

In Mumbai, 24-carat gold fell to ₹1,38,600 per 10 grams, while 22-carat gold traded at ₹1,27,050 per 10 grams. Silver declined to around ₹2,65,600 per kg in the spot market. These rates exclude GST and making charges.

Silver Records Historic Single-Day Drop

After hitting a record ₹4 lakh per kg last week, silver prices plunged nearly 27%, marking the largest single-day fall since the 1980s. On Thursday evening, silver had fallen to ₹3,30,000 before briefly recovering.

Factors Driving Price Movements

Gold prices in India are influenced by global bullion rates, import duties, taxes, and currency fluctuations. Cultural and financial demand, especially during weddings and festivals, also drives market activity. With markets highly volatile, investors and traders are closely watching prices to make timely buying or selling decisions.