Indian gold and silver spot and futures continued to tumble on Sunday, when trading was open for the Budget presentation by Finance Minister Nirmala Sitharaman. The white precious metal, in particular, plunged in the spot market by over 25 per cent compared with the Friday’s close.

In the Mumbai spot market, gold closed at ₹1,48,697 per 10 gm compared with the previous close of ₹1,68,475, a fall of almost 12 per cent. Silver was quoted at ₹2,65,751 a kg against the previous close of ₹3,57,163.

At end of trading on MCX, gold April futures ended over ₹3,100 lower to ₹1,48,104 per 10 gm. Silver March futures recovered a tad but was till lower by over ₹26,000 to ₹2,65,652 a kg.

The price fall in the futures market is in line with the crash that was witnessed on Friday in the global market. Gold, which soared to $5,608 an ounce earlier in the week, plunged to $4,887 at the end of trade on Friday. On COMEX, gold April futures ended at $4,763.

Silver, which peaked at $122 an ounce earlier in the week, plunged to $84.63 an ounce. Silver March futures closed even lower at $78.32 an ounce.

Published on February 1, 2026

gold and silver Prices traded in a volatile range on Monday as markets digested last week’s sharp correction, with both metals holding above key support levels despite continued pressure from a stronger US dollar and higher Treasury yields.

COMEX gold traded near $4,580-$4,700, down from highs above $4,900, while MCX gold futures hovered in the ₹1,38,000-₹1,48,000 range after marking all-time highs near ₹1,80,779 last week. COMEX silver traded around $75-$85, significantly below record highs above $121.6, while MCX silver consolidated near ₹2,50,000-₹2,60,000 after touching ₹4,20,048.

“Gold and silver prices fell sharply from their record highs after the US President selected Kevin Warsh as the next Fed Chairman. Investors reacted negatively because Warsh is considered more aggressive on interest-rate policy than earlier leaders,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

“The decline was further supported by a stronger US dollar, higher Treasury yields, and upbeat US inflation data (PPI and core PPI). In India, no change in import duty in the Union Budget removed the domestic premium in bullion,” Kalantri added.

Market observers noted the correction appeared technical rather than structural. “COMEX Gold is trading near the $4,580-$4,700 key reference zone, cooling off after the sharp spike above $4,900. While the broader market trend remains constructive, the recent vertical rally pushed momentum indicators into overbought territory, leading to heat-driven profit booking,” said Ponmudi R, CEO of Enrich Money.

“Despite this, prices continue to hold above major moving averages, indicating that the ongoing correction is technical and orderly rather than trend-reversing. Strong buying interest is emerging in the $4,500-$4,400 support band,” Ponmudi added.

For MCX gold, analysts maintained a cautiously optimistic outlook. “MCX Gold futures are trading near major structural points within the ₹1,38,000-₹1,48,000 range. The broader structure remains bullish, though the market is witnessing sharp intraday swings, reflecting short-term overheating and tactical profit booking after the recent vertical rise,” Ponmudi said.

“The rising channel remains intact, and pullbacks continue to attract buyers, suggesting selling pressure is being absorbed efficiently. The ₹1,43,000-₹1,45,000 zone continues to act as a strong dynamic support,” he added.

Silver markets showed similar patterns of consolidation. “COMEX Silver is trading around key consolidation points in the $75-$85 zone, after testing record highs above $121.6. The metal remains within a broader rising structure, but the recent move left prices overbought, resulting in sharp rise-sharp fall price action driven by aggressive profit booking,” Ponmudi noted.

“Importantly, prices are holding above key moving averages, suggesting the current pause is a healthy consolidation rather than trend exhaustion. Support is placed in the $73-$75 zone,” he said.

Kalantri provided specific technical levels for the week ahead. “Bullion markets remain highly volatile, but silver could find support near $68, while gold may hold around $4,510 this week. Gold has support at $4,655-$4,575, while resistance is at $4,840-$4,950. Silver has support at $74.8-$69.75 while resistance is at $88.15-$93.80,” he said.

For domestic markets, Kalantri added: “In INR gold has support at ₹1,39,650-₹1,36,310 while resistance at ₹1,48,850-₹1,50,950. Silver has support at ₹2,48,810, ₹2,37,170, while resistance is at ₹2,78,810, ₹2,95,470.”

The USD/INR pair traded near 91.64-92.00, providing continued support to domestic bullion prices. “USD/INR is trading near the key 91.64-92.00 reference band, holding firmly within its long-term ascending channel. The firm USD/INR trend continues to amplify MCX bullion prices, even during phases of global profit booking,” Ponmudi said.

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Published on February 2, 2026

Gift Nifty futures were trading at 24,869.5 points as of 8:00 am IST, indicating the benchmark Nifty 50 index will open near Sunday’s close of 24,825.45.

The equity benchmarks are likely to open little changed on Monday, following a broad-based sell-off during a special trading session on Sunday, as the Union Budget failed to deliver on key measures to draw foreign investors.

Gift Nifty futures were trading at 24,869.5 points as of 8:00 am IST, indicating the benchmark Nifty 50 index will open near Sunday’s close of 24,825.45.

The benchmark indexes slid about 2% the previous day, logging their biggest percentage drop on ⁠a Budget day trading session in six years, as investors digested the government’s Budget for fiscal year 2026-27.

Analysts at Jefferies said the lack of capital gains-related relaxations for foreign portfolio investors in the Budget was a negative considering the outflows and weak rupee.

Overseas investors have sold a record amount of Indian equities, totaling $22.9 billion since 2025, and the rupee has weakened sharply to all-time lows.

“An increase in the Securities Transaction Tax on futures and options would also dampen some equity market sentiments,” Jefferies added.

“While DII (domestic institutional investors) buying could offer some support, near-term sentiment remains cautious to mildly bearish as market participants reassess positioning in anticipation of higher F&O costs,” said Ponmudi R, chief executive officer of Enrich Money.

Market sentiment was also weighed down by a higher gross borrowing target, which analysts said could raise bond yields and negatively impact rate-sensitive sectors.

Among stocks, ⁠Hero MotoCorp will be in focus on Monday after it reported a 26% year-on-year rise in two-wheeler sales in January, led by growth in both domestic ⁠and export volumes.

Published on February 2, 2026

Gold fell, following its biggest plunge in more than a decade, and silver whipped sawed in choppy trading after a dramatic pullback from record highs.

Spot gold fell as much as 6.3% on Monday. Silver swung sharply, dropping to around $75 an ounce having previously climbed as much as 3.2%. The white metal recorded its biggest ever intraday loss in the previous session.

“This isn’t over,” said Robert Gottlieb, a former precious metals trader at JPMorgan Chase & Co. and now an independent market commentator, adding that a reluctance to take further risk would constrain market liquidity. “We’ve got to see if it’s going to find support. The bottom line is that the trade was way too crowded.”

Over the last year, precious metals have risen to all-time highs that have shocked even seasoned traders. The rally accelerated sharply in January, as investors piled into gold and silver on renewed concerns about geopolitical upheaval, currency debasement and the independence of the Federal Reserve. A wave of buying from Chinese speculators added froth to the rally.

The trigger for Friday’s dramatic selloff was the news that US President Donald Trump would nominate Kevin Warsh to lead the Fed, which sent the dollar higher and undercut sentiment among investors who had bet on Trump’s willingness to let the currency weaken. Traders regard Warsh as the toughest inflation fighter among the final candidates, raising expectations of monetary policy that would underpin the dollar and weaken greenback-priced bullion.

But precious metals had already been primed for extreme moves, as soaring prices and volatility strained traders’ risk models and balance sheets. A record wave of purchases of call options — contracts which give holders the right to buy at a pre-determined price — were “mechanically reinforcing upward price momentum,” Goldman Sachs Group Inc. said in a note, as the sellers of the options hedged their exposure to rising prices by buying more.

Gold fell 4.4% to $4,680.76 an ounce as of 9:21 am Singapore time. Silver declined 2.2% to $83.2965. Platinum and palladium declined. The Bloomberg Dollar Spot Index, a gauge of the US currency, rose 0.1% after gaining 0.9% in the previous session.

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Published on February 2, 2026