According to the India Bullions website, silver prices fell even further to Rs 2.33 lakh per kg in the nation’s capital on Tuesday, while gold prices fell to Rs 1.43 lakh per 10 grams as investors booked profits amid a global selloff sparked by geopolitical events and India and the US agreed to a trade deal.
Gold and Silver Prices Slide After Global Selloff
Silver futures for March have dropped 1.6% to Rs 2.32 lakh per kilogram on MCX, while gold futures for April have down 0.7% to Rs 1.43 lakh per 10 grams.
Spot gold saw a small recovery in early Tuesday trade, partially offsetting the steep losses that followed the abrupt reversal of its record-breaking gain, which had lost 13% of its value in just two days. Silver rose as well.
International Market Movement in Precious Metals
🪙 Gold & Silver Market Snapshot
- Gold Price: Rs 1.43 lakh per 10 grams
- Silver Price: Rs 2.33 lakh per kg
- MCX Silver (March): Down 1.6%
- MCX Gold (April): Down 0.7%
- Key Trigger: Global selloff & India-US trade deal
After falling by almost 5% in the previous session and intensifying Friday’s plunge—the biggest single-day decline in more than a decade—spot gold climbed as high as 2.9%, surpassing $4,800 an ounce. After dropping 7% on Monday and seeing a historic intraday slump on January 30, silver rallied up to 5.1%, rising above $83.
Precious metals have risen to previously unheard-of heights in the last year, shocking even seasoned traders. In January, the rally picked up even more steam as investors sought solace in gold and silver amid fresh concerns about international tensions, depreciating currencies, and doubts about the independence of the Federal Reserve.
Federal Reserve Concerns and Dollar Strength
The announcement that U.S. President Donald Trump intends to appoint Kevin Warsh as the next Fed Chair caused Friday’s steep decline. The decision dampened the mood of traders who had been expecting Trump to put up with a weaker currency and strengthened the dollar.
The retail price of 24-carat gold in Mumbai, the nation’s financial center, is about Rs 142,890 per 10 grams. With a reported gold rate of Rs 142,700, Kolkata exhibits a similar pattern. Both cities are ahead of the national capital, Delhi, where the 24-carat rate currently stands at Rs 142,640.
Gold Prices Across Major Indian Cities
The highest numbers in the nation are still found in the southern markets. With a peak rate of Rs 143,300, Chennai tops the metro area, followed closely by Hyderabad and Bengaluru at Rs 143,110 and Rs 143,000, respectively, maintaining a clear pricing difference between the northern capital and the southern hubs.
🏙️ City-Wise Gold & Silver Prices
- Highest Gold: Chennai
- Lowest Gold: Delhi
- Highest Silver: Chennai
- Major Markets: Mumbai, Delhi, Bengaluru, Hyderabad
- Trend: Prices remain elevated despite correction
The current state of silver prices in key Indian centers is as follows: The center of this price increase is Mumbai. The cost per kg has increased to Rs 232,840. At Rs 232,440 per kg, silver prices in Delhi, the nation’s capital, are comparable to those in Mumbai.
Silver prices in Chennai and Hyderabad are roughly Rs 233,260 and Rs 233,210 per kg, respectively. Bengaluru comes in second, with prices at Rs 233,020 per kilogram. Silver is currently trading at about Rs 232,530 in Kolkata, where there is also a jump.
Gold Rates City-Wise
The pricing listed below are for ten grams of gold.
Mumbai: 142,890 rupees
Delhi: 142,640 rupees
Bengaluru: 143,000 rupees
Chennai: Rs 143,300
Hyderabad: 143,110 rupees
Kolkata: 142,700 rupees
Silver Rates City-Wise
The rates listed below are per kilogram.
Mumbai: 232,840 rupees
Delhi: 232,440 rupees
Bengaluru: 233,020 rupees
Chennai: 233,260 rupees
Hyderabad: 233,210 rupees
Kolkata: 232,530 rupees
Frequently asked questions
1. What caused the dramatic decline in the price of gold and silver on February 3?
A worldwide selloff brought on by geopolitical events, profit booking following a robust advance, and improved risk sentiment following the India-US trade agreement, which decreased demand for safe-haven assets, all contributed to the dip in gold and silver prices.
2. What was the performance of MCX futures today?
Due to ongoing pressure in domestic markets, gold April futures lost 0.7% to Rs 1.43 lakh per 10 grams and silver March futures slid 1.6% to Rs 2.32 lakh per kg on the MCX.
3. What led to fluctuations in the price of gold and silver around the world?
International prices were impacted by a sudden reversal in the record surge, a stronger US dollar, and concerns after US President Donald Trump announced plans to select Kevin Warsh as the next Federal Reserve Chair, which shifted expectations regarding monetary policy.
4. Which Indian cities have the highest gold prices today?
At Rs 143,300 per 10 kilos, Chennai had the highest gold price among major cities. Hyderabad and Bengaluru followed, keeping southern markets at a premium above northern ones like Delhi.
5. How are silver prices behaving across key cities?
Silver prices remain elevated despite recent falls, with Chennai and Hyderabad trading around Rs 233,000 per kilogram, while Mumbai and Delhi are close behind at roughly Rs 232,800 and Rs 232,400 per kg, respectively.
Conclusion
Gold and silver prices maintained their downward trend on February 3 as investors booked profits amid a shift toward riskier assets and lessening global concern following the India–US trade pact. While overseas markets showed signs of a minor revival after a severe selloff, domestic prices remained under pressure throughout major Indian cities.
Due to macroeconomic uncertainties and geopolitical threats, precious metals have produced remarkable increases over the past year despite the short-term slump. Going forward, major central banks’ policy initiatives, currency fluctuations, and global cues will all have a significant impact on price direction, keeping gold and silver in the forefront of the attention of both traders and investors.
