Gold Hits Rs 1.43 Lakh, Silver Drops to Rs 2.33 Lakh Per Kg amid Global Sell-off

Gold and Silver prices extended their sharp decline across major Indian cities on Tuesday, February 3, as investors booked profits amid a global sell-off triggered by geopolitical developments and the India–US trade deal. In the national capital, silver prices slumped to ₹2.33 lakh per kilogram, while gold fell to ₹1.43 lakh per 10 grams, according to data from the India Bullion website.

On the Multi Commodity Exchange (MCX), silver March futures declined 1.6 per cent to ₹2.32 lakh per kilogram, while gold April futures slipped 0.7 per cent to ₹1.43 lakh per 10 grams. The weakness follows a steep correction over the past two sessions, reversing a record-breaking rally seen earlier in the year.

In global markets, precious metals showed signs of mild recovery in early Tuesday trade after suffering heavy losses. Spot gold rebounded up 2.9 per cent to approach $4,800 an ounce, recovering part of the nearly 13 per cent erosion seen over the last two days. Silver also gained as much as 5.1 per cent to trade above $83 an ounce after Monday’s sharp 7 per cent fall.

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Market participants attributed Friday’s sharp downturn to renewed strength in the US dollar following reports that President Donald Trump plans to nominate Kevin Warsh as the next chair of the US Federal Reserve. The development dented sentiment among traders who had been betting on a softer dollar environment, triggering aggressive profit booking across commodities.

City-wise, gold prices varied across India. In Mumbai, 24-carat gold was trading at around ₹142,890 per 10 grams, while Delhi reported ₹142,640. Southern cities continued to quote higher rates, with Chennai at ₹143,300, Hyderabad at ₹143,110, and Bengaluru at ₹143,000. Kolkata saw gold priced at approximately ₹142,700 per 10 grams.

Silver prices also remained elevated despite the correction. Mumbai recorded silver at ₹232,840 per kilogram, closely followed by Delhi at ₹232,440. Chennai, Hyderabad, and Bengaluru quoted silver between ₹233,020 and ₹233,260 per kilogram, while Kolkata stood at around ₹232,530. Analysts said volatility is likely to persist in the near term as global macroeconomic cues and currency movements continue to influence bullion prices.

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