Gold and silver prices remained weak on 2 February 2026, extending losses after a sharp correction from recent record levels amid volatile market conditions.
On the Multi Commodity Exchange (MCX), gold traded lower at ₹1,60,570 per 10 grams, slipping further as investors continued to book profits. Silver prices also declined to ₹3,49,900 per kilogram, reflecting sustained selling pressure following last week’s steep rally.
The decline comes after both metals touched historic highs, driven by strong global cues and safe-haven demand. However, the rapid rise was followed by an equally sharp pullback as traders chose to lock in gains, triggering heavy volatility across commodity markets.
The sell-off spilled over into the equity segment as well. Gold and silver exchange-traded funds (ETFs) extended their losses, with silver ETFs bearing the brunt of the fall. Some silver-linked funds dropped close to 20 per cent, while gold ETFs fell by up to 10–11 per cent, mirroring the sharp correction in underlying prices.
Market analysts attributed the weakness to profit-taking, global uncertainty and movements in the US dollar, which tends to influence prices of dollar-denominated commodities. They noted that prices had risen sharply in a short period, making a correction unavoidable.