Editor’s Note
This article reports on a sharp decline in domestic gold and silver prices coinciding with the 2026 Budget. The drop is attributed to market reactions following the nomination of a perceived hawkish candidate for US Federal Reserve Chair and related fiscal announcements.
On the day of the Budget 2026, a sharp decline has been recorded in the prices of gold and silver in the domestic commodity market. In today’s early trading, both metals hit the lower circuit. This decline came after US President Donald Trump nominated former Fed Governor Kevin Warsh as the new Chairman of the US Federal Reserve. Kevin Warsh is considered hawkish on Fed rates. Along with this, the increase in trading margins and the government’s exemption in import duty in Budget 2026 have also had an impact. Let’s find out what the price of 22 carat and 24 carat gold is in major cities across the country, including Delhi, Mumbai, Jaipur, and Bengaluru, on Sunday, 1 February.
On the country’s largest commodity exchange, the Multi Commodity Exchange (MCX), the price of gold for February contract delivery fell by 13711 rupees to reach 138,634 rupees per 10 grams. Meanwhile, silver for March contract delivery fell sharply by 26,273 rupees or 9% to 265,652 rupees per kilogram.
According to Good Returns, in Chennai, 24 carat gold is being sold at ₹1,62,550 and 22 carat gold at ₹1,49,000 per 10 grams. Meanwhile, in Mumbai, Kolkata, Bengaluru, Hyderabad, Kerala, and Pune, the price of 24 carat gold is ₹1,60,580, while the price of 22 carat gold is ₹1,47,200 per 10 grams. Additionally, in the national capital Delhi, today 24 carat gold is being sold at ₹1,60,730 and 22 carat gold at ₹1,47,350 per 10 grams. In Vadodara and Ahmedabad, the price of 24 carat gold is reported at ₹1,60,630 and 22 carat gold at ₹1,47,250 per 10 grams.
| City | 24 Carat Gold (₹ per 10 grams) | 22 Carat Gold (₹ per 10 grams) |
|---|---|---|
| Chennai | 1,62,550 | 1,49,000 |
| Mumbai | 1,60,580 | 1,47,200 |
| Kolkata | 1,60,580 | 1,47,200 |
| Bengaluru | 1,60,580 | 1,47,200 |
| Hyderabad | 1,60,580 | 1,47,200 |
| Kerala | 1,60,580 | 1,47,200 |
| Pune | 1,60,580 | 1,47,200 |
| Delhi | 1,60,730 | 1,47,350 |
| Vadodara | 1,60,630 | 1,47,250 |
| Ahmedabad | 1,60,630 | 1,47,250 |