Gold Rebounds In Major Indian Cities As Silver Shows Volatility
On February 4, 2026, precious metal prices in India displayed mixed movements, with gold advancing in key cities while silver experienced declines in physical markets despite sharp gains on futures.
Physical spot prices stood at ₹1,53,440 per 10 grams for 24-carat gold and ₹1,40,670 per 10 grams for 22-carat gold. Silver was quoted at ₹3,16,900 per kilogram, equivalent to roughly ₹3,160 per 10 grams.
City-specific rates for 24-carat gold per 10 grams included:
- Delhi: ₹1,53,440
- Mumbai: ₹1,54,080 (noting a rise)
- Bengaluru: ₹1,53,270
- Pune: ₹1,53,320
- Kolkata: ₹1,53,280
- Chennai: ₹1,52,280
Silver showed variations, with physical prices falling in several locations amid local demand dynamics.
On the Multi Commodity Exchange (MCX), gold futures climbed ₹5,883, or 3.82%, to ₹1,59,692 per 10 grams. Silver futures surged more aggressively, gaining ₹14,448 or 5.39% to ₹2,82,463 per kilogram, with intraday peaks reaching ₹2,84,094 per kilogram.
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Internationally, spot gold rebounded above $5,000 per ounce, trading around $5,071.79 (up about 2.7%), while U.S. gold futures for April delivery hit $5,092 per ounce. The recovery followed a sharp correction from a recent record high of $5,594.82, driven by dip-buying and renewed safe-haven interest amid escalating U.S.-Iran geopolitical tensions, including reports of U.S. forces downing an Iranian drone.
Gold continues to serve as a preferred safe-haven asset and inflation hedge, bolstered by its role in portfolio diversification. Silver maintains strong appeal in India’s jewellery sector, where supply constraints persist due to high demand, potentially supporting upward pressure over time and offering a more accessible option compared to gold.