Gold And Silver Prices Crash After Budget 2026, Buyers Get Relief Ahead Of Wedding Season
Gold And Silver Prices Crash After Budget 2026, Buyers Get Relief Ahead Of Wedding Season
Gold prices fell sharply on Monday, while silver recorded one of its steepest single-day declines in recent weeks, bringing relief to jewellery buyers after weeks of record highs.
Gold and silver prices witnessed a sharp correction on February 2, a day after the Union Budget 2026, easing pressure on buyers who had been holding back purchases due to soaring rates. The sudden fall comes after both precious metals touched record levels last week, triggering concerns among consumers ahead of the wedding season.
In the bullion market, 24-carat gold opened at ₹1,42,270 per 10 grams (excluding GST), falling by ₹6,427 compared to the previous closing. Including GST, the price dropped to around ₹1,46,538 per 10 grams. This marks one of the steepest declines in gold prices in recent days.
Silver saw an even sharper correction. Prices dropped by ₹29,255 per kg, opening at ₹2,36,496 per kg (excluding GST). With GST, silver settled around ₹2,43,590 per kg. Over the past four days, silver has fallen by nearly ₹1.49 lakh per kg from its recent peak, according to bullion market data.
Market experts attribute the decline to profit booking after last week’s record rally, along with changing global cues following budget-related announcements. The correction has brought temporary relief to consumers, particularly those planning jewellery purchases for weddings and festivals.
Gold prices across major cities also reflected the decline. In Mumbai, 24-carat gold was priced at ₹1,51,530 per 10 grams, while 22-carat gold stood at ₹1,38,900. In Delhi, 24-carat gold was quoted at ₹1,51,680 per 10 grams and 22-carat gold at ₹1,39,050. Prices in Chennai remained slightly higher, with 24-carat gold at ₹1,52,180 per 10 grams.
Traders say volatility may continue in the near term as global markets react to interest rate expectations and currency movements. However, the current dip has encouraged fresh buying interest, especially from retail customers who had postponed purchases during the recent price surge.
Disclaimer: Gold and silver prices are subject to market risks and may vary across cities and retailers. Buyers are advised to check local rates before making purchases.
