Gold & Silver Prices Slide in Mumbai Today; Check February 2 Rates

The bullion market in Mumbai saw a dramatic turnaround on February 2 as gold and silver prices plunged sharply after touching recent highs. The sudden correction comes after days of heightened volatility, signalling profit booking and easing pressure from global cues, even as buyers remain cautiously optimistic.

According to the latest rates, 24 karat gold in Mumbai is priced at ₹15,153 per gram, registering a steep fall of ₹905 per gram from yesterday. 22 karat gold, which is widely used for jewellery, is trading at ₹13,890 per gram, down by ₹830, while 18 karat gold stands at ₹11,365 per gram, a decline of ₹679.

In terms of bulk purchases, 10 grams of 24 karat gold is now available at ₹1,51,530, nearly ₹9,050 cheaper than yesterday. Similarly, 100 grams of 24 karat gold has fallen sharply by ₹90,500 to ₹15.15 lakh. A similar downward trend was seen across all purity levels, making today one of the biggest single-day declines in recent weeks.

Mumbai, known as India's financial capital, is also home to some of the country's oldest jewellery establishments. Many gold shops here are more than 300 years old, having passed down through generations. These traditional jewellers often attract buyers with competitive pricing and trust built over decades. Experts advise customers to always check the daily gold rate in Mumbai before making purchases, especially during periods of sharp fluctuation like the current one.

A look at the 10-day gold price trend shows that prices peaked towards the end of January. On January 29, 24 karat gold had touched ₹17,885 per gram, before entering a correction phase. Since then, gold prices have fallen consistently, shedding over ₹2,700 per gram in just a few sessions. Market observers attribute this decline to profit booking and easing global uncertainties.

Silver prices in Mumbai have also seen a notable drop and continue to remain lacklustre. Silver is priced at ₹300 per gram today, down by ₹50, while 1 kg of silver now costs ₹3,00,000, marking a massive fall of ₹50,000 from yesterday. Ten grams of silver is available at ₹3,000, compared to ₹3,500 a day earlier.

Historically, silver witnessed a strong rally after the 2008 Lehman Brothers crisis, but in recent years, the metal has struggled to maintain momentum. The last 10-day data shows that silver prices hit a short-term high of ₹4.10 lakh per kg on January 29, before correcting sharply in subsequent sessions.

With both gold and silver cooling off, jewellers expect renewed interest from retail buyers, especially ahead of the wedding season. However, market experts caution that volatility may continue in the near term, advising investors and buyers alike to track daily movements closely before taking any major decisions.