Mumbai Gold Silver Rate Today, February 1, 2026: Gold, Silver See Biggest Slide On Budget Day

Gold and silver prices in Mumbai declined sharply on February 1, 2026, tracking weakness in global bullion markets, profit-booking by traders and subdued local demand ahead of the Union Budget. After hitting record highs in late January, prices have cooled significantly, offering a buying opportunity for consumers while prompting caution among investors facing ongoing volatility.

Mumbai Gold Rate Today (February 1, 2026)

According to the latest city-wise rates, gold prices in Mumbai are lower compared to recent peaks:

24 Carat Gold: ₹1,60,580 per 10 grams (₹16,058 per gram)

22 Carat Gold: ₹1,47,200 per 10 grams (₹14,720 per gram)

18 Carat Gold: ₹1,20,440 per 10 grams (₹12,044 per gram)

Gold prices in Mumbai remain influenced by international bullion trends, currency movements, global economic cues and demand from major jewellery markets. With markets still digesting the recent sell-off, local jewellers reported cautious buying as some customers delay purchases pending clearer price direction.

Factors Influencing Gold Prices in Mumbai

Gold prices are shaped by a combination of global and domestic factors:

• International bullion rates and currency fluctuations
• Global economic uncertainty and inflation expectations
• MCX futures activity and trading margins
• Domestic demand from jewellery and investment sectors

Analysts suggest that short-term volatility could continue as markets adjust from recent sharp swings, while long-term investors may benefit from tracking global trends before making major decisions.

Mumbai Silver Rate Today (February 1, 2026)

Silver prices in Mumbai also saw a steep decline after recent peak levels:

Silver Price per gram: ₹350

Silver Price per kilogram: ₹3,50,000

The drop in silver prices followed intense profit-booking and a broader sell-off in precious metals, which weighed down investor sentiment. Mumbai's large base of silver traders reported subdued demand, even as some buyers looked to enter the market at lower price points.

How to Invest in Gold and Silver

Gold and silver remain popular investment options due to their traditional role as stores of value and hedges against inflation. Investors can consider:

Physical forms: jewellery, coins, bars

Market-linked instruments: MCX trading, ETFs and digital gold/silver products

Experts advise maintaining a long-term outlook and closely watching global price movements and economic developments before making major investment decisions.