Indian gold and silver spot and futures continued to tumble on Sunday, when trading was open for the Budget presentation by Finance Minister Nirmala Sitharaman. The white precious metal, in particular, plunged in the spot market by over 25 per cent compared with the Friday’s close.
In the Mumbai spot market, gold closed at ₹1,48,697 per 10 gm compared with the previous close of ₹1,68,475, a fall of almost 12 per cent. Silver was quoted at ₹2,65,751 a kg against the previous close of ₹3,57,163.
At end of trading on MCX, gold April futures ended over ₹3,100 lower to ₹1,48,104 per 10 gm. Silver March futures recovered a tad but was till lower by over ₹26,000 to ₹2,65,652 a kg.
The price fall in the futures market is in line with the crash that was witnessed on Friday in the global market. Gold, which soared to $5,608 an ounce earlier in the week, plunged to $4,887 at the end of trade on Friday. On COMEX, gold April futures ended at $4,763.
Silver, which peaked at $122 an ounce earlier in the week, plunged to $84.63 an ounce. Silver March futures closed even lower at $78.32 an ounce.
Published on February 1, 2026
