Gold prices in India witnessed a sharp decline on Monday, February 2, tracking weakness in global bullion markets and extending losses seen during the special Union Budget session. The fall comes amid profit booking at record highs, a rebound in the US dollar, and aggressive long liquidation across global commodities.
As per the latest data, 24-carat gold price today stands at Rs 15,153 per gram, down Rs 905 from the previous session. 22-carat gold is priced at Rs 13,890 per gram, registering a decline of Rs 830, while 18-carat gold has slipped to Rs 11,365 per gram, down Rs 679.
In value terms, 10 grams of 24K gold now costs Rs 1,51,530, compared with Rs 1,60,580 yesterday, marking a sharp single-day drop of Rs 9,050. Similarly, 100 grams of 24K gold is priced at Rs 15,15,300, down Rs 90,500 from the previous close.
The decline in domestic gold prices mirrors global trends, where bullion has come under pressure due to a stronger dollar and expectations of a relatively hawkish US Federal Reserve stance after reports of Kevin Warsh being nominated as the next Fed Chair. Rising US yields and profit-taking after gold’s recent rally have also weighed on sentiment.
Market participants are closely watching global macro developments, currency movements, and central bank cues for further direction in gold prices in the near term.
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