Gold Prices in India Witness Decline on February 2, 2026
The gold market in India experienced a downward trend on Monday, February 2, 2026, with prices dropping across all purities. This decline follows a recent peak in January 2026, where gold prices surged by almost 20 per cent, reaching an all-time high. The current dip is attributed to market reactions after Union Finance Minister Nirmala Sitharaman presented the Union Budget on Sunday, leading to a 3 per cent fall that continued into today.
Current Gold Rates Per Gram in India
As of today, the gold prices in India are as follows:
- 24K Gold: Priced at ₹15,153 per gram, reflecting a significant drop of ₹905.
- 22K Gold: Now stands at ₹13,890 per gram, down by ₹830.
- 18K Gold: Available at ₹11,365 per gram, marking a decrease of ₹679.
It is important to note that 24-karat gold, known for its high purity and greater value, is primarily purchased for investment purposes. In contrast, 22-karat and 18-karat gold are more commonly used in jewellery making due to their durability and aesthetic appeal.
City-Wise Gold Price Breakdown
Gold rates vary slightly across different cities in India. Here is a detailed look at the prices per gram in major urban centers:
- Chennai: 24K at ₹15,218, 22K at ₹13,950, 18K at ₹12,000
- Mumbai: 24K at ₹15,153, 22K at ₹13,890, 18K at ₹11,365
- Delhi: 24K at ₹15,168, 22K at ₹13,905, 18K at ₹11,380
- Kolkata: 24K at ₹15,153, 22K at ₹13,890, 18K at ₹11,365
- Bangalore: 24K at ₹15,153, 22K at ₹13,890, 18K at ₹11,365
- Hyderabad: 24K at ₹15,153, 22K at ₹13,890, 18K at ₹11,365
- Kerala: 24K at ₹15,153, 22K at ₹13,890, 18K at ₹11,365
- Pune: 24K at ₹15,153, 22K at ₹13,890, 18K at ₹11,365
- Vadodara: 24K at ₹15,158, 22K at ₹13,895, 18K at ₹11,370
- Ahmedabad: 24K at ₹15,158, 22K at ₹13,895, 18K at ₹11,370
These rates highlight regional variations, with Chennai showing the highest price for 24K gold at ₹15,218 per gram, while other cities like Mumbai and Kolkata maintain consistent lower rates.
Market Context and Trends
The gold market has been volatile recently, with January 2026 witnessing a sharp rise that pushed prices to record levels. However, the Union Budget presentation triggered a correction, leading to today's decline. This trend underscores the sensitivity of gold prices to economic policies and market sentiments in India.
Investors and consumers are advised to monitor these fluctuations closely, as gold remains a key asset for both investment and cultural purposes in the country. The ongoing downward movement may present opportunities for buyers, but market conditions could change rapidly based on further economic developments.
