Gold and silver prices on the Multi-Commodity Exchange (MCX) witnessed significant volatility on Thursday, February 5, 2026, keeping market participants on high alert. Following a temporary recovery earlier in the week, prices retreated due to a strengthening US Dollar and shifts in global sentiment. Gold futures for April delivery dropped by 1.82% to trade at ₹1,50,269 per 10 grams, oscillating between a session high of ₹1,51,948 and a low of ₹1,48,455. Meanwhile, the silver market faced even steeper pressure; silver ETFs like Kotak Silver ETF saw sharp declines, trading around ₹236.57—a nearly 15% plunge from the previous close—despite a day high of ₹259.83.
On February 5, 2026, the silver market faced a significant downturn, with prices dropping by 6% to ₹2,52,719 per kg in early trade and 999 Fine Silver later settling at ₹2,53,590 per kg, a decline of nearly ₹17,890. Despite silver futures hitting a lower circuit due to aggressive selling, retail rates managed to climb to ₹3,20,100 per kg. In contrast, the physical gold market saw gains as buyers capitalized on post-Budget lows; 24K gold reached ₹1,59,440 per 10 grams, while 22K and 18K stood at ₹1,46,150 and ₹1,19,580, respectively. Across major cities, Chennai recorded the highest prices with 24K gold at ₹1,62,560, while rates in Mumbai, Kolkata, and Bengaluru remained consistent at ₹1,59,440.
The gold futures market also showed signs of recovery, with the April 2026 contract closing at ₹1,53,390 after hitting a session high of ₹1,60,755. This local recovery in gold stands in stark contrast to the international silver market, which crashed by over 16% to slip below $75 an ounce. This global slump, affecting sterling and coin silver alike, was primarily triggered by a resurgent US Dollar index, which climbed back toward 98 after hitting four-year lows in late January.
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