Gold prices in India touched an all-time high in January 2026, continuing their strong upward trend. Over the past few months, gold rates had increased sharply, rising by nearly 20 per cent as investors turned to the yellow metal as a safe investment option amid global uncertainties and market fluctuations.
However, after this recent surge, gold prices saw a noticeable correction. Following the presentation of the Union Budget by Finance Minister Nirmala Sitharaman on Sunday, gold rates fell by around 3 per cent. Experts believe that changes in market sentiment and profit booking by investors after the Budget announcement led to this decline.
The downward trend continued on Monday, February 2, 2026, with gold prices dropping further across all purity levels in the country.
As per the latest rates, 24-karat gold, which is considered the purest form and is mainly bought for investment purposes, is priced at ₹15,153 per gram. This marks a drop of ₹905 per gram.
Similarly, 22-karat gold, commonly used for making jewellery, is now priced at ₹13,890 per gram, down by ₹830.
Meanwhile, 18-karat gold, which is also popular for ornaments and decorative jewellery, is available at ₹11,365 per gram, reflecting a decrease of ₹679.
Silver prices have also shown movement alongside gold, with rates changing across major cities such as Delhi, Hyderabad, Bengaluru, Chennai, and Mumbai.
Market analysts say that gold prices may remain volatile in the coming days, depending on global trends, currency movements, and investor reactions to the Budget measures. While short-term prices may fluctuate, gold continues to remain a preferred choice for long-term investment and wealth protection.