The gold price today witnessed a significant correction as the precious metal extended its downward trend for the third consecutive day on the Multi Commodity Exchange (MCX). Following a period of record-breaking highs, prices have slumped by nearly 6%, offering a sudden relief to retail buyers while sparking intense profit-booking among investors across major Indian metros.
The domestic bullion market is currently navigating a period of high volatility. On February 3, 2026, the price of 24-karat gold settled around ₹15,175 per gram, marking a notable decline from the peak levels seen last week. Similarly, 22-karat gold, which is widely used for jewelry, is now trading at approximately ₹13,910 per gram.
Industry experts attribute this sharp “flash crash” to a combination of global and domestic factors. Primarily, the nomination of Kevin Warsh as the next US Federal Reserve Chair has strengthened the US dollar, making gold less attractive to international investors. Furthermore, the absence of an import duty cut in the Union Budget 2026 has led to a “sell-on-news” sentiment in the Indian markets.
For retail consumers in India, this dip comes as a strategic window. After gold prices touched the psychological barrier of ₹1.8 lakh per 10 grams in January, the current correction has brought rates back to a more accessible range. However, analysts warn that the market remains sensitive to geopolitical shifts and upcoming US labor data.
City-wise gold price today: Delhi, Mumbai, and Bangalore rates
The retail price of gold varies across Indian cities due to local taxes, octroi, and making charges. Here is the breakdown of the current rates for 10 grams of gold:
| City | 24K Gold (per 10g) | 22K Gold (per 10g) |
| Delhi | ₹1,51,900 | ₹1,39,250 |
| Mumbai | ₹1,51,750 | ₹1,39,100 |
| Bangalore | ₹1,51,750 | ₹1,39,100 |
| Chennai | ₹1,53,060 | ₹1,40,300 |
| Kolkata | ₹1,51,750 | ₹1,39,100 |
| Hyderabad | ₹1,51,750 | ₹1,39,100 |
Why are gold prices falling in India?
The ongoing slump is fueled by aggressive profit-taking. Many investors who entered the market during the late 2025 rally are now liquidating their positions to lock in gains. Additionally, the Multi Commodity Exchange (MCX) triggered lower circuit limits recently, which accelerated the selling pressure. The strengthening of the Rupee against the Dollar has also played a minor role in stabilizing domestic prices.
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