Mumbai, February 2: The gold rate in India showed signs of stabilisation on Monday, February 2, following the massive "flash crash" witnessed at the end of last week. After plunging nearly 9% on January 30, the precious metal has entered a consolidation phase as investors digest the fallout from the US Federal Reserve leadership speculation and the unveiling of India’s Union Budget 2026 over the weekend. Check the current gold rates in major Indian cities like Delhi, Mumbai, Chennai, Hyderabad, Bengaluru, Ahmedabad, Kolkata, Srinagar, Jodhpur, Jaipur, Bhopal, Lucknow, Noida, Ghaziabad, and Gurugram.

In the national capital, 24-carat gold is currently trading at approximately INR 1,71,280 per 10 grams, while 22-carat gold, the standard for jewellery, stands at INR 1,57,010. Market sentiment remains cautious but steady as physical buyers return to the market, lured by the lower entry points provided by Friday’s historic correction. Analysts suggest that while the "peak euphoria" has subsided, underlying geopolitical tensions continue to provide a floor for prices. Gold Rate Today, February 1, 2026: Check 22K & 24K Gold Prices in Delhi, Mumbai, Chennai and Other Cities.

Gold Rate Today, February 2, 2026:

City 24K Gold (10g) 22K Gold (10g)
Delhi INR 1,60,720 INR 1,47,340
Mumbai INR 1,60,570 INR 1,47,190
Chennai INR 1,62,540 INR 1,48,990
Kolkata INR 1,60,570 INR 1,47,190
Bengaluru INR 1,60,570 INR 1,47,190
Hyderabad INR 1,60,570 INR 1,47,190
Pune INR 1,60,570 INR 1,47,190
Ahmedabad INR 1,60,670 INR 1,47,240
Jaipur INR 1,60,720 INR 1,47,340
Lucknow INR 1,60,720 INR 1,47,340
Noida / Ghaziabad INR 1,60,720 INR 1,47,340
Gurugram INR 1,60,720 INR 1,47,340
Jodhpur INR 1,60,720 INR 1,47,340
Srinagar INR 1,60,720 INR 1,47,340

Impact of Union Budget 2026 on Gold Rate Today

The primary driver for local price action today is the response to the Union Budget presented on February 1. The government’s decision to maintain the current import duty structure on gold, rather than the rumored hike, has provided relief to the domestic bullion trade.

Additionally, the focus on digital infrastructure and agricultural credit in the budget has slightly strengthened the Indian Rupee. A stronger Rupee typically makes imported gold cheaper for domestic consumers, acting as a counterbalance to any sudden spikes in international dollar-denominated prices. Why Did Gold Crash Today, Shedding USD 3.4 Trillion in Value After a Record-Breaking Peak?

Market Sentiment

The "Kevin Warsh" factor continues to loom over global markets. Following reports that President Trump intends to nominate the hawk as the next Fed Chair, the US Dollar has remained robust. This has prevented gold from immediately reclaiming the record highs of INR 1.83 lakh reached last week.

"The market is in a 'wait-and-watch' mode," says a senior commodity analyst at HDFC Securities. "We are seeing strong support at the INR 1,68,000 level. Unless there is a major geopolitical shift, we expect gold to trade in a narrow range of INR 1,70,000 to INR 1,73,000 for the remainder of the week."

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(The above story first appeared on LatestLY on Feb 02, 2026 07:50 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).