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Gold and silver prices in India have declined for the second consecutive day, offering some relief to buyers during the ongoing wedding season. After a brief period of stability, precious metals have resumed their downward trend, mainly due to profit booking, a stronger US dollar, and high market volatility.

If you are planning to buy gold jewelry or invest in bullion, here’s a detailed look at why prices are falling and the latest gold rates across 10 key Indian cities.

Gold Prices Decline Again Amid Market Volatility

Gold prices in India have softened following a strong rally earlier this year. According to market experts, the recent dip is largely driven by profit-taking by investors, along with the impact of a strengthening dollar, which typically pressures gold prices globally.

In Delhi, the price of 24-carat gold has dropped by ₹10 per 10 grams, while 22-carat gold has also fallen by ₹10 per 10 grams today. Over the last two days, 24K gold has become cheaper by approximately ₹7,420 per 10 grams, and 22K gold has declined by nearly ₹6,810 per 10 grams.

This price correction comes after gold touched record highs, making the current fall a natural breather in an otherwise strong uptrend.

City-Wise Gold Rates Today (Per 10 Grams)

Here are the latest gold prices in 10 major Indian cities for 24K, 22K, and 18K gold:

Note: Prices may vary slightly based on local taxes, making charges, and jeweler margins.

Silver Prices Also Fall for Second Day

Silver prices have also continued their downward trend. After remaining stable for a day, silver has now fallen for two consecutive sessions.

In Delhi, silver prices have dropped by ₹50,100 per kilogram over the past two days. On February 3, silver is trading at around ₹2,99,900 per kg, marking a ₹100 decline from the previous day. Similar price levels are being observed in major cities such as Mumbai, Chennai, and Kolkata.

What Experts Say About Gold and Silver Outlook

Market analysts believe that the recent correction is a healthy pullback after an aggressive rally.

Jateen Trivedi, Vice President and Research Analyst at LKP Securities, said that the fall is mainly due to record-high levels, margin increases, and profit booking, which have added to market volatility.

NS Ramaswamy, a commodities expert, described the recent dip as a natural market “shakeout” following excessive price gains. He emphasized that gold’s long-term bullish outlook remains intact, supported by:

• Continued central bank gold purchases

• Rising geopolitical risks

• Demand for portfolio diversification

According to Ramaswamy, central banks purchased around 230 tonnes of gold in Q4 2025, and 2026 purchases could exceed 800 tonnes, strengthening long-term price prospects.

Silver Outlook: Limited Upside in the Short Term

Experts note that silver has fallen more sharply due to higher margin requirements, forcing leveraged traders to cut their positions. Silver is currently expected to trade in the range of $72 to $78 per ounce, and a sustained breakout above $80 is needed for a strong upward move.

Long-Term Gold Trend Remains Strong

Apoorv Seth of Samco Securities believes that despite short-term fluctuations, gold’s long-term trend remains positive. The metal continues to form higher highs and higher lows, indicating ongoing investor confidence.

He predicts that gold prices could consolidate between ₹1.32 lakh and ₹1.80 lakh per 10 grams in the coming months, as investors continue to buy on dips.

Investor Advisory

While gold and silver prices are currently under pressure, experts advise investors to focus on long-term fundamentals rather than short-term price swings. Those considering investments in gold should evaluate their financial goals and consult certified financial advisors before making decisions.