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The prices of gold and silver continue to experience significant fluctuations. Following a sharp increase over the past two days, a sudden drop was observed on February 5, 2026 (Thursday) on the Multi Commodity Exchange (MCX), leading to what is being termed a 'gold-silver price crash.' As the market opened, both precious metals saw a steep decline, causing a stir among investors.

Latest MCX Prices (February 5, 2026 Morning Trading):

• Gold (24 Carat, April Delivery): Approximately ₹1,48,455 per 10 grams (a decrease of about ₹4,591 or 3% from the previous close). Some reports indicated trading around ₹1,50,000-₹1,51,000.
• Silver (March Delivery): ₹2,44,654 per kilogram (a significant drop of ₹24,196 or nearly 9-10% from the last close). Updates suggest it dipped below ₹2.50 lakh, having previously been at ₹2.68 lakh.

Local Prices in Various Cities (Estimated for 24 Carat Gold per 10 grams):

• Delhi: Approximately ₹1,54,000-₹1,59,000
• Mumbai: ₹1,54,430
• Chennai/Bengaluru: Similar levels of decline
• 22 Carat Gold: Between ₹1,41,000-₹1,46,000

Key Reasons for the Crash:

• In the past two days (February 3-4), there was a rapid recovery in gold and silver prices following a significant drop the previous week. This surge prompted profit booking.
• International market volatility: Fluctuations in gold and silver prices on COMEX, coupled with a stronger US dollar and signals related to Federal Reserve policies, have increased pressure.
• Silver experienced particularly heavy declines (some reports indicate drops of 6-16%), as it is considered more volatile.

Expert Opinions and Future Outlook:

This decline is viewed as a technical correction, as profit booking is common after recent high levels (gold reaching ₹1.93 lakh and silver ₹4.20 lakh). Some experts believe that prices may rise in the long term, especially due to central bank purchases and global uncertainties. However, short-term volatility is likely to persist.