Gold Price Today Feb 4, 2026: 24K Gold Surges Past ₹16,000 as Global Spot Reclaims $5,000

It’s Wednesday morning, February 4, 2026, and if you’ve been watching the gold charts, you might be feeling some serious whiplash. After a “parabolic” January that saw gold nearly double in value, the market hit a wall, crashed by 17%, and is now bouncing back with a vengeance.

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The thing is, as of 11:44 AM IST, 24K gold has reclaimed the ₹16,000 per gram mark. Or nothing.

Also Read |Tamil Nadu Voter List Purge: 97 Lakh Names Deleted in SIR Phase 1

The Great Bullion Seesaw: Field Notes

It’s an ongoing situation where the “Trump effect” and “Middle East jitters” are fighting for control over your locker’s value. Here’s the ground reality:

• The Recovery: After crashing to ₹1,41,693 per 10 grams earlier this week, gold futures (MCX) just pulled a 5% jump. We’re looking at ₹1,60,530 for 10 grams of 24K gold right now. Let’s be real—the “dip buyers” are out in full force.

• The “Drone” Factor: Yesterday, the US Navy reportedly downed an Iranian drone in the Arabian Sea. And then the “Safe Haven” buying followed. Even with US-Iran talks scheduled for Friday, the market is pricing in the risk of things getting messy.

• The Trump-Modi Trade Deal: This is the kicker. Trump’s announcement to drop tariffs on Indian goods to 18% (after India agreed to ditch Russian oil) has strengthened the Rupee. Usually, a stronger Rupee makes gold cheaper, but the global surge in spot gold (back above $5,000/oz) is overpowering the currency gain.

• Silver’s “Devil Metal” Energy: Silver is doing silver things—surging 11.6% today after a historic 30% wipeout last week. It’s sitting at ₹3,20,000 per kg. Those too.

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City-Wise 24K Gold Rates (Feb 4, 2026 – 11:44 AM)

And Here’s the Kicker…

The US Federal Reserve is currently in a state of flux with the nomination of Kevin Warsh as the next Chair. He’s seen as a “hawk,” which usually kills gold rallies. The thing is, with the partial US government shutdown delaying key labor data, investors are flying blind and clinging to gold as the only “asset without a counterparty.”

One side comment—if you’re planning a wedding purchase, the ₹1.83 lakh peak of January 29 is gone, but we’re still miles above the 2025 averages. Authentic, but expensive. It’s an ongoing situation. Or nothing.

Also Read |Tamil Nadu Voter List Purge: 97 Lakh Names Deleted in SIR Phase 1

End…

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