It’s Monday morning, February 2, 2026, and if you’ve been waiting to buy gold, the market just took a massive dive. After a year of “to-the-moon” prices, the yellow metal has hit a sudden wall.
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The thing is, we just saw one of the biggest two-day crashes in history. Last Thursday, gold was flirting with ₹1.8 lakh per 10 grams—today, it’s closer to ₹1.5 lakh. Or nothing.
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The Gold Crash: Field Notes
It’s an ongoing situation where a perfect storm of global politics and domestic policy just popped the bubble. Here’s the ground reality:
The Budget “Sop”: In yesterday’s Union Budget 2026, Finance Minister Nirmala Sitharaman slashed the customs duty on gold and silver to 5% (down from 6%). That’s a direct hit to the price.
The “Warsh” Effect: Let’s be real—the domestic drop was fueled by a global panic. US President Trump nominated Kevin Warsh to lead the Federal Reserve. Warsh is a known “inflation hawk,” and the market is betting he’ll keep interest rates high. That made the US dollar jump and gold crash. Those too.
The “Circuit” Breaker: On Sunday, prices were falling so fast that the MCX (Multi Commodity Exchange) actually hit its lower circuit. We’re talking about an 18% drop in just a few days.
Silver’s Meltdown: And here’s the kicker—if gold fell, silver absolutely crumbled. It’s down about 30% from its peak last week, losing over ₹1.4 lakh per kg in a heartbeat.
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Gold Rate Snapshot (Feb 2, 2026)
| Purity | Rate (Per Gram) | Change from Yesterday |
| 24 Karat | ₹15,153 | − ₹905 |
| 22 Karat | ₹13,890 | − ₹830 |
| 18 Karat | ₹11,365 | − ₹679 |
And Here’s the Kicker…
Even with this crash, gold is still up massively compared to 2024. This looks like a classic “profit-booking” frenzy where big investors are cashing out their wins. The thing is, the Sovereign Gold Bond (SGB) rules also changed—now, the tax exemption on maturity only applies to the original subscriber, not if you buy them from the secondary market. Those too.
One side comment—if you’re planning a wedding purchase, the “Sarafa” (bullion) associations are calling this a buying window, but keep an eye on the US dollar. If it keeps getting stronger, gold could have a bit more room to fall. It’s an ongoing situation. Or nothing.
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End…
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