Gold & Silver Price Today: MCX Gold Rebounds Above ₹1.48 Lakh; Silver Jumps 7% After Epic Crash

It’s Tuesday afternoon, February 3, 2026, and if you’ve been watching the ticker, you probably have whiplash. After a brutal three-day “metals meltdown” that saw silver crash nearly 40% from its peaks, the bulls are suddenly back in the room.

Add businessleague.in as a Preferred Source

The thing is, the market just hit a massive “bargain basement” level, and then the rebound followed. Or nothing.

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

The Great Rebound: Field Notes

It’s an ongoing situation where a partial US government shutdown and a massive trade pivot are fighting for control of the price action. Here’s the ground reality:

• The ₹1.48 Lakh Bounce: Gold on the MCX has surged over 3% today, comfortably crossing ₹1.48 lakh per 10 grams. This comes after it briefly slipped below ₹1.40 lakh yesterday. The thing is, investors saw that dip as a “once-in-a-year” buying opportunity. Those too.

• Silver’s 6% Jump: Silver is the real wild child today, leaping ₹17,000+ to trade near ₹2.54 lakh per kg. Let’s be real—after crashing from ₹4 lakh last week, a 6% jump is just the market trying to find its feet. And then the upper circuits followed.

• The Shutdown Factor: There’s a partial US government shutdown happening right now. With no official US economic data coming out this week, traders are flying blind. Usually, when Washington goes quiet, gold gets loud.

• The “Kevin Warsh” Hangover: Last Friday, Trump nominated Kevin Warsh (a known inflation hawk) to lead the Fed. That’s what caused the initial crash—fear of higher rates. But today, the market is betting that even a hawk can’t stop the “debasement” of the dollar. Or nothing.

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

Bullion Status: Feb 3, 2026

And Here’s the Kicker…

The India-US Trade Deal announced yesterday is a double-edged sword. It’s great for the economy, but it means India is ditching cheap Russian oil. The thing is, if energy costs go up because we’re buying more expensive US oil, inflation stays high. Those too.

One side comment—analysts like Ponmudi R are saying if gold clears ₹1.50 lakh again, we could be looking at ₹1.70 lakh by the time the wedding season peaks. It’s a bit messy. Authentic, but definitely not for the faint-hearted. It’s an ongoing situation. Or nothing.

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

End…

Add businessleague.in as a Preferred Source