Gold, Silver Price Rate LIVE: Gold and silver prices crashed during Friday’s commodity market sessions around the world after a margin hike trigger from the CME (Chicago Mercantile Exchange) Group and an aggressive profit-booking move from investors.
Mint reported earlier that CME Group raised the margin on gold from 6% to 8% and the margin on silver from 11% to 15% effective from Monday, 2 February 2026.
Experts indicate that concerns still loom over whether or not the precious metal prices can bounce back after suffering significant losses in recent trades. Both MCX and COMEX gold and silver, along with the city prices in India, suffered major losses during Friday’s market.
MCX closing rates
Gold futures on the Multi-Commodity Exchange (MCX) plummeted 12% to close ₹20,328 per 10 grams lower at ₹149,075 per 10 grams after Friday’s market session, compared to ₹169,403 per 10 grams at the previous trading close, according to the official data.
MCX silver prices also crashed 27% wiping off more than ₹100,000/kg from the precious white metal. The silver prices closed at ₹291,922/kg after Friday’s commodity market session, compared to ₹399,893/kg at the previous market close.
Will gold regain market on Monday?
Amit Goel, the Chief Global Strategist at Pace 360, said that if the Comex gold fails to regain the $4,900/ounce level on Monday, 2 February 2026, then investors can assume that the precious metal has topped out.
“If gold prices fail to regain the $4,900-per-ounce level on Monday, we can assume the precious metal has topped out. After topping out, gold prices are expected to touch $3,800 per ounce by the end of October 2026. This fall may not be one directional, and the precious yellow metal is expected to reach this level, doing a dead-cat bounce from every new low,” said Goel.
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