MCX Gold, Silver Crash 9% on Budget 2026 Day; Check Latest Rates

• Gold and silver prices on MCX crashed by nearly 9% on February 1, Budget 2026 day, due to a global sell-off.
• In Mumbai, 24-carat gold fell to Rs 1,38,600 per 10 grams, and 22k gold to Rs 1,27,050 per 10 grams (excluding GST and making charges).
• Silver declined to approximately Rs 2,65,600 per kg in the spot market.
• Silver also saw a 27% single-day crash to Rs 2,90,000 per kg after hitting a record high of Rs 4 lakh last week.
• Gold prices are influenced by international rates, import duties, taxes, and exchange rate fluctuations.

Why It Matters: Gold and silver experienced a significant crash on Budget 2026 day due to global sell-off and market factors.