Gold, Silver Prices Plunge 9% on Budget 2026 Day; Mumbai Sees Significant Drop
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News18•01-02-2026, 10:53
Gold, Silver Prices Plunge 9% on Budget 2026 Day; Mumbai Sees Significant Drop
- •Gold and silver prices in India plummeted by nearly 9% on MCX on Budget 2026 day.
- •In Mumbai, 24-carat gold fell to ₹1,38,600 per 10 grams, and 22-carat gold to ₹1,27,050 per 10 grams (excluding GST and making charges).
- •Silver prices dropped to ₹2,65,600 per kg in the spot market, after a record high of ₹4 lakh last week.
- •The recent silver price fall marks the biggest single-day drop since the 1980s.
- •International rates, import duties, taxes, and currency exchange rates are key factors influencing gold prices in India.
Why It Matters: Gold and silver prices saw a significant drop on Budget 2026 day, impacting markets nationwide.
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