Gold & Silver Prices Today: February 1, 2026 - Markets Steady After Budget
Gold and silver prices are holding steady as we enter February 2026, with both metals recovering from last week’s historic volatility while digesting India’s Union Budget 2026 announcement. Gold closed the week at $4,858/oz while silver trades at $82.09/oz.
Today’s Prices (February 1, 2026)
| Metal | Price (USD) | Weekly Change | Monthly Change | Source |
|---|---|---|---|---|
| Gold | $4,858/oz | -1.5% | +15% | Yahoo Finance |
| Silver | $82.09/oz | -13.4% | +19% | Yahoo Finance |
| Gold/Silver Ratio | 59.2 | +14% | -8% | Calculated |
What Happened This Week
India Budget 2026: Status Quo on Import Duties
India’s Union Budget 2026, presented on February 1, maintained the 6% import duty on gold and silver that was reduced from 15% in mid-2025, according to Business Standard. This was widely anticipated after Finance Minister Nirmala Sitharaman’s signals that no major changes were planned for precious metals duties.
| Budget Impact | Gold | Silver |
|---|---|---|
| Import Duty | 6% (unchanged) | 6% (unchanged) |
| Agriculture Infrastructure Cess | 5% (unchanged) | 5% (unchanged) |
| Total Import Levy | 11% | 11% |
Market reaction: Minimal volatility on Budget day itself. Both metals had already corrected 6-9% in the pre-Budget selloff as traders de-risked positions, according to Economic Times.
Recovery From January 30 Crash Continues
The bigger story this week is the ongoing recovery from last Thursday’s historic crash:
| Metal | January 30 Peak | January 30 Low | Current | Recovery |
|---|---|---|---|---|
| Gold | $5,130/oz | $4,668/oz (-9%) | $4,858/oz | 41% of losses |
| Silver | $122/oz | $81/oz (-33%) | $82.09/oz | 3% of losses |
What caused the crash? President Trump’s nomination of Kevin Warsh as Federal Reserve Chair triggered a massive flight from precious metals. Warsh is viewed as a monetary hawk who would pursue tighter policy than current Chair Jerome Powell, according to Reuters.
Silver bore the brunt of the selling, suffering its worst single-day decline since 1980’s Hunt Brothers crash. The gold-silver ratio collapsed from 72 to 46 in hours before recovering to 59.
Fed Holds Rates Steady
The Federal Reserve concluded its January 2026 meeting with a decision to hold rates at 3.5-3.75%, pausing after three consecutive 25bps cuts in late 2025, according to Federal Reserve.
| Fed Meeting | Decision | Rate Level |
|---|---|---|
| September 2025 | -25bps | 4.50% |
| November 2025 | -25bps | 4.25% |
| December 2025 | -25bps | 3.75% |
| January 2026 | Hold | 3.5-3.75% |
Impact on gold: The pause was largely priced in. Gold’s January rally was driven more by geopolitical uncertainty and inflation concerns than rate expectations.
Technical Outlook
Gold Support & Resistance
| Level | Price | Significance |
|---|---|---|
| Strong Resistance | $5,130 | January 30 all-time high |
| Resistance | $5,000 | Psychological level |
| Current Price | $4,858 | Trading range |
| Support | $4,668 | January 30 crash low |
| Strong Support | $4,500 | December 2025 low |
Silver Support & Resistance
| Level | Price | Significance |
|---|---|---|
| Strong Resistance | $122 | January 30 peak |
| Resistance | $100 | Psychological level |
| Current Price | $82.09 | Trading range |
| Support | $81 | January 30 crash low |
| Strong Support | $75 | Pre-crash support |
Gold-Silver Ratio Analysis
The ratio’s dramatic swing from 72 to 46 and back to 59 within a week signals extreme market stress:
| Ratio Level | Interpretation | Current Signal |
|---|---|---|
| Above 80 | Silver undervalued | Not applicable |
| 60-80 | Fair value zone | Current: 59.2 (slightly below) |
| Below 50 | Silver overvalued | Briefly touched 46 on Jan 30 |
Takeaway: The ratio normalizing to 59 suggests silver’s crash-driven overvaluation has largely corrected. Both metals are now trading in a more balanced zone.
What’s Driving Prices
Bullish Factors
| Factor | Impact | Outlook |
|---|---|---|
| Geopolitical tensions | High | Ongoing support |
| Central bank buying | High | Record 2025 purchases continuing |
| Inflation concerns | Medium | Core PCE still above 2% |
| Dollar weakness | Medium | DXY down 3% YTD |
Bearish Factors
| Factor | Impact | Outlook |
|---|---|---|
| Warsh Fed Chair risk | High | Confirmation hearings pending |
| Profit-taking after highs | Medium | January crash was healthy reset |
| Higher bond yields | Low-Medium | 10Y Treasury at 4.3% |
India Demand Update
According to WION News, India’s gold and silver demand patterns for 2026:
| Metric | Gold | Silver |
|---|---|---|
| 2025 Imports | 750 tonnes | 5,500 tonnes |
| 2026 Forecast | 700-750 tonnes | 5,500-6,000 tonnes |
| Wedding Season Impact | Strong (Jan-Feb) | Growing acceptance |
| Investment Demand | ETFs up 12% YoY | ETFs tripled |
Key insight: India’s Budget maintaining 6% import duty (vs. old 15%) continues to support domestic demand. The wedding season currently underway is driving strong physical buying despite elevated prices.
What to Watch Next Week
| Event | Date | Potential Impact |
|---|---|---|
| US Jobs Report | February 7 | High - Fed policy signal |
| China PMI | February 3 | Medium - Industrial demand |
| India Gold Imports Data | February 5 | Medium - Physical demand |
| Fed Speaker Comments | Throughout week | Medium - Rate expectations |
Key Takeaways
-
Gold stable at $4,858/oz - Consolidating after January’s all-time high and subsequent crash
-
Silver lagging at $82.09/oz - Still down 33% from peak but finding support
-
India Budget neutral - 6% import duty maintained, supporting domestic demand
-
Post-crash recovery - Gold recovering better than silver as ratio normalizes
-
Fed on hold - 3.5-3.75% rates provide supportive backdrop
-
Warsh nomination key risk - Fed Chair confirmation process will drive volatility
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Current Prices: Gold $4,858/oz | Silver $82.09/oz
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