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Gold prices in India declined sharply on February 2 across major states, with both 22-carat and 24-carat gold witnessing notable cuts after recent record highs. The correction is driven by global profit booking, easing safe-haven demand, and stable currency movement. While short-term volatility remains, lower prices may revive jewellery demand and long-term accumulation interest as gold continues to hold its position as a key hedge asset in India.
-- Gold prices in India declined sharply on February 2, extending the recent correction seen in the precious metals market. Both 22-carat and 24-carat gold rates fell across major cities and states, reflecting a combination of global pressure, profit booking, and shifting investor sentiment.
The fall comes after gold touched record highs earlier, triggering price correction across domestic bullion markets. For buyers and investors tracking gold price today in India, this movement has become a key point of interest.
Several factors are driving the decline in gold prices:
• Stronger global cues after recent overbought levels • Profit booking following historic highs • Fluctuations in global gold prices • Stable rupee limiting import-led price spikes • Reduced safe-haven demand in the short term
Despite the fall, gold remains a long-term store of value in India.
• 22K Gold: ₹13,940 per gram • 24K Gold: ₹14,637 per gram
• 22K Gold: ₹13,950 per gram • 24K Gold: ₹14,648 per gram
Prices have fallen by ₹800–₹1,000 per gram compared to recent peaks.
(Rates are indicative retail prices and may vary slightly by jeweller)
| State / UT | 22K Gold (â‚ą/gm) | 24K Gold (â‚ą/gm) |
|---|---|---|
| Andhra Pradesh | 13,950 | 14,650 |
| Arunachal Pradesh | 13,980 | 14,680 |
| Assam | 13,960 | 14,660 |
| Bihar | 13,945 | 14,645 |
| Chhattisgarh | 13,950 | 14,650 |
| Goa | 13,940 | 14,640 |
| Gujarat | 13,930 | 14,630 |
| Haryana | 13,945 | 14,645 |
| Himachal Pradesh | 13,960 | 14,660 |
| Jharkhand | 13,950 | 14,650 |
| Karnataka | 13,920 | 14,620 |
| Kerala | 13,960 | 14,660 |
| Madhya Pradesh | 13,940 | 14,640 |
| Maharashtra | 13,940 | 14,637 |
| Manipur | 13,985 | 14,685 |
| Meghalaya | 13,975 | 14,675 |
| Mizoram | 13,980 | 14,680 |
| Nagaland | 13,985 | 14,685 |
| Odisha | 13,945 | 14,645 |
| Punjab | 13,950 | 14,650 |
| Rajasthan | 13,940 | 14,640 |
| Sikkim | 13,975 | 14,675 |
| Tamil Nadu | 13,950 | 14,648 |
| Telangana | 13,950 | 14,650 |
| Tripura | 13,965 | 14,665 |
| Uttar Pradesh | 13,945 | 14,645 |
| Uttarakhand | 13,950 | 14,650 |
| West Bengal | 13,955 | 14,655 |
| Delhi | 13,940 | 14,640 |
Lower gold prices may have mixed implications:
• Positive for jewellery buyers and wedding demand • Marginal pressure on jewellers holding high-cost inventory • Potential boost to festive and investment demand • Short-term caution among speculative traders
Retail demand often picks up during price dips, especially in India.
Gold prices are currently reacting to:
• Global market volatility • Shifts in interest rate expectations • Currency movements • Investor rotation toward equities
Despite short-term weakness, gold continues to play a portfolio hedge role against inflation and uncertainty.
For long-term investors: Gradual accumulation during corrections remains a common strategy.
For jewellery buyers: Current levels offer better value compared to recent highs.
For traders: Volatility remains high — strict risk management advised.
• Near-term volatility likely • Price consolidation expected • Festive and wedding demand may support prices • Global cues will remain decisive
Gold’s long-term fundamentals in India remain structurally strong.
The decline in gold prices today in India reflects a healthy correction after a strong rally. While prices have softened across states, the broader outlook for gold as a safe-haven and cultural asset remains intact.
For buyers tracking 22-carat gold price, 24-carat gold rate, or state-wise gold prices, current levels may present an opportunity rather than a risk.
This article is for informational purposes only. Gold prices vary by location, jeweller, and market conditions. The data provided is indicative and should not be considered financial or investment advice. Readers are advised to consult certified financial experts or local jewellers before making purchase or investment decisions.
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