Chennai: Gold and silver prices drops on February 2, 2026; check their rates here

CHENNAI: Gold prices fell in the city. The yellow metal became cheaper by Rs 7,600 in February 2 (Monday), selling at Rs 1,11,600 per sovereign (8 grams) and Rs 13,950 per gram, marking a drop of Rs 950 per gram.

On January 31, 22-carat gold was priced at Rs 1,19,200 per sovereign (8 grams) and Rs 14,900 per gram.

Silver gets cheaper

Silver, which has been rising faster than gold lately, also witnessed a sharp fall on Monday, dropping by Rs 20 to Rs 300 per gram (Rs 3,00,000 per kg) on February 2. A gram of silver had cost Rs 350 on January 31.

Analysts attributed the decline in the precious metals to US President Donald Trump's nomination of Kevin Warsh as the next chair of the Federal Reserve. The move eased existing concerns over the central bank's independence and strengthened the US dollar.

Gold rate today vs gold rate on this day, last year

Gold remains significantly higher compared to last year. Prices have surged from Rs 61,960 per sovereign (Rs 7,745 per gram) on February 1, 2025, to Rs 1,11,600 per sovereign (Rs 13,950 per gram) on February 2, 2026, marking an increase of Rs 49,640 or about 80.46%.

Silver rate today vs silver rate on this day, last year

Silver prices have climbed far faster than gold on a year-on-year basis. While gold prices rose by about 92.7% over the past year, silver recorded a much steeper increase of around 227%.

Silver cost Rs 107 per gram on February 1, 2025. By February 2, 2026, the price had risen to Rs 300 per gram, an increase of Rs 193 per gram.

Why are gold and silver prices on the rise?

Analysts said gold and silver prices have been volatile due to shifting global cues. While a weaker dollar, rising geopolitical tensions, central bank buying, and policy uncertainty under the Trump administration had earlier supported prices, the dollar strengthened after President Donald Trump nominated a new Federal Reserve chair, weighing on precious metals worldwide.

Gold price (22-carat) over the last five days:

January 31, 2026: 1 Sovereign- Rs 1,19,200 | 1 gram- Rs 14,900

January 30, 2026: 1 Sovereign- Rs 1,26,800 | 1 gram- Rs 15,850

January 29, 2026: 1 Sovereign- Rs 1,34,400 | 1 gram- Rs 16,800

January 28, 2026: 1 Sovereign- Rs 1,24,880 | 1 gram- Rs 15,610

January 27, 2026: 1 Sovereign- Rs 1,19,680 | 1 gram- Rs 14,960

Silver price over the last five days:

January 31, 2026: 1 gram- Rs 350

January 30, 2026: 1 gram- Rs 405

January 29, 2026: 1 gram- Rs 425

January 28, 2026: 1 gram- Rs 400

January 27, 2026: 1 gram- Rs 387