Gold, silver swing wildly : Gold futures dip 5%, silver futures slide 9% -- is there any chance of revival?

Gold, silver price today: Precious metals were back in sharp focus on February 2 after staging a brief rebound from one of their steepest single-day sell-offs in more than a decade, only to slip again amid persistent volatility. Gold and silver prices, which had bounced from Friday’s rout, came under renewed pressure as a stronger US dollar and global macro cues weighed on investor sentiment.

Spot gold remained under strain in the latest session, sliding sharply to around 4,561.62, marking a steep 6.78% decline. Silver futures, meanwhile, continued to see extreme intraday swings, reflecting heightened nervousness among traders after last week’s dramatic correction.

The violent price action follows a combination of global triggers, most notably US President Donald Trump’s nomination of Kevin Warsh as the next Chair of the US Federal Reserve. The move boosted the dollar index and hardened expectations of a tighter monetary stance, reducing the appeal of non-yielding assets such as gold and silver.

Gold and silver attempt a rebound

Gold prices, which had tumbled in Friday’s session, managed to claw back some losses but failed to sustain momentum as the firm dollar capped gains. US gold futures edged higher earlier, signalling cautious optimism, but sentiment remained fragile. Silver, which bore the brunt of the sell-off, rebounded sharply by over 8% on Monday, reversing part of a near 12% plunge seen in the previous session.

In the domestic market, silver continued to face steeper losses. Spot silver was quoted at around ₹2.50 lakh per kg, down ₹15,990 or nearly 6%. MCX silver futures fell even more sharply, sliding ₹17,153 or 6.46% to ₹2.48 lakh per kg amid heavy profit booking and margin-related selling.

On the MCX, gold opened about 1% lower at ₹1,46,000 per 10 grams compared with its previous close of ₹1,47,753. During trade, gold was down ₹1,253, or around 0.8%, at ₹1,46,500. Silver opened 0.7% lower at ₹2,67,501 per kg versus the previous close of ₹2,65,652, but later extended losses to trade around ₹2,56,981, down nearly 3%.

MCX silver futures for March 5, 2026 delivery slipped ₹10,000, or 3.7%, to ₹2,55,652 per kg, while gold futures for April 2, 2026 delivery edged lower by ₹4,252, or about 3%, to ₹1,43,501 per 10 grams. In the previous session, MCX silver futures had declined 9%, while gold April futures had slipped 3%.

What lies ahead

Experts said bullion markets continue to witness elevated volatility. Silver prices may find near-term support around the $68 level, while gold is expected to hold close to $4,510 this week. 

According to Ponmudi R, CEO of Enrich Money, COMEX gold is trading near the key $4,580–$4,700 reference zone after cooling off from a sharp spike above $4,900. He said the broader trend remains constructive, but the recent vertical rally pushed momentum indicators into overbought territory, triggering profit booking and a phase of price digestion. Strong buying interest is emerging in the $4,500–$4,400 band, which is now a critical support zone.

Manoj Kumar Jain of Prithvi Finmart said precious metals are witnessing exceptionally high volatility. He expects gold to defend the $4,440 level on a closing basis this week, while silver could hold support near $65 per troy ounce. Fluctuations in the dollar index and ongoing geopolitical tensions are likely to keep prices volatile in the near term, he added.

Rahul Kalantri, VP Commodities at Mehta Equities, noted that while the broader structure for MCX gold remains bullish, sharp intraday swings reflect short-term overheating. He expects pullbacks to attract buyers, but advised caution until volatility subsides.

Advisories from Kedia Advisory Commodity News also urged investors to avoid fresh bullion trades at current levels, citing high profit booking, raised margin requirements, a strong dollar and ETF selling pressure. With whipsaws likely to persist, market participants are bracing for continued turbulence across precious metals.