Gold and silver rates today: Latest Rates in all Major Cities February 7, 2026

Gold and silver have been integral to Indian culture and investment portfolios for centuries. Whether you’re planning to purchase jewellery for an upcoming wedding, looking to diversify your investment portfolio, or simply tracking precious metal prices, staying updated with today’s rates is crucial. In this comprehensive guide, we’ll explore the latest prices for gold (24K, 22K, and 18K), silver, copper, and platinum across major Indian cities as of February 7, 2026.

The precious metals market has witnessed significant volatility in recent weeks. After reaching historic highs in late January, both gold and silver experienced sharp corrections, with silver prices plummeting from record levels above ₹4 lakh per kilogram. Understanding these price movements and knowing today’s exact rates can help you make informed decisions about when to buy or sell.

Recent Market Volatility: What Happened?

The precious metals market experienced unprecedented volatility in late January and early February 2026:

January 29, 2026: Gold touched a peak of ₹17,885 per gram (24K), while silver surged past ₹4.20 lakh per kilogram, reaching all-time highs.

January 30-31, 2026: A massive global correction occurred, with gold prices dropping over 10% and silver crashing by more than 30% within just three trading sessions. The MCX witnessed lower circuit hits as prices plummeted.

February 2026: Markets have entered a consolidation phase after the steep corrections. Gold has stabilized around ₹15,300-15,500 per gram for 24K, while silver is trading around ₹2.75 lakh per kilogram.

This volatility was attributed to aggressive profit-booking after the sharp rally, margin hikes by the CME Group, strengthening of the US dollar following the India-US trade deal, and overall global commodity market weakness.

Gold Prices Today – February 7, 2026

According to the latest market updates, gold prices in India have stabilized after the recent volatility. Here’s a comprehensive breakdown of today’s gold rates:

National Gold Rates (Per Gram)

Gold Prices in Major Indian Cities

Understanding that gold prices vary across cities due to local taxes, transportation costs, and state levies, here’s a detailed city-wise breakdown:

Note: Prices are indicative and may vary slightly based on individual jewellers. GST, making charges, and other levies are additional.

Silver Prices Today – February 7, 2026

Silver, often called the “poor man’s gold,” has experienced dramatic price movements in recent weeks. After touching historic highs above ₹4.20 lakh per kilogram in late January, silver underwent a steep correction of over 30% due to profit-booking and global market pressures.

Current Silver Rates

Silver Prices Across Major Cities

GST of 3% is applicable on silver purchases. Prices exclude making charges.

Copper Prices Today – February 7, 2026

Copper, a crucial industrial metal widely used in electrical wiring, construction, and electronics, plays a vital role in India’s growing economy. Unlike gold and silver, copper is primarily an industrial commodity rather than an investment metal.

Current Copper Rates

Copper Prices in Major Cities

Copper prices are primarily determined by MCX (Multi Commodity Exchange) rates and global demand.

Platinum Prices Today – February 7, 2026

Platinum, a rare and precious metal prized for its durability and elegance, is increasingly popular in high-end jewellery and industrial applications. In India, platinum jewellery has witnessed 20-25% annual growth over the past decade.

Current Platinum Rates

Platinum Prices Across Major Cities

Platinum prices have experienced significant volatility, dropping nearly 10% in early February 2026.

Factors Affecting Precious Metal Prices in India

Understanding what drives precious metal prices can help you make better investment decisions:

Global Market Dynamics

International gold and silver prices on exchanges like COMEX and the London Bullion Market Association (LBMA) directly impact Indian rates. Geopolitical tensions, economic uncertainties, and central bank policies play crucial roles.

Currency Exchange Rates

The USD-INR exchange rate significantly affects precious metal prices in India. When the rupee weakens against the dollar, gold and silver become more expensive for Indian buyers, even if international prices remain stable.

Import Duties and Taxes

Currently, gold and silver attract a 3% GST on the metal value and an additional 5% GST on making charges for jewellery. Import duties of 6% on gold also contribute to final prices.

Demand and Supply

India is the world’s second-largest consumer of gold, particularly during wedding seasons and festivals like Dhanteras, Diwali, and Akshaya Tritiya. Increased demand during these periods typically pushes prices higher.

Industrial Demand

For metals like silver and copper, industrial applications significantly impact prices. Silver’s dual role as both a precious metal and industrial commodity makes it more volatile than gold.

Investment Options for Precious Metals in India

Indian investors have multiple options for investing in precious metals beyond physical jewellery:

Physical Gold and Silver

Purchase coins, bars, or biscuits from authorized dealers or banks. Look for BIS (Bureau of Indian Standards) hallmarked gold to ensure purity. Physical holdings provide psychological security but involve storage costs and theft risks.

Digital Gold

Buy gold online through platforms like Google Pay, Paytm, or specialized apps. Digital gold is stored in insured vaults, eliminating storage concerns. You can purchase as little as ₹1 worth and convert it to physical gold when needed.

Sovereign Gold Bonds (SGBs)

Issued by the Reserve Bank of India, SGBs offer dual benefits of gold price appreciation plus a fixed interest rate of approximately 2.5% per annum. They’re available in both physical and demat forms, with capital gains tax exemption on maturity.

Gold and Silver ETFs

Exchange Traded Funds track precious metal prices and trade on stock exchanges. They offer high liquidity, no purity concerns, and lower costs compared to physical gold, though they require a demat account.

Gold and Silver Futures

Trade futures contracts on MCX or NCDEX for those seeking to profit from price movements without physical possession. This option suits experienced traders comfortable with leverage and market volatility.

Platinum Investment

Platinum can be purchased physically, through e-platinum platforms on the National Spot Exchange, via platinum ETFs, or through futures contracts on commodity exchanges.

Disclaimer: The prices mentioned in this article are based on market data available as of February 7, 2026, and are for informational purposes only. Actual prices may vary based on location, dealer, and market conditions. Always consult with authorized dealers and financial advisors before making investment decisions. GST, TCS, and other levies are additional to quoted prices.