Gold and Silver Prices Plunge for Third Straight Day in India and UAE
Markets witness sharp correction as precious metals continue steep decline following last week's dramatic spike
February 2, 2026 – Gold and silver prices have registered significant losses for the third consecutive trading session on Monday, extending a dramatic market correction that began last week across both India and the United Arab Emirates.
Gold Prices Today
In India, 24-karat gold is now trading at ₹14,362 per gram, down ₹1,187 from the previous session. The 22-karat variant has fallen to ₹13,165 per gram, losing ₹1,088, while 18-karat gold dropped ₹890 to reach ₹10,772 per gram.
Meanwhile, gold prices in the UAE have also declined sharply. Pure 24-karat gold is currently priced at AED 533 per gram, down AED 46. The 22-karat gold stands at AED 488.58 (down AED 42.17), and 18-karat gold is trading at AED 399.75 (down AED 34.50).
Silver Takes a Hit
Silver prices have also crashed significantly. In India, silver is now trading at ₹300 per gram, down ₹50 from the last update. In the UAE, silver has dropped to AED 8.8 per gram, losing AED 1.2.
Four-Day Market Crash
The precious metals market has witnessed one of its sharpest corrections in recent memory. Gold prices peaked at ₹18,860 per gram on January 29, but have since plummeted to ₹14,362 – a staggering loss of ₹4,498, representing a 23.8% decline in just four days.
The daily breakdown shows:
- January 30: Down ₹2,079
- January 31: Down ₹1,232
- February 2: Down ₹1,187
In the UAE, gold fell from AED 660 to AED 533 during the same period, losing AED 127.
Silver has seen an even steeper percentage decline, falling from ₹410 on January 29 to ₹300 currently – a drop of ₹110 or 26.8%. Prices have now returned to early January levels.
Market Analysis
Market experts describe the recent movement as a classic bubble pattern, characterized by a sharp spike followed by an equally dramatic crash. Despite the heavy losses, gold prices remain above their January 3 levels of ₹13,380, while silver has returned to its early January baseline of ₹300.
The volatile price movement has created a V-shaped pattern on market charts, reflecting the extreme fluctuations witnessed over the past week.
Investors and buyers are advised to monitor the market carefully as prices appear to be seeking stability after days of unprecedented volatility.
