Gold Price Today: Gold prices crashed sharply on MCX on Friday morning (February 6) as profit booking, weak global cues, a stronger dollar, and muted spot demand weighed on bullion. MCX gold April futures fell nearly ₹2,700 (around 2%) to ₹1,49,396 per 10 grams, while MCX silver March contracts plunged ₹14,600 (about 6%) to ₹2,29,187 per kg, reflecting heavy selling pressure across the domestic precious metals market.
Extending losses for the second consecutive session on Friday, COMEX gold and silver prices witnessed a sharp technical breakdown shortly after the opening bell. Gold futures slipped below the key $4,750 per ounce support, sliding to an intraday low of $4,671.74 per ounce, while silver prices breached the crucial $70 per ounce level to hit an early low of $63.900 per ounce, reflecting strong selling pressure in the international bullion market.
On 5th February, gold and silver settled lower across both international and domestic markets, reflecting broad-based selling pressure. In global trade, COMEX gold April futures closed 1.24% lower at $4,889.50 per troy ounce, while silver March futures plunged 9.59% to $76.714 per troy ounce. The weakness was mirrored in domestic markets, with MCX gold April futures settling 0.64% lower at ₹1,53,071 per 10 grams and MCX silver March contracts ending 9.31% lower at ₹2,43,815 per kg, highlighting a sharp correction in precious metals prices.
GOLD PRICE TODAY: MAJOR NEWS
Big Events of today
| Date | Event | Time |
| Friday, February 06, 2026 | Non-Farm Payrolls – January | 07:00 PM (US) |
| Unemployment Rate – January | 07:00 PM (US) | |
| Michigan Consumer Sentiment (Preliminary) – February | 08:30 PM (US) |
CME Raised its Margins
The CME has once again raised initial margin requirements for key precious metals contracts, increasing the cash needed to hold positions amid heightened volatility. Initial margins for COMEX 100-ounce gold futures have been increased to 9% from 8%, while margins for COMEX 5,000-ounce silver futures have been raised to 18% from 15%. The decision follows extreme and rapid price swings in recent sessions, with forced deleveraging emerging as a key theme in metals markets. While higher margins typically rein in speculative activity, they can also intensify near-term selling pressure as traders are compelled to trim positions to meet margin calls.
Pandora to decrease their reliance on Silver
Pandora, the world’s largest jewellery brand by volume of pieces sold, is reshaping its product strategy to shield itself from extreme volatility in the silver market. The Denmark-based jeweller, known globally for its mass-market charm bracelets and strong brand presence across major consumer markets, is shifting towards platinum-plated designs after speculative trading pushed silver prices to record highs and triggered sharp corrections.
The move highlights Pandora’s influence in the global jewellery industry, where fluctuations in raw material prices can directly impact margins and stock performance. CEO Berta de Pablos-Barbier said the company aims to “decouple the performance of the company and the share value from the commodity,” stressing that Pandora is a jewellery brand, not a silver trader. New versions of its best-selling charm bracelets will replace sterling silver with a trademarked alloy base plated with platinum, allowing the company to use smaller quantities of the more expensive metal while keeping manufacturing costs and margins under control. Following the announcement, Pandora’s shares rose more than 5%, underlining investor confidence in the strategy.
Pandora sells charm bracelets starting around $80, operates at a global scale, and has limited pricing power as consumers rein in discretionary spending. The company reported 4% organic revenue growth in Q4, but warned that 2026 revenue growth may be capped at 2% or even decline by 1%, reflecting weaker store traffic and subdued consumer sentiment, particularly in the U.S., its largest market. Looking ahead, Pandora plans to shift at least 50% of its relevant silver assortment to platinum-plated jewellery by 2027 and eventually reduce silver’s share of its portfolio to 25%, positioning the brand for greater stability amid ongoing volatility in precious metals markets.
Chinese trader who earned billions
A reclusive Chinese billionaire trader, Bian Ximing, who made his fortune riding gold’s historic rally, has once again grabbed global market attention with a massive bet against silver that is now worth nearly $300 million. Best known for earning close to $3 billion from bullish gold futures positions on the Shanghai Futures Exchange since early 2022, Bian has shifted gears by building the largest net short position in silver on the exchange, underscoring his outsized influence in precious metals markets.
Bian’s silver wager amounts to roughly 450 tonnes, or about 30,000 contracts, and has paid off sharply as silver prices plunged in recent sessions. The sell-off has delivered a paper gain of around 2 billion yuan ($288 million), even after accounting for earlier losses incurred during periods of extreme volatility that forced partial liquidation. Based on prices as of Tuesday’s close, his net profit is estimated at around 1 billion yuan, with further gains likely as silver extended losses by more than 16% on Thursday.
Operating largely behind the scenes from Gibraltar, Bian built his silver short position through Zhongcai Futures Co. in late January. While the Shanghai Futures Exchange does not disclose individual traders, Bloomberg reports that Bian’s personal capital and funds he manages for a small group of clients make up a significant share of the brokerage’s precious metals exposure. His trades highlight not only the growing clout of Chinese investors in global commodities but also how a single, well-capitalised trader can meaningfully shape sentiment and volatility in gold and silver markets worldwide.
GOLD PRICE TODAY ANALYST VIEW: Keep an eye on the market
Manoj Kumar Jain, a senior financial market expert, said:
“Gold and silver pricescrashed again after the U.S. and Iran are agreed to
talk on the nuclear deal in Oman on Friday. Heavy sell-off in the global
equity and crypto markets is also pressurizing other assetclasseslike
precious and industrial metals. The dollar index gained and also pushed
gold and silver priceslower. Tradersin Chinese markets also unwind
long positions before going to the Lunar New Year holidays and hurt precious
metal market sentiments. However, the U.S. joblessclaimssurged to
231000 last week and supported gold prices at lower levels. Market is eyeing the US-Iran nuclear deal talk outcomes and could be directional for precious metal markets.“
Manoj Kumar Jain View for Today | 6/02/2026
“We are experiencing very high price volatility in both precious metals butsilver pricescould hold their support level of $65 per troy ounce and gold pricescould also hold its support level of $4,440 per troy ounce on a closing basisthis week. We expect gold and silver pricesto remain volatile in today’ssession amid volatility in the dollar index, partialshutdown in the U.S. and geopolitical tensions
Gold has support at $4770-4640, while resistanceis at $4955-5050 per troy
ounce, and silver hassupport at $71.20-64.00, while resistance is at
$84.40-88.80 per troy ounce in today’ssession. At mcx, gold is having
support at 150500-147700 and resistance at 154200-155800 while silver
is having support at 225000-212000 and resistance at 254000-264000.
We suggeststaying away from the precious metals markets until stability returns in the market.”
Kedia Capital Commodity View: Technical Levels | 6/02/2026
“Technically, the market remains under long liquidation, with open
interest down 0.75%. Gold hassupport at 148,950, with a further
downside risk toward 145,830. On the upside, resistance isseen at
154,695, and a breakoutcould open the door toward 157,320.”
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