Gold Price Today: Gold Futures and Silver Futures Slide Again as Volatility Spreads Across Metals

Gold price today and silver price today are extending a sharp pullback in early Monday trading, with gold futures and silver futures still reacting to a mix of forced deleveraging, tighter trading conditions, and a stronger U.S. dollar. The move is dragging related assets like GLD stock and SLV stock price lower as investors reassess how much of last week’s surge was driven by fundamentals versus leverage.

As of roughly 6:40 a.m. ET on February 2, 2026, gold spot price was near $4,791 per ounce, while spot trading in other venues printed closer to the low-to-mid $4,700s during the same volatile window. Silver spot hovered around the low $80s per ounce after suffering a much steeper percentage drawdown from its recent peak.

Gold spot price, silver spot, and copper price: the levels traders are watching

Here’s a snapshot of widely watched reference points in early ET trading. Prices can vary by venue and timestamp during fast markets.

• Gold spot price: about $4,791 per ounce in early ET, with intraday prints also seen around $4,700

• Gold futures: trading around the high $4,600s to low $4,800s depending on contract month and timestamp

• Silver spot: roughly low $80s per ounce, after a deeper slide than gold

• Silver futures: broadly mid $80s on some contract screens, with large intraday swings

• Copper price: around $5.7 per pound in early week trading, down from last week’s highs

• GLD stock: about $445 in early ET indications

• SLV stock price: about $75 in early ET indications

In plain terms: gold prices are down a lot from last week’s record highs, but silver prices are down even more, which is why terms like “silver crash” and “silver crash today” are suddenly back in circulation among traders.

Why is gold down today?

Why is gold down today comes down to a familiar trio in commodity selloffs:

1. Leverage and margin pressure
   When margin requirements rise, traders using leverage must post more cash or reduce positions. That can convert a normal pullback into a self-reinforcing liquidation cycle, especially after a parabolic run.

2. Dollar strength and rate repricing
   A stronger dollar often pressures dollar-denominated gold because it raises the effective cost for many global buyers. At the same time, shifting expectations for the path of interest rates can lift real yields, making non-yielding assets like gold less attractive at the margin.

3. Crowded positioning unwinds
   When too many positions lean one way, price declines force risk managers to cut exposure. That selling can persist even if longer-term “buy-the-dip” demand exists, because the immediate priority becomes reducing portfolio volatility.

Why is silver dropping today, and why did silver drop today?

Why is silver dropping today is similar to gold, but with extra accelerants:

• Silver is more volatile than gold, and it tends to attract higher-beta speculation late in a rally

• Silver futures positioning can become crowded quickly because the contract is smaller and often traded more aggressively

• The market’s liquidity can thin out in a hurry during stress, so price gaps and stop-loss cascades become more common

That’s why questions like “why did silver drop today” and “why is silver dropping today” often have the same answer: forced selling met thinner liquidity, and the unwind fed on itself.

Behind the headline, silver also lacks one structural support gold has: steady official-sector buying. That difference matters when speculative demand retreats.

Gold price today in India and gold rate today: local prices diverge from global spot

Gold price today in India is being shaped not only by global bullion moves, but also by the rupee, local taxes, and physical market premiums. In early updates on February 2, 2026, commonly quoted retail reference rates in India were around:

• 24-karat: about ₹15,153 per gram

• 22-karat: about ₹13,890 per gram

• 18-karat: about ₹11,365 per gram

Silver prices today in India were also quoted sharply lower, around:

• Price of silver: about ₹300 per gram, or about ₹300,000 per kilogram

These figures can vary by city and dealer, but the direction is the story: both gold rate today and silver prices are cooling after an overheated run.

Gold and silver prices today: what’s behind the headline

Context
Precious metals had sprinted to records, fueled by risk aversion, hedging demand, and momentum trading. Once prices turn, that same momentum becomes a headwind.

Incentives
Traders with leverage are incentivized to sell quickly to stop losses, meet margin calls, and reduce exposure. Longer-term allocators are incentivized to wait for stability, not catch a falling knife.

Stakeholders

• Retail and momentum traders: most exposed to sharp drawdowns

• Funds and systematic strategies: can amplify moves through rule-based selling

• Physical buyers: may step in, but often only after volatility cools

• ETF holders in GLD and silver ETF products tied to SLV price: tend to react to headline moves, adding flows that can magnify intraday swings

Missing pieces to watch

• Whether forced liquidation is fading or still building

• Whether the dollar keeps strengthening

• Whether physical demand shows up decisively at lower levels

• Whether volatility remains high into the U.S. close, which can influence next-day positioning

What happens next: 5 realistic scenarios

1. Stabilization bounce
   Trigger: selling pressure fades and prices hold key support levels for a full session.

2. Another liquidation leg
   Trigger: fresh margin calls and risk cuts as volatility remains elevated.

3. Wide range trading
   Trigger: mixed macro signals; traders rebuild exposure cautiously.

4. Dollar reversal relief rally
   Trigger: the dollar weakens, easing pressure on bullion.

5. Silver-specific snapback, then chop
   Trigger: short covering after extreme downside, followed by choppy consolidation as confidence rebuilds.

For now, gold price, silver price, and gold silver prices are less about a single headline and more about the mechanics of deleveraging after an outsized move. The next clue will be whether volatility cools fast enough for real buyers to re-enter in size, or whether the market needs one more flush before it can form a durable floor.