India Market Report Feb 7: Bullion Crash, RBI Policy & Trade Deals | Daily India Market News

Bullion Market: The Great Silver Crash of 2026

If you’ve been eyeing some new jewelry for the upcoming wedding season, today’s market is looking like a total rollercoaster. We just saw one of the most aggressive sell-offs in the Indian bullion market in years. While gold managed to hold its ground reasonably well, silver basically went into a freefall. Over on the MCX, silver futures plummeted by a staggering 8.3%, which tanked prices down to around ₹2,75,000 per kg.

What’s actually driving this shift? Truth be told, it’s a “perfect storm” of various economic factors coming together at once. The Reserve Bank of India (RBI) just decided to hold interest rates steady, which essentially told investors that the days of “easy money” aren’t coming back as quickly as people wanted. Since assets like gold and silver don’t pay out interest, they tend to lose their appeal to the big players when rates stay high. You can see that impact hitting home pretty clearly when you look at today’s city-specific rates.

City-Wise Gold & Silver Rates (Feb 7, 2026)

Note: Data based on 2026-02-07.

Here’s the thing: gold prices actually crept up a bit in retail markets today once the initial shock wore off, landing at about ₹1,56,600 per 10 grams for 24-karat. But don’t let that minor bounce fool you—everyone is feeling pretty jumpy right now. Plenty of local jewelers across Delhi and Mumbai say that buyers are mostly just “waiting and watching” to see what happens next. It’s that classic market headache: do you jump in and buy the dip now, or hold off and hope the crash hits a true bottom?

Energy Watch: Pump Prices Hold Steady Amid Global Volatility

While the bullion market is going through a total frenzy, things are surprisingly quiet at the local petrol pump. Government-owned oil marketing companies (OMCs) put out the daily rates at 6 AM this morning, and for the most part, everything is staying exactly where it was. That bit of stability is a massive relief for anyone with a commute, especially considering how much global crude oil has been jumping around lately thanks to geopolitical tension in the Middle East and supply worries coming out of the U.S. Gulf Coast.

In Delhi, petrol is still retailing at ₹94.77 per liter. Mumbai, predictably, is still dealing with higher local taxes, keeping prices stuck above the ₹100 mark. Interestingly, CNG prices haven’t budged either, which gives the transport sector some much-needed predictability for once. Looking at the latest exchange data, the rupee has held steady enough that we aren’t seeing any immediate spikes in domestic fuel costs.

Fuel and CNG Prices Today

Note: Data based on 2026-02-07.

Here’s the deal: even though these prices look steady on the surface, the underlying costs are definitely shifting. The government is keeping a real close watch on “dealer margins” and how international crude is moving. If the global price of Brent hangs out above $85, we could start seeing some real pressure build up. But for the time being, there’s no need to scramble to the pump to beat an incoming price hike.

Kitchen Essentials: Navigating Vegetable and Dairy Inflation

Let’s look at your grocery bill. If you’ve hit the mandi recently, you’ve likely seen that Vegetable Prices are all over the place. Even though the RBI described food inflation as being in a “benign” phase, specific staples like onions and tomatoes are seeing some sharp localized spikes. We’re right in that transitional season where supply chains tend to get a bit wonky.

milk prices—a total non-negotiable in every Indian home—have basically stayed flat over the past month. Neither Amul nor Mother Dairy have announced any big hikes today, which is a huge win for the monthly budget. However, if you look at the latest PIB data, it’s actually the “non-food” stuff and personal care products where inflation is starting to creep in.

Current Market Rates for Essentials

Note: Data based on 2026-02-07.

A quick tip: a lot of families are switching over to seasonal greens right now just to save a few bucks. It’s honestly a smart move. Since winter vegetables are at their absolute peak supply, you’ll find that prices for things like cauliflower and spinach are actually pretty reasonable compared to what you’d pay in the summer.

Economic Outlook: The RBI Stance and the US Trade Pact

The big story this weekend isn’t just about gold—it’s really about the RBI’s “Neutral Stance.” Governor Sanjay Malhotra and the MPC made the call to hold the repo rate at 5.25%. They’re basically signaling that since the economy is growing at 7.4% and inflation is hovering around 4%, there’s no need to rock the boat. For the rest of us, that means home loan EMIs won’t be dropping anytime soon, but at least they aren’t headed up either.

On top of all that, the India-US trade deal framework announced today is a huge deal. India has agreed to cut down tariffs on industrial goods from the U.S., though they’re being very careful to protect sensitive areas like dairy and specific grains. It’s a tricky balancing act. According to live coverage from The Hindu, various farmers’ groups are already sounding the alarm, but the government is betting that this move will give manufacturing a major boost in the long run.

Things are looking a bit “wait and see” for the stock market as well. After a pretty volatile week, the Nifty has been consolidating near its highs. It’s clear that investors are still chewing on the RBI’s cautious tone and trying to figure out what these new trade deals actually mean. We definitely aren’t in a “runaway bull market” at the moment; it feels much more like a “calculating market.