India Market Report Feb 6, 2026: Gold Dips, RBI Holds Repo Rate, and Fuel Stability

RBI Plays the Long Game: Stability Over Surprises

If you were expecting a radical shift in interest rates this morning, the Reserve Bank of India had other plans. Governor Sanjay Malhotra, in his first policy review of 2026, decided to keep the benchmark repo rate steady at 5.25%. From where I sat watching the live broadcast, the mood in the room felt decidedly cautious yet optimistic. The “neutral” stance was maintained, which essentially tells us that the central bank is waiting for more data before making its next move.

Interestingly, the central bank also opened up lending avenues for Real Estate Investment Trusts (REITs). This might seem like a technical footnote, but it’s a big deal for the property sector. It signals a move to deepen the financing pool for real estate, which has been starving for professional capital. By the time the closing bell rang, the Sensex had climbed over 260 points, largely because the market hates surprises and today, the RBI delivered exactly what was expected.

Bullion Market: A Cold Shower for Gold and Silver Bulls

It was a bit of a “bloodbath” for silver today, to be honest. If you’ve been following the meteoric rise of precious metals lately, today felt like a necessary, albeit painful, reality check. Silver prices crashed by nearly 10% in some sessions, settling around the ₹2.75 lakh per kg mark in cities like Delhi. I spoke to a dealer in Zaveri Bazaar earlier today, and he mentioned that the global selloff—triggered by a strengthening US dollar and some high-stakes diplomatic meetings in Oman—caught many local speculators off guard.

Gold didn’t escape the pressure either, though it held its ground much better than its silver cousin. We saw 24K gold hovering around ₹1.54 lakh per 10 grams. While that’s still historically high, it’s a breather for those looking to buy for the ongoing wedding season. It’s funny how a “drop” still leaves us at such astronomical levels compared to just a year ago.

City-wise Precious Metal Rates (Feb 6, 2026)

Note: Data based on 2026-02-06.

According to the latest data from Angel One, the MCX silver futures actually dropped to an intraday low of ₹2,29,187 at one point before finding some support. It’s a volatile time to be an investor in “safe havens.”

Energy Watch: Pump Prices Hold Steady

As I drove past a petrol pump in Noida this morning, the digital boards hadn’t changed a bit. It seems the OMCs (Oil Marketing Companies) are in no hurry to pass on small fluctuations in global crude to the consumer. Petrol remains firmly above the ₹100 mark in most metros, which continues to be a sticking point for middle-class budgets.

The CNG story is equally stagnant. In Delhi, you’re still paying roughly ₹77.09 per kg. While this is cheaper than liquid fuels, the “gap” is narrowing in other states like Uttar Pradesh where CNG is inching closer to ₹90-95 in some districts. For those who switched to CNG to save money, the math is getting a bit tighter these days.

Today’s Fuel Rates Across India

Note: Data based on 2026-02-06.

*Approximate rates based on local distribution data.

Kitchen Essentials: A Winter Relief for Consumers

There is some genuine good news from the Mandis. Our ground reports from the Azadpur Mandi suggest that tomato and onion supplies are looking very healthy. The all-India average for potatoes is sitting around ₹23 per kg, which is quite manageable. To be honest, it’s about time we had some relief in the vegetable aisle after the spikes we saw late last year.

Dairy, however, remains a bit of a “stubborn” category. While global dairy prices have actually dipped according to the FAO Food Price Index, Indian consumers aren’t seeing much of that reflected at their doorstep. milk prices have stabilized, but at a higher base. The average retail price of milk across India is roughly ₹59.33 per litre. If you’re buying premium pouch milk in Mumbai or Delhi, you’re likely paying closer to ₹66-68.

Frequently Asked Questions

As the day winds down, the Indian market seems to be breathing a sigh of relief. The RBI’s “no-nonsense” approach has provided a floor for the equity markets, even if the “glitter” has faded slightly from the gold counters. What this means for you is a period of relative predictability—at least for the next few weeks. I’ll be keeping a close eye on the US trade deal developments, as that’s the next big variable that could shake things up.