Mumbai, Feb 2: Gold and silver extended their decline on Monday, as hike in margin requirements are set to take effect on Chicago Merchantile Exchange (CME) in the US.

MCX gold February futures fell 1.77 per cent to Rs 1,45,132 per 10 grams on an intra-day basis. Meanwhile MCX silver March futures dipped 6.88 per cent to Rs 2,47,386 per kg.

Analysts said the free fall of gold and silver from their record highs started after the US President Donald Trump selected Kevin Warsh as the next US Fed Chairman. Investors reacted negatively because Warsh is considered more aggressive on interest-rate policy than earlier chairs, they added.

The decline was further supported by a stronger U.S. dollar, higher Treasury yields, and upbeat US inflation data (PPI and core PPI). As import duty was kept unchanged in the Union Budget the domestic premium in bullion suffered, said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

In international markets silver could find support near $68, while gold may hold around $4,510 this week, analysts forecasted. Spot gold recovered considerably after dropping 4 per cent in early morning session on Monday, during the Asian trading hours.

“Gold has support at Rs 1,39,650 to Rs 1,36,310 zone while resistance at Rs 1,48,850 and Rs 1,50,950. Silver has support at Rs 2,48,810 and Rs 2,37,170 while resistance at Rs 2,78,810 and Rs 2,95,470,” the analyst said.

According to them, the broader market trend for COMEX gold remains constructive, even as the recent vertical rally pushed momentum indicators into overbought territory, leading to heat-driven profit booking and mild price digestion from elevated levels.

Structural supply deficits and steady industrial demand continue to underpin the bullish bias in silver. Persistent safe-haven demand, steady central-bank accumulation, and expectations of accommodative global monetary conditions continue to underpin prices of yellow metal.

A recent report from WhiteOak Capital Mutual Fund said that investors should trim precious metals allocation back to a safe‑haven allocation level, especially on the silver as its valuation had reached the most over-extended level relative to historical periods.

Mumbai: woke up to a cloudy and relatively cool morning on Monday, February 2, with several parts of the city enveloped in a thick smog layer that reduced visibility and posed challenges for early-morning commuters. The persistent haze has once again brought the city’s worsening air quality into sharp focus, as pollution levels continue to remain alarmingly high.

According to the India Meteorological Department (IMD), Mumbai is expected to witness hazy conditions during the early hours, with clearer skies later in the day. Temperatures are likely to range between 23°C and 31°C. While the temperature pattern has stayed largely consistent over the past week, air quality levels have shown worrying instability, raising concerns among health experts and residents alike.
AQI Remains On Edge

Data from AQI.in indicates that Mumbai’s overall Air Quality Index currently stands at around 300, placing it in the ‘Unhealthy’ category and dangerously close to ‘Severe’. What is particularly concerning is the sustained nature of the pollution. Over the past three days, overall AQI levels have remained high, but the last 24 hours have marked a troubling shift.

Air quality in the city remains in ‘poor’ category in the early morning hours before improving slightly during the day. However, on Sunday, AQI levels have consistently fluctuated between 250 and 310, indicating prolonged exposure to unhealthy air. Experts warn that sustained exposure at these levels can impact even individuals without pre-existing health conditions.

The deteriorating air quality has been largely attributed to widespread redevelopment and construction activity across Mumbai. Dust emissions from multiple construction sites have accumulated in the atmosphere, forming a dense concentration of particulate matter. Low wind speeds during early morning hours further prevent dispersion, allowing pollution to linger over large parts of the city.

Several neighbourhoods reported severe to hazardous air quality. Yagna Nagar emerged as the most polluted pocket, recording an AQI of 421, categorised as ‘hazardous’. Other areas with severe readings included Wadala Truck Terminus (374), Sewri West (371), Swastik Park (359) and Hindu Colony (356).

In contrast, limited pockets reported relatively cleaner air. Gamdevi Station 1 recorded an AQI of 52, falling under the ‘Good’ category. Areas such as Thakur Village (170 – Moderate), Dhakoji Sethpada (183 – Poor), Hanuman Nagar (197 – Poor) and Vidya Nagari (213 – Unhealthy) showed varying pollution levels, though several remained above safe thresholds.

As per standard air quality classifications, AQI values between 0 and 50 are considered ‘good’, 51 to 100 ‘moderate’, 101 to 200 ‘poor’, 201 to 300 ‘unhealthy’ and levels above 300 are classified as ‘severe’ or ‘hazardous’.

Mumbai: Late NCP leader Ajit Pawar’s wife, Sunetra Pawar, on Saturday, January 31, took oath as Maharashtra’s Deputy CM at Mumbai’s Lok Bhavan. With her swearing-in, she has become the first woman to become the Deputy Chief Minister of the state. NCP leaders chant ‘Ajit dada amar rahe’ as Sunetra Pawar took oath as Maharashtra Deputy CM.

Maharashtra CM Devendra Fadnavis, Deputy Chief Minister Eknath Shinde, Governor Acharya Devvrat, Chandrashekhar Bawankule, State President of NCP, Sunil Tatkare and NCP MP Praful Patel, Chhagan Bhujbal, among other leaders, were present at Lok Bhavan for the swearing-in ceremony. Before heading to the Lok Bhavan, Sunetra Pawar paid respects at the late Deputy CM Ajit Dada Pawar’s portrait.

Earlier in the day, Pawar was elected as the party’s legislative leader. After Ajit Pawar’s death, a section of NCP leaders had demanded that she be given the post held by her late husband in the Devendra Fadnavis-led cabinet.

Born on October 18, 1963, Pawar is an Indian politician from Maharashtra and comes from the influential Pawar political family.

Speaking of her educational qualifications, she completed her Bachelor of Commerce (B.Com) degree in April 1983 from Dr Babasaheb Ambedkar Marathwada University, S.B. Arts & Commerce College, Aurangabad.

According to her official website, in 2010, Pawar founded the Environmental Forum of India (EFOI), an NGO dedicated to raising environmental awareness and fostering eco-conscious communities.

According to her affidavit, her declared total income for the financial year 2022-23 was Rs 4,22,21,010.

Until the 2024 Lok Sabha elections, Sunetra Pawar had kept a low profile. In the Lok Sabha polls that year, she stood from Baramati as the candidate of her husband’s party, but was defeated by her sister-in-law and incumbent NCP (SP) MP Supriya Sule. Sunetra Pawar was subsequently elected to the Rajya Sabha.

Sunetra Pawar and Ajit Pawar have two sons, Jay Pawar and Parth Pawar, who are actively involved in business and politics.

While speaking to the media, NCP leader Sunil Tatkare said, “We will take Ajit dada’s ashes across the state. We saw a video where a meeting is being held. The meeting took place over tea during an agricultural exhibition. Following the meeting, Ajit Dada stated at a press conference that discussions were held regarding local body elections.”

Ajit Pawar died in the Baramati plane crash on January 28. The incident happened when the jet carrying NCP leader Pawar and others was descending in Pune’s Baramati region.