Gold price today, Feb. 2 -- Gold rates declined sharply in morning trade on the MCX on Monday, February 2, as investors and traders continued booking profits, tracking weak global cues amid increases in CME precious metals margin requirements.

MCX gold February futures fell by nearly Rs.4,800, or over 3%, to drop to Rs.1,37,453 per 10 grams, while MCX silver March futures crashed by over Rs.22,000, or more than 8%, to Rs.2,43,645 per kg.

International gold prices also declined, with the US gold futures April contract falling to $4,605.49 per troy ounce, as increases in margin requirements for precious metals on CME set to take effect.

CME Group is one of the world's largest derivatives marketplaces, which also owns CBOT, NYMEX, and COM...