Silver prices in India witnessed a marginal dip on 2 February 2026, reflecting subdued global cues and stable currency movement. As of today, silver is
priced at Rs 349.90 per gram and Rs 3,49,900 per kilogram, down slightly from the previous session. Silver prices have been falling continuously for the past two to three days, a trend that persisted on Budget Day and has continued today as well. As soon as the market opened today, silver prices on the Multi Commodity Exchange (MCX) plunged by nearly 6%, slipping Rs 15,939 to trade at Rs 2,49,713 per kilogram. On the previous day, silver had already suffered a sharp correction, declining 9% or Rs 26,273 to settle at Rs 2,65,652 per kilogram on the MCX. Overall, silver prices have now fallen more than 36% from their lifetime high of Rs 4,20,048 per kilogram. Earlier, on Friday, silver prices had dropped sharply from the year’s all-time high of Rs 4,20,048 per kilogram to Rs 2,91,911, marking a staggering 30% fall in a single day. Just a day before that, on Thursday, silver prices had surged nearly 9% to hit the record high of Rs 4,20,048 per kilogram. By the end of the last trading session, silver had already become Rs 1,28,137 cheaper from its peak, underscoring the extreme volatility in the market. Internationally, silver prices on COMEX also witnessed heavy selling, falling by $35.89 per ounce, or 31.37%, to $78.531 per ounce. Meanwhile, according to a GoodReturns report, silver prices in the domestic spot market have declined to Rs 3,00,000 per kilogram, after touching Rs 4,10,100 per kilogram on Thursday. Data from the Indian Bullion and Jewellers Association (IBJA) shows that by Monday morning, silver prices had slipped further to Rs 2,65,751 per kilogram. The decline is modest but visible across retail and bulk quantities, indicating cautious sentiment in the precious metals market. Silver Rates Today: Key Highlights
- Silver per gram: Rs 349.90 (down Rs 0.10)
- Silver per kilogram: Rs 3,49,900 (down Rs 100)
This small correction comes after recent volatility in bullion prices, as investors continue to track global economic signals and currency trends.
What Determines Silver Prices in India?
Silver prices in India are primarily influenced by:
- International silver prices, which fluctuate based on global demand, industrial usage, and investment trends
- Rupee–Dollar exchange rate, as silver is traded globally in US dollars
If the rupee weakens against the dollar while global silver prices remain stable, domestic silver prices tend to rise. Conversely, a stronger rupee can soften prices even if international rates hold steady.
Silver Rates in Major Indian Cities
| City | Silver Price (10 grams) | Silver Price (100 grams) | Silver Price (1 kg) |
|---|---|---|---|
| Delhi | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Mumbai | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Kolkata | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Chennai | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Patna | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Lucknow | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Meerut | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Kanpur | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Ayodhya | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Ghaziabad | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Noida | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Gurugram | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Chandigarh | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Jaipur | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Ahmedabad | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Pune | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Ludhiana | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Guwahati | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Indore | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Bhopal | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Surat | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Nagpur | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Nashik | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Bengaluru | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Vadodara | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Bhubaneswar | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Kerala | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Raipur | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Belagavi | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Cuttack | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
| Hyderabad | Rs 3,000 | Rs 30,000 | Rs 3,00,000 |
Silver Price Per Gram and Kilogram (INR)
| Quantity | Today | Yesterday | Change |
|---|---|---|---|
| 1 gram | Rs 349.90 | Rs 350.00 | - Rs 0.10 |
| 8 grams | Rs 2,799.20 | Rs 2,800.00 | - Rs 0.80 |
| 10 grams | Rs 3,499 | Rs 3,500 | - Rs 1 |
| 100 grams | Rs 34,990 | Rs 35,000 | - Rs 10 |
| 1 kg | Rs 3,49,900 | Rs 3,50,000 | - Rs 100 |
While today’s dip is minor, silver remains in focus due to its dual role as an industrial metal and investment asset. Any sharp movement in the dollar, global interest rate expectations, or industrial demand—especially from electronics and renewable energy sectors—could influence prices in the coming sessions.
Investors and buyers are advised to keep an eye on both global silver trends and currency movements before making near-term purchase decisions.
