Silver Price Today in India (3rd Feb 2026) Live Updates: Silver rates continue to be in focus today (February 3) after the metal continued to extend losses following its steep fall. The white metal has been on a roller-coaster ride in recent weeks. This has kept the traders and investors on the edge.
Looking at its level, the precious and industrial metal has plunged sharply from a peak of Rs 4,20,000 per kilogram to around Rs 2,65,000. This marks a decline of more than 35%.
In early deals today, Silver prices are showing signs of a rebound. Spot silver has risen nearly 8% to $82.74, partially recovering from its recent steep fall.
Futures market adds pressure
One of the key reasons for the recent turbulence in silver was partly driven by the Chicago Mercantile Exchange, or CME. The exchange increased the initial margins on COMEX silver futures by more than 15% in late January 2026. This raised the cost of holding leveraged positions, prompting traders to reduce exposure quickly.
Industrial demand and global cues shape trends
Silver is not only a precious metal but also a working metal, with 50–55% of global demand coming from sectors like solar energy, electronics, automobiles, and electrical equipment. Expectations of tighter monetary policy by the United States Federal Reserve and risk aversion in commodity markets have further influenced trading.
With both industrial and investment demand affecting prices, investors will be closely monitoring the silver price.
Silver Rate Today Live Updates | MCX Silver Price Today | MCX Silver Rate Today Live on 3rd Feb 2026
Silver Rate Today in India Live Updates: Geojit Investments on the selloff
“Gold and silver are showing early signs of stabilisation after last week’s historic selloff, with both metals rebounding modestly as investors reassess whether the downturn was structural or simply an overshoot,” Hareesh V, Head of Commodity Research, Geojit Investments said.
He added that the main triggers for bullion remain intact which suggesting a correction was largely due short term drivers rather than any underlying big fundamentals.
” Prices are now attempting a mild recovery as markets digest the impact of margin hikes, a stronger U.S. dollar, and repositioning linked to the Fed chair nomination,” he added
He added that the trading sessions are going to be choppy and a sustained recovery may unfold. However, further liquidation risks will only re-emerge if prices break last week’s lows, which currently serve as key support levels.”
Silver Rate Today in India Live Updates: Strong trend holds firm as markets cool off after sharp rally
According to Ponmudi R, CEO at Enrich Money , the overall market structure remains positive, though the sharp earlier rally drove momentum into overbought levels, leading to profit-taking and a phase of healthy consolidation. Prices are still comfortably above important moving averages, suggesting this is a technical pause rather than a shift in trend. If the market continues to consolidate above this support zone, it could pave the way for the next upward move, with a clear breakout above the $5,000–$5,100 range likely to revive momentum toward previous highs.
Silver Rate Today in India Live Updates: Analysts prediction
Analysts have said that the prices of silver continue to be supported by the mismatch between demand and supply of the white metals.
Silver demand has been on a rise because of its usage ik photovoltaic cells, EVs, defence equipment and AI data centres.
Silver Rate Today in India Live Updates: Silver beats gold with 26% returns in a decade
Silver has delivered a 26.1% return over the past 10 years, outperforming gold during the period, largely due to its inelastic supply.
Silver Rate Today in India Live Updates: Retail frenzy fades as markets look to China for support
“There has been a massive surge of retail investors piling into these markets,” said Ole Hansen, Saxo Bank’s head of commodity strategy. He added that finding a price floor now depends largely on China—one of the main drivers of recent demand—and on a cooling in market volatility.
Silver Rate Today in India Live Updates: US jobs report delayed amid shutdown concerns
US Bureau of Labor Statistics said the closely watched January jobs report will not be released this Friday due to the ongoing partial federal government shutdown. The House of Representatives is scheduled to reconvene on Monday to take up related legislation, with a final decision expected on Tuesday.
Unlike last year’s record 43-day shutdown that disrupted key economic data releases, the Commerce Department remains funded through September 30.
Meanwhile, investors continue to price in at least two interest rate cuts by the Federal Reserve in 2026. Lower interest rates typically support non-yielding assets such as gold, which tend to perform better in a declining rate environment.
According to Jateen Trivedi, VP Research , Commodity & Currency, LKP Securities, "US Nonfarm Payrolls and Unemployment data will be closely tracked, as they remain critical inputs for the Fed’s rate outlook and could inject further volatility into bullion. Technically, Gold has immediate support near Rs 1,45,000, while resistance is seen around Rs 55,000. "
Silver Rate Today in India Live Updates: Gold, silver find support after historic selloff
Gold and silver are showing early signs of stabilisation following last week’s historic selloff, with both metals posting a modest rebound as investors reassess whether the decline was structural or an overshoot, according to Hareesh V, Head of Commodity Research at Geojit Investments.
He added that the key triggers for bullion remain intact, suggesting the correction was driven largely by short-term factors rather than any major shift in underlying fundamentals.
“Prices are now attempting a mild recovery as markets digest the impact of margin hikes, a stronger U.S. dollar, and repositioning linked to the Fed chair nomination,” he added.
He added that trading sessions are likely to remain choppy, with a sustained recovery unfolding gradually. However, he cautioned that fresh liquidation risks would emerge only if prices break last week’s lows, which currently act as key support levels.
Silver Rate Today in India Live Updates: Silver ETFs see more aggressive move
Silver ETFs responded quickly to the stronger MCX prices. Tata Silver Exchange Traded Fund traded at a NAV of Rs 34.39 and advanced 7.52% today, carrying a one-year return of 278.25%. Nippon India Silver ETF saw its NAV at Rs 317.06 and rose 6.07% with a one-year return of 251.61%. Zerodha Silver ETF moved up 5.56%, trading at a NAV of Rs 33.49. ICICI Prudential Silver ETF increased 4.36% with a NAV of Rs 331.08 and a one-year return of 253.59%,
Silver ETFs are reacting more aggressively than gold ETFs to the stronger move in following MCX prices this morning, with multiple silver schemes posting double‑digit percentage gains for the session.
Read More: Silver, Gold prices recoup, spurs big moves all major Gold and Silver ETFs
In Chennai, silver is priced at Rs 3,000 per 10 grams.
In Mumbai, silver is trading at Rs 2,800 per 10 grams.
In Delhi, the 10-gram silver rate stands at Rs 2,800.
In Kolkata, silver is available at Rs 2,800 per 10 grams.
Silver Rate Today in India Live Updates: Gold and Silver showing signs of stabilisation
"Gold and silver are showing early signs of stabilisation after last week’s historic selloff, with both metals rebounding modestly as investors reassess whether the downturn was structural or simply an overshoot," Hareesh V, Head of Commodity Research, Geojit Investments said.
He added that the main triggers for bullion remain intact which suggesting a correction was largely due short term drivers rather than any underlying big fundamentals.
" Prices are now attempting a mild recovery as markets digest the impact of margin hikes, a stronger U.S. dollar, and repositioning linked to the Fed chair nomination," he added
He added that the trading sessions are going to be choppy and a sustained recovery may unfold. However, further liquidation risks will only re-emerge if prices break last week’s lows, which currently serve as key support levels."
Silver prices are making a come back as spot silver again touched a new-intraday high at $87.5/oz, up over 10% on day.
The white metal started the day trading at $79/oz mark and has been on a winning spree. This marks a huge recovery for silver which had been shedding losses in the previous sessions.
Silver Rate Today in India Live Updates: Silver ETFs heavy recovery
Silver rates have recovered sharply from their intraday lows, owing to the confidence over the India-US trade deal as Donald Trump had reduced tariffs on Indian imports to 18% from 25%.
The prices hike is evident in ETFs as well, as ICICI prudential silver Exchange-Traded Fund was up nearly 13%, while Tata Silver ETF was up 16%, Nippon India Silver ETF was up 15%, while HDFC Silver ETF was up 18%
Spot silver on MCX was also up at Rs 2,62,152 per kg.
Silver Rate Today in India Live Updates: Silver ETFs bounce back
MCX silver rose nearly 9% to Rs 2,55,000 per kilogram.
Silver-focused exchange-traded funds (ETFs) also gained momentum after a recent slump. The HDFC Silver ETF led with a rise of around 11%, Mirae Asset Silver ETF climbed roughly 10%, and SBI Silver ETF increased by about 10%.
Silver Rate Today in India Live Updates: Silver intraday high at $86/oz
Spot silver touches new-intraday high at $86.58/oz, up nearly 9% on day. In the morning session spot silver was trading near the $85/oz mark.
This marks a huge recovery for silver which was trading in the $77/oz mark yesterday.
Silver Rate Today in India Live Updates: Markets eye two rate cuts by Fed
Despite, the nomination of Kevin Warsh for the next chair of US Federal Reserve, markets are eyeing in two rate cuts by the Fed.
Kevin Warsh, former federal governor is known for his hawkish stance, yet the bets of rate cuts are on charts.
With the rate cut in sight, it is likely that prices of precious metals are likely to remain elevated over the longer run as lower interest rate increase the appeal of non-interest yielding assets like gold and silver.
Silver Rate Today in India Live Updates: Analyst says broader trend remains bullish
"COMEX Silver is consolidating in the $75–$85 range after testing record highs above $121.6. The broader bullish structure remains intact, though the sharp rally led to overbought conditions and aggressive profit booking," Ponmudi R, CEO of Enrich Money said.
He added that rise in prices suggests healthy consolidation rather than trend exhaustion.
"Support lies at $71–$75, while a sustained breakout above $88–$90 could trigger the next impulsive move toward $100–$105. Structural supply deficits and steady industrial demand continue to support the bullish bias." the analyst said.
Silver Rate Today in India Live Updates: Silver back to second half of January
On MCX, the March delivery contract for silver was up 7.09% with the LTP at Rs 2,53,019 per kg. Silver has gained by over 20% for the month of January
"The current prices take gold and silver back to where they were, early in the second half of January.," Reuters quoted Kyle Rodda, a senior market analyst at Capital.com as saying.
Silver Rate Today in India Live Updates: MCX Silver futures up 7%
On MCX the most-active silver contract was up 6.45% trading with its LTP at Rs 2,51,500 per kg. The contract had opened at Rs 2,45,711 per kg.
Silver Rate Today in India Live Updates: Silver crashed on nomination of Kevin Warsh
On January 30, spot silver marked one of its steepest declines since 1983, as the white metal plunged by 27%.
The crash came in largely due to the nomination of Kevin Warsh as the next chair of Fed, known viewed for his hawkish stance. Analyst have said his nomination drove Chinese speculators from the markets. Adding the this was the margin hike by the CME group on future contracts of precious metals.
Silver Rate Today in India Live Updates: Dramatic unwind in gold and silver markets
Speaking on the dramatic unwinding in gold and silver markets, Hareesh V, Head of Commodity Research, Geojit Investments said, "A dramatic unwind hit gold and silver markets over the past two days, erasing a chunk of their record‑breaking January gains. The plunge began after CME Group hiked margin requirements on both metals forcing leveraged traders to liquidate positions and accelerating a wave of selling."
He added that, "in addition, the selloff intensified as markets digested reports that US President Donald Trump is set to nominate Kevin Warsh—viewed as a hawkish, dollar‑supportive choice—as the next Federal Reserve Chair. The shift revived expectations of tighter policy and triggered a sharp rebound in the U.S. dollar, which is negative for precious metals."
According to Geojit's Hareesh V, "the correction was amplified by extreme overbought conditions after gold and silver touched unprecedented highs just days earlier, with silver having surged more than 60% in a month and gold over 20%. Profit‑taking cascaded into panic selling as liquidity thinned and volatility spiked."
Experts believe that the violent drop more like a technical correction than a deterioration in core fundamentals, noting that longer‑term drivers—geopolitical tensions, central‑bank buying and macro uncertainty—remain intact.
Also Read: Should you buy the silver dip? The Rs 1.5 lakh meltdown and your 2026 investment strategy
Silver has climbed up by over 20% from its lows in just 12 hours.
On Comex, silver touched a high of $85/oz in the intraday session. Yesterday silver was trading near the $71/oz range.
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Silver prices recovered after witnessing a steep decline yesterday. On Comex, spot silver is trading near $83 mark.
Analysts have said that the prices of silver continue to be supported by the mismatch between demand and supply of the white metals.
Silver demand has been on a rise because of its usage ik photovoltaic cells, EVs, defence equipment and AI data centres.