Silver Price Today in India (4th Feb 2026) Highlights: Silver prices continue to be in focus as traders track sharp global developments and lingering volatility in precious metals. After a dramatic sell-off followed by a quick rebound, the white metal is now trading close to the Rs 2.8 lakh per kilogram level in the domestic market. This might have left many investors divided on whether stability is finally returning or if this is just a pause before the next move.
Sharp fall, equally sharp rebound
Silver recently witnessed a steep correction after touching record highs of around Rs 4.2 lakh per kilogram in late January. From those levels, prices fell by nearly Rs 2.4 lakh or about 36%, in just a few sessions as global selling pressure intensified.
However, the white metal then rebounded strongly, rising by over 9% in a single session.
Key global factors behind the volatility
The sharp development in the silver prices were driven by global factors such as changes in expectations around US monetary policy, a weaker US dollar, and higher margin requirements for precious metal futures.
Apart from these, reduced availability of major economic data has left markets reacting more to headlines and positioning.
Although there was a recovery, silver remains well below its recent peak, highlighting the scale of the correction. Any fresh shift in global interest rate expectations or currency moves could trigger another sharp reaction in the white metal.
Silver Rate Today in India Live Updates: UBS warns silver remains too volatile after sharp sell-off
UBS said volatility was already elevated before the sell-off but spiked dramatically as prices collapsed. One-month historical volatility stood near 55% before the fall and surged to about 115% afterward, while three-month volatility climbed to roughly 78%.
According to UBS, volatility at these levels significantly alters silver’s risk profile. With such extreme price swings, the likelihood of further sharp moves remains high even after the correction.
Given this backdrop, UBS said it is too early to build long-term exposure to silver, urging investors to weigh the returns required for an asset that has recently shown 60–120% volatility.
Silver Rate Today in India Live Updates Analysts on metal price correction
"After such a sharp rally, a correction was expected, it was not surprising and with gold coming back up, the fundamentals have not changed much," ANZ analyst Soni Kumari said, adding that the geopolitical and economic backdrop remained mostly unchanged.
Silver Rate Today in India Live Updates: Madurai gold, silver rates
In Madurai, precious metals have seen a significant price jump. Gold surged by Rs 689, pushing the rate for 24K gold to Rs 16,256 per gram. Silver also followed the upward trend, increasing by Rs 20 to reach Rs 320 per gram.
The Silver, Gold ETF investment strategy: What investors mis-read during ‘panic’ sell-off
Gold and silver-linked ETFs staged a smart recovery. However, given the extent of the fall, it surely made investors skeptical. However, leading fund managers believe that ‘panic’ is not the right response in this type of situation. Especially for gold, they believe the risk-reward situation is attractive at the moment.
MCX silver futures for March 5 closed at Rs 2,68,234 per kg on February 3, rising 13.63% on the day, while gold futures for April 2 settled at Rs 1,52,200 per 10 grams, up 5.70%. The recovery followed heavy selling over the previous sessions, when sentiment turned sharply negative despite no meaningful change in underlying fundamentals. Read more
Silver Rate Today in India Live Updates: Silver ETFs sharp risely
Silver ETFs moved sharply in today's tade. Mirae Asset Silver ETF surged 15.43% to Rs 254.36. HDFC Silver ETF climbed 15.34% to Rs 248.22, SBI Silver ETF rose 14.54% to Rs 253.77, while UTI Silver ETF and Tata Silver ETF advanced 14.04% and 13.51% respectively. The size of the one-day move showed how quickly sentiment can turn once selling pressure eases.
Silver Rate Today in India Live Updates: Silver on MCX rises 14%
MCX silver futures for March 5 closed at Rs 2,68,234 per kg on February 3, rising 13.63% on the day, while gold futures for April 2 settled at Rs 1,52,200 per 10 grams, up 5.70%. The recovery followed heavy selling over the previous sessions, when sentiment turned sharply negative despite no meaningful change in underlying fundamentals.
Read more: Silver, Gold ETF investment strategy: What investors mis-read during ‘panic’ sell-off
Silver Rate Today in India Live Updates: Silver up 6% on MCX
On MCX, the March delivery contract of silver was trading at Rs 2,83,735 per kg, up 5.87%
In international markets, spot silver is trading near the $90/oz mark.
Silver Rate Today in India Live Updates: UBS forecast silver at $100/oz by March
-UBS forecast silver prices to reach $105/oz mark by March 2026.
-The firm expects the prices to fall to $100/oz mark by June 2026.
-For September it expects the silver prices to trade at $95/oz, and by -December the firm says prices may lower to $85/oz mark.
The firm stressed that the forecasts must be taken into consideration alongside the volatility.
According to UBS Chief Investment Office, further adjustment is needed before price levels better match the risks now present in the silver market.
Silver Rate Today in India Live Updates: Silver ETFs rise sharply during midday session
Silver exchange traded funds are trading higher during the midday session on Feb 4, 2026, tracking the sharp intraday rise in silver futures.
Edelweiss Silver ETF is higher by 6.40%, traded at Rs 263.18. Kotak Silver ETF is up 5.98%, traded at Rs 320.14. Axis Silver ETF is higher by 5.61%, traded at Rs 328.86. UTI Silver ETF is up 5.61%, traded at Rs 315.39.
Tata Silver Exchange Traded Fund is higher by 5.32%, traded at Rs 34.39. Mirae Asset Silver ETF is up 5.29%, traded at Rs 256.59. ICICI Prudential Silver ETF is higher by 4.84%, traded at Rs 331.08.
Silver Rate Today in India Live Updates: MCX Silver rises 7%
As of 01:18 pm (IST), the March delivery contract of silver was up 6.56% on MCX trading at Rs 2,85,584 per kg.
In the international markets, spot silver hit its intraday high crossing the $90/oz mark, up 5% on day
Earlier silver prices has touched their record high levels in the international markets on January 29, when it hit the $120/oz mark. The white metal has fallen to its record lows on February 2 when it hit the $72/oz mark.
As prices now stage a recover, analysts have said that silver is likely to remain more volatile as compare to gold.
Silver Rate Today in India Live Updates: Silver prices across different cities
Silver is trading at different prices across various cities of India
In Chennai 10 grams silver is priced at Rs 2,784.8
While in Mumbai 10 grams silver is slightly lower at Rs ₹2,776.7
In Delhi silver is priced at Rs 2,771.9 per 10 grams
For Kolkata silver price stands at Rs 2,773 per 10 grams
Silver Rate Today in India Live Updates: Silver ETFs see steady growth
Silver prices have staged a recovery from their intraday lows, as confidence over the India-US trade deal boosted the market sentiment. US President Donald Trump has said reciprocal tariffs on Indian imports would be lowered to 18% from 25%.
The price recovery is seen in ETFs as well, as Nippon India Silver ETF was up over 4%, while Tata Silver ETF was up nearly 5%. ICICI Prudential too saw similar gains at 4% along with HDFC Silver ETF which had gained over 4%.
Silver Rate Today in India Live Updates: MCX Silver up 5%
On MCX, the March delivery contract of Silver was up 4.77% on MCX trading at Rs 2,80,793 per kg. The price is as of 11:24 am (IST).
The contract had opened at Rs 2,78,015 per kg and touched an intraday low of Rs 2,75,044 per kg.
For all the details pertaining to futures contracts and their delivery viewers are advised to check the official website of MCX.
Silver Rate Today in India Live Updates: Silver prices supported by supply deficit
Analysts have said that the supply deficit for silver continues to support its prices in the longer run.
On the demand front, physical demand for silver continues to rise as it is increasingly being deployed in new industrial usages, including solar photovoltaic cells, electric vehicles, and increasing requirements of silver hardware in data centres and AI.
While silver production continues to face hurdles over declining ore grades at existing silver mines, and increasing production costs.
On MCX, the March delivery contract of silver was up 5.6% trading at Rs 2,83,200 per kg.
Provding an outlook for silver prices on MCX, Ponmudi R, CEO of Enrich Money, said , "The ₹2,20,000–₹2,35,000 zone remains a strong structural base. Immediate resistance is seen at ₹2,90,000–₹3,00,000, with potential extension toward ₹3,25,000 if momentum sustains. Dips continue to offer accumulation opportunities for positional participants."
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.
Silver Rate Today in India Live Updates: MCX Silver up 5%
The most-active March delivery contract of silver on MCX rose nearly 5.16% to Rs 2,81,853 per kilogram.
The contract opened Rs 2,78,015 per kilogram. Prices of precious metals are gaining as the dollar index eased from its recent advances.
Geopolitical tensions between US-Iran continue to weigh on the prices of precious metals like gold and silver. In the early hours of Tuesday, morning, US military announced that it had shot down an Iranian drone, which further added to the safe-haven demand of the precious metal.
As per reports both the countries are trying to negotiate, to de-escalate political tensions. Also, AFP citing an Arab official said that a meeting between US and Iran is likely to take place in Turkey on February 6.
Geopolitical tensions increase the safe-haven appeal of precious metals like gold, silver, and platinum as they are non-interest yielding asset
Silver Rate Today in India Live Updates: Silver rates today across major Indian cities
In Chennai, silver is priced at Rs 2,696.7 per 10 grams.
In Mumbai, silver is trading at Rs 2,674.1 per 10 grams.
In Delhi, the 10-gram silver rate stands at Rs 2,684.3
In Kolkata, silver is available at Rs 2,670.5per 10 grams.
Silver Rate Today in India Live Updates: Silver prices rise on supply constraints
Analysts have said that the prices of silver continue to be supported by the mismatch between demand and supply of the white metal.
Silver demand has been on a rise because of its usage in photovoltaic cells, EVs, defence equipment and AI data centres.
The CME Group hiked the margins for futures contracts of silver citing that the margins were being revised due to the recent volatility in the precious metals markets.
Silver futures margin requirements for non-heightened risk profiles have been increased to 15% from the current initial margin of 11%. For heightened risk profiles, the new initial margin for silver stands at 16.5%, up from the current 12.1%.
The hike came into effect from February 2, 2026. Following the implementation of the hike, prices started staging a recovery from February 3, 2026.
Read More: Gold, silver plunge: MCX, CME margins revised- What it means for investors
Silver Rate Today in India Live Updates: Silver more volatile than gold
In the international markets, spot silver was trading at the $88/oz level. up nearly 4% on the day.
Analysts cited by Reuters have said that silver prices are likely to remain more volatile as compared to gold.
Silver Rate Today in India Live Updates: Industrial demand could face pressure at high prices
Silver’s heavy reliance on industrial demand adds another layer of risk. UBS noted that more than 50% of silver demand comes from industrial uses.
As per the report, even after the sharp fall, current prices may still lead to reduced industrial consumption over time. UBS said end-users often cut usage, optimise designs, or shift to alternatives when prices remain elevated.
Silver Rate Today in India Live Updates: UBS says it is too early to turn positive on Silver
UBS maintains a cautious stance. The firm said the sharp fall “does not, by itself, make silver attractive.” High volatility, weakening demand signals, margin pressures, and an unfavourable risk-return balance remain key concerns. UBS believes prices need to stabilise and volatility must decline before long-term positions become viable. As per the UBS report, investors should focus on capital preservation rather than chasing rebounds. Until conditions improve, UBS said it is “too early to build long-term exposure to silver,” despite the magnitude of the recent decline.
Silver Rate Today in India Live Updates: Volatility jumped to exceptionally high levels
Volatility surged sharply during the correction, changing silver’s risk profile. UBS in its report noted that one-month historical volatility rose from about 55% before the fall to nearly 115% after the collapse, while three-month volatility climbed to around 78%. As per the UBS report, such levels are far outside normal trading ranges.
UBS warned that when volatility remains this elevated, the probability of further large price swings stays high even after a sharp correction. This environment makes timing difficult and increases downside risk. UBS said investors should “carefully consider the return required” when dealing with an asset showing 60–120% volatility.
Silver Rate Today in India Live Updates: Silver stays volatile
Silver prices have swung sharply in recent sessions. While the metal managed to recover some ground on Tuesday, it continues to trade well below recent highs. Ongoing policy uncertainty in the United States, including tariff-related actions, questions around the Federal Reserve’s independence and broader geopolitical signals linked to President Donald Trump’s return, has added to market nervousness, keeping silver volatile rather than stable.