Silver Price Today, 5 February 2026: Silver prices in India exhibited a stark divergence from the bullish trend in gold on Wednesday, failing to sustain its recovery and triggering a lower circuit on the Multi Commodity Exchange (MCX). The futures market, which traded at a substantial discount to physical rates and highlighted the metal’s struggle to establish stability following last week’s record drop, indicated deep underlying weakness while retail prices gradually increased.
Silver Price Today (5 February, 2026)
- 1 gram: ₹320.10
- 8 grams: ₹2,560.80
- 10 grams: ₹3,201
- 100 grams: ₹32,010
- 1 kg: ₹3,20,100
- The retail price showed a minimal uptick of ₹100 per kg compared to yesterday’s close.
- MCX Silver (Feb 2026) futures were locked at a 4% lower circuit, trading near ₹2,80,000 per kg, creating a massive arbitrage gap with the physical market.
Silver Rate Today: Futures Crash Despite Marginal Physical Gain
- The retail price has recovered over ₹40,000 per kg from the crash low of ₹2,80,000 hit on 3 February.
- However, the continuous lower circuit in futures implies that the recovery is fragile and not backed by derivative market sentiment.
- The market is highly exposed to additional selling pressure, with traders cautious of the severe volatility.
- The difference between physical and futures prices suggests a liquidity problem in the paper markets.
Silver Price Today: MCX Gold & Silver Prices in India
- MCX Silver Futures (Feb 2026): At lower circuit near ₹2,80,000 per kg.
- MCX Gold Futures (Feb 2026): At ₹1,59,440 per 10g, showing strong gains.
The glaring difference in performance between the two metals has extended the Gold-to-Silver ratio significantly.
Silver Prices in Mumbai
- 10 grams: ₹3,201
- 100 grams: ₹32,010
- 1 kg: ₹3,20,100
Physical market rates increased by ₹0.10 per gram, driven by bargain seeking.
Silver Rate Today in Delhi
- 10 grams: ₹3,201
- 100 grams: ₹32,010
- 1 kg: ₹3,20,100
The capital city saw a nominal increase, mirroring the tentative recovery in physical demand.
Silver Prices in Kolkata
- 10 grams: ₹3,201
- 100 grams: ₹32,010
- 1 kg: ₹3,20,100
Prices were uniform across most major hubs, reflecting coordinated physical market behaviour.
Silver Rate in Bengaluru
- 10 grams: ₹3,201
- 100 grams: ₹32,010
- 1 kg: ₹3,20,100
Trading in the physical market was cautious, with participants closely watching MCX for direction.
Silver Prices in Chennai
- 10 grams: ₹3,201
- 100 grams: ₹32,010
- 1 kg: ₹3,20,100
The customary premium for the southern hub has stabilized, with rates now in line with the national average.
Silver Price City-wise (₹/kg)
| City | 10 grams | 100 grams | 1 kg |
|---|---|---|---|
| Chennai | ₹3,201 | ₹32,010 | ₹3,20,100 |
| Mumbai | ₹3,201 | ₹32,010 | ₹3,20,100 |
| Delhi | ₹3,201 | ₹32,010 | ₹3,20,100 |
| Kolkata | ₹3,201 | ₹32,010 | ₹3,20,100 |
| Bengaluru | ₹3,201 | ₹32,010 | ₹3,20,100 |
| Hyderabad | ₹3,201 | ₹32,010 | ₹3,20,100 |
| Kochi | ₹3,201 | ₹32,010 | ₹3,20,100 |
| Pune | ₹3,201 | ₹32,010 | ₹3,20,100 |
| Ahmedabad | ₹3,201 | ₹32,010 | ₹3,20,100 |
Silver Rate in India for Last 10 Days
| Date | 10 grams | 100 grams | 1 kg |
|---|---|---|---|
| 05 Feb, 2026 | ₹3,201 | ₹32,010 | ₹3,20,100 |
| 04 Feb, 2026 | ₹3,200 | ₹32,000 | ₹3,20,000 |
| 03 Feb, 2026 | ₹2,800 | ₹28,000 | ₹2,80,000 |
| 02 Feb, 2026 | ₹3,000 | ₹30,000 | ₹3,00,000 |
| 01 Feb, 2026 | ₹3,500 | ₹35,000 | ₹3,50,000 |
| 31 Jan, 2026 | ₹3,500 | ₹35,000 | ₹3,50,000 |
| 30 Jan, 2026 | ₹3,950 | ₹39,500 | ₹3,95,000 |
| 29 Jan, 2026 | ₹4,100 | ₹41,000 | ₹4,10,000 |
| 28 Jan, 2026 | ₹3,800 | ₹38,000 | ₹3,80,000 |
| 27 Jan, 2026 | ₹3,700 | ₹37,000 | ₹3,70,000 |
Silver Price Movement in February 2026
| Silver Rates | 1 Kg |
|---|---|
| 1 February rate | ₹3,50,000 |
| 05 February rate | ₹3,20,100 |
| Highest rate in February | ₹3,50,000 on February 1 |
| Lowest rate in February | ₹2,80,000 on February 3 |
| Overall performance | Falling |
| % Change | -8.54% |
Futures Market Implodes, Creating Two-Tiered Silver Market
The silver market split into two clear segments today. Physical retail prices edged up on bargain buying, while MCX futures plunged to their daily lower limit. This sharp gap, with futures trading nearly ₹40,000 per kg below physical rates, is rare and points to a serious loss of confidence in paper silver. Analysts say the futures crash was driven by ongoing speculative exits, margin-call selling, and a complete lack of buying interest in derivatives after last week’s crash.
Can Physical Demand Rescue the Silver Market?
The critical question is whether robust physical buying from industries and investors can absorb the selling pressure from the paper market and bridge the massive price gap. The lower circuit suggests that without a significant change in sentiment, futures prices could be forced even lower. The market’s health now depends on whether the physical offtake is strong enough to convince futures traders that a bottom has been formed. The futures market, which traded at a significant discount to physical rates and underscored the metal’s inability to regain stability after last week’s record collapse, revealed deep underlying weakness while retail prices progressively rose.
