Silver Price Today, 1 February 2026: Silver prices in India collapsed, with MCX silver crashing to ₹3.5 lakh/kg. Get the latest city-wise rates for Delhi, Mumbai, Chennai & analysis on the Fed & Budget impact.
Silver Price Today, 1 February 2026
Silver Price Today, 1 February 2026: Silver prices in India collapsed in a severe market sell-off on Sunday, recording one of the steepest single-day drops in recent history. Following last week's spectacular surge, intense profit-booking led to the abrupt decline. This was exacerbated by hawkish global cues surrounding the new US Federal Reserve chair and extreme investor caution ahead of today's Union Budget 2026 presentation. Prices have now tumbled nearly ₹60,000 per kilogram from the all-time high of ₹4.10 lakh touched just three days ago.
| City | 10 grams | 100 grams | 1 kg |
|---|---|---|---|
| Chennai | ₹3,200 | ₹32,000 | ₹3,20,000 |
| Mumbai | ₹3,500 | ₹35,000 | ₹3,50,000 |
| Delhi | ₹3,500 | ₹35,000 | ₹3,50,000 |
| Kolkata | ₹3,500 | ₹35,000 | ₹3,50,000 |
| Bengaluru | ₹3,500 | ₹35,000 | ₹3,50,000 |
| Hyderabad | ₹3,200 | ₹32,000 | ₹3,20,000 |
| Kochi | ₹3,200 | ₹32,000 | ₹3,20,000 |
| Pune | ₹3,500 | ₹35,000 | ₹3,50,000 |
| Ahmedabad | ₹3,500 | ₹35,000 | ₹3,50,000 |
| Date | 10 grams | 100 grams | 1 kg |
|---|---|---|---|
| 01 Feb, 2026 | ₹3,500 | ₹35,000 | ₹3,50,000 |
| 31 Jan, 2026 | ₹3,950 | ₹39,500 | ₹3,95,000 |
| 30 Jan, 2026 | ₹4,100 | ₹41,000 | ₹4,10,000 |
| 29 Jan, 2026 | ₹3,800 | ₹38,000 | ₹3,80,000 |
| 28 Jan, 2026 | ₹3,700 | ₹37,000 | ₹3,70,000 |
| 27 Jan, 2026 | ₹3,600 | ₹36,000 | ₹3,60,000 |
| 26 Jan, 2026 | ₹3,350 | ₹33,500 | ₹3,35,000 |
| 25 Jan, 2026 | ₹3,350 | ₹33,500 | ₹3,35,000 |
| 24 Jan, 2026 | ₹3,400 | ₹34,000 | ₹3,40,000 |
| 23 Jan, 2026 | ₹3,250 | ₹32,500 | ₹3,25,000 |
| Date | 1 kg Rate | Monthly Milestone |
|---|---|---|
| 1 Jan, 2026 | ₹2,38,000 | Month Open |
| 29 Jan, 2026 | ₹4,10,000 | All-Time Record High |
| 31 Jan, 2026 | ₹3,95,000 | Profit-Booking Begins |
| 1 Feb, 2026 | ₹3,50,000 | Severe Crash |
Global silver prices witnessed a bloodbath, crashing over 15% as a perfect storm of negative factors converged. The primary catalyst was a sharp reversal in investor sentiment following the nomination of a perceived hawkish US Federal Reserve chair, which sent the US dollar soaring and crushed dollar-denominated commodities. This was made worse by the CME Group's planned margin increase on silver futures, which went into effect tomorrow and compelled leveraged speculators to sell the enormous long positions they had accumulated during the record rise in January. Tens of thousands of dollars per contract were lost in a matter of hours during the ensuing sell-off, which was among the most violent in the metal's history.
Whether today's crash represents a healthy correction or a final end to the bull run is a topic of debate among analysts. Technical indicators have breached important support levels, indicating that further declines may be on the horizon soon. However, fundamentalists argue that the long-term drivers—acute physical supply shortages from China's export curbs and insatiable industrial demand from the AI and green energy sectors—remain firmly intact. The Union Budget 2026's comments about import taxes on gold and silver will set the immediate course for Indian markets. While maintaining the status quo would help prices find a floor following the harsh correction, raising taxes could further reduce domestic demand.
