Silver Price Today, 02 February 2026: Check the latest silver rates in India. MCX silver price remains steady, with city-wise prices in Delhi, Mumbai, Chennai & more.
Silver Price Today, 02 February 2026
Silver prices in India on 02 February 2026 remained largely steady across key retail markets, even as global precious metals experienced fluctuations. MCX silver futures traded in a narrow range, reflecting market consolidation after recent highs. Investors and jewellers maintained a cautious stance, assessing overall demand and pricing trends.
Major cities reported little change in rates, with silver continuing to track global cues and local industrial demand. Analysts said profit-taking and subdued retail activity contributed to the stable pricing. Overall, silver remained range-bound, providing a breather after the sharp movements seen in late January.
Silver prices in India traded on a stable note on February 2, 2026, following the sharp correction seen after recent record highs and the immediate impact of the Union Budget 2026. After heavy selling pressure in late January, prices entered a consolidation phase, with cautious buying emerging at lower levels.
Overall, silver remained range-bound, tracking global cues and industrial demand sentiment rather than any fresh domestic triggers.
According to some price feeds, silver in India was trading around ₹2,925 per 10 grams, ~₹29,250 per 100 grams and ~₹2,92,505 per kg as of the latest update. These rates may reflect slightly lower spot pricing but broadly align with the city-wise figures above.
Silver prices have been under pressure after reaching multi-month peaks earlier this month. Historically, silver jumped past ₹4 lakh per kg in late January before correcting sharply as investors booked profits.
Market sources pointed out that silver’s correction over recent sessions — including sharp declines in futures trading — has been driven by profit-taking, global economic cues and broader sell-offs in metals markets. Some reports noted silver hitting lower circuit levels in futures, signalling volatility.
Global Sentiment: Precious metal prices have been volatile globally, with silver often reacting more sharply than gold due to its industrial demand component.
Profit-Taking: After roaring rallies earlier in the month, investors have booked profits, leading to notable corrections in silver futures on exchanges like MCX.
Local Demand & Retail Trends: Unlike gold, silver’s retail market is heavily influenced by local jewellers and investor appetite, resulting in a wide range of prices city-by-city.
Analysts warned that while short-term volatility may persist, silver’s industrial demand — particularly from electronics, green energy and solar sectors — continues to support its long-term outlook.
Yesterday (01 Feb 2026), silver prices saw a sharp correction from recent highs, with some reports showing declines of nearly ₹45,000 per kg in MCX futures. Retail city-wise movements reflected this pressure, though physical spot rates remained relatively sticky.
Today’s retail prices are generally in line with or slightly below yesterday’s levels, suggesting limited immediate upside and a trading range being established after recent sell-offs.
Market experts say that silver’s recent correction could be seen as a buying opportunity for long-term investors, especially as industrial demand remains robust. However, short-term traders should watch key support levels and global cues before entering fresh positions. Sell-offs after sharp rallies are not uncommon and often create temporary dislocations in prices.
