Silver Price Today, 3 February 2026: Silver prices in India crash 36% in 5 days! Get the latest MCX rate at ₹2.45 lakh/kg & city-wise prices in Delhi, Mumbai, Chennai, Kolkata & more for 3 February 2026. Full analysis inside.
Silver rate today 03 February 2026
Silver Price Today, 3 February 2026: Silver prices in India reached a dramatic new low on Tuesday, capping off one of the most severe crashes in the metal's history. Five days ago, the market reached a record high of almost ₹4.10 lakh per kg. However, as a "triple threat" of negative factors continues to crush investor mood, the market has entirely reversed course, shedding nearly ₹1.25 lakh per kg.
| City | 10 grams | 100 grams | 1 kg |
|---|---|---|---|
| Chennai | ₹2,999 | ₹29,990 | ₹2,99,900 |
| Mumbai | ₹2,999 | ₹29,990 | ₹2,99,900 |
| Delhi | ₹2,999 | ₹29,990 | ₹2,99,900 |
| Kolkata | ₹2,999 | ₹29,990 | ₹2,99,900 |
| Bengaluru | ₹2,999 | ₹29,990 | ₹2,99,900 |
| Hyderabad | ₹2,999 | ₹29,990 | ₹2,99,900 |
| Kochi | ₹2,999 | ₹29,990 | ₹2,99,900 |
| Pune | ₹2,999 | ₹29,990 | ₹2,99,900 |
| Ahmedabad | ₹2,999 | ₹29,990 | ₹2,99,900 |
| Date | 10 grams | 100 grams | 1 kg |
|---|---|---|---|
| 03 Feb, 2026 | ₹2,999 | ₹29,990 | ₹2,99,900 |
| 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 |
| 26 Jan, 2026 | ₹3,600 | ₹36,000 | ₹3,60,000 |
| 25 Jan, 2026 | ₹3,350 | ₹33,500 | ₹3,35,000 |
Global silver markets witnessed a historic collapse, with prices breaching key technical supports with alarming speed. The sell-off was amplified by a scheduled margin hike from 11% to 15% by the CME Group, effective February 2, which forced a massive unwinding of leveraged speculative positions. Combined with the hawkish Fed chair nomination and the lack of supportive measures in the Indian Budget, the market faced a liquidity crisis. Trading volumes on international exchanges dried up as buyers completely stepped away, leading to a disorderly drop.
The question now is whether this represents a catastrophic end to the bull run or a violently painful, but necessary, correction. Technical analysts point to the breach of the ₹3.00 lakh level as a critical bearish signal, suggesting further downside is possible. However, fundamental analysts argue that the core drivers—the severe physical supply deficit from AI and green energy demand and China's export curbs—remain unchanged. The extreme sell-off is seen by some as a cleansing of speculative "weak hands." The immediate future hinges on whether physical buyers and long-term investors see current levels as a generational buying opportunity or if fear will continue to dominate, pushing prices even lower.
