Silver Price Today, 5 February 2026: Silver price crashes on MCX! Check today's city-wise silver rate in Delhi, Mumbai, Chennai & Kolkata. MCX silver futures hit lower circuit, trading at ₹2.8 lakh/kg as market remains volatile.
Silver Price Today, 5 February 2026
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.
The glaring difference in performance between the two metals has extended the Gold-to-Silver ratio significantly.
Physical market rates increased by ₹0.10 per gram, driven by bargain seeking.
The capital city saw a nominal increase, mirroring the tentative recovery in physical demand.
Prices were uniform across most major hubs, reflecting coordinated physical market behaviour.
Trading in the physical market was cautious, with participants closely watching MCX for direction.
The customary premium for the southern hub has stabilized, with rates now in line with the national average.
| 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 |
| 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 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% |
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.
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.
