Current Silver Prices — India (As on 06 Feb, 2026)

Here’s the latest official silver price data in India for key weight categories: 

Weight Rate Today (₹) Change vs Yesterday

• 1 Gram ₹ 337.10 —
• 10 Gram ₹ 3,371.00 —
• 100 Gram ₹ 33,710.00 —
• 1 Kg ₹ 3,37,100.00 —

City-wise 1 kg Prices:

• Delhi: ₹ 3,37,100
• Mumbai: ₹ 3,36,100
• Pune: ₹ 3,38,100
• Kolkata: ₹ 3,32,100
• Bangalore: ₹ 3,31,100 

These prices represent spot physical rates for silver in India on 06 February 2026 — unchanged from the previous close. 

What Is Driving Silver Prices Today?

Silver’s price action in early February 2026 shows significant volatility — with sharp swings reflecting broad shifts in commodity markets:

Global Sell-off & Volatility

Silver dropped sharply in global markets, falling around 15%–16% in recent sessions amid widespread commodity sell-offs. 

The sell-off was linked to easing geopolitical tensions (e.g., diplomatic dialogues between the U.S. and Iran as well as China), which reduced demand for hard assets such as precious metals. 

A stronger U.S. dollar further pressured silver, as dollar-denominated assets become more expensive for foreign holders. 

Domestic Market Impact

In India, the move in global silver translated into pressure on MCX futures prices, affecting mining stocks like Hindustan Zinc, which saw share price declines tied to falling silver. 

These dynamics create downward pressure on physical silver prices and investor willingness to hold risk assets.

Structural and Speculative Considerations

Silver’s market is smaller and less liquid than gold, meaning price swings tend to be steeper — both on the upside and downside. 

Recent rallies were speculative driven, with leveraged positions and rapid inflows contributing to earlier highs before the correction. 

Silver Market Context — Recent Trend Overview

Rally & Record Levels in 2025

Silver had a dramatic rally in late 2024 and throughout 2025, at times doubling from prior lows and even setting record highs in domestic markets. 

Sharp Correction in Early 2026

Since late January 2026, silver experienced steep corrections, including days with 20% or more intraday drops and extreme volatility reminiscent of historical corrections. 

Research suggests that historically, once silver has experienced deep corrections from all-time highs, recovery can take several years. 

Why Silver Is Important — Investment & Industrial Demand

Silver’s value stems from two main sources:

1️⃣ Industrial Demand

Unlike gold, over half of global silver demand is industrial — used in photovoltaic solar panels, electronics, electric vehicles, medical instruments, and more. 

This means silver pricing is sensitive to global economic activity, manufacturing growth, and technological trends.

2️⃣ Store of Value & Hedge

Silver also acts as a precious metal hedge against inflation and uncertainty — similar to gold — but with greater cyclicality due to its industrial link.

What Investors Should Know

Silver Is Highly Volatile

Silver’s smaller market size and frequent leveraged trading can produce sharp price swings — bigger than those for gold or major commodities. 

Local Retail Prices Differ

Retail silver prices in Indian cities often include premiums, GST (18%), and making charges, so spot rates aren’t the final buy price. Always verify local dealer quotes before purchasing. 

Physical vs. Derivative Markets

Physical silver prices and MCX futures can diverge sharply at times due to supply, premium charges, and speculative positioning. This makes arbitrage and timing critical. 

Outlook — Short-Term Vs Long-Term

Short-Term

Expect continued volatility as global markets digest currency moves, macroeconomic data, and geopolitical developments.

If risk assets become more attractive (e.g., equities), precious metals may lose some “safe-haven” premium.

 Long-Term

The structural industrial demand for silver — especially from solar and EV sectors — supports higher long-term fundamentals.

Deep corrections can be followed by multi-year recoveries, but patience and timing matter. 

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Practical Tips for Traders & Investors

Keep an Eye on Global Signals

Silver prices react to global macro events, U.S. dollar strength, and risk-off sentiment — not just local demand.

 Use Local Price Feeds

Always check live local price feeds from reliable financial sources before buying physical silver.

 Factor in Charges

GST and making charges materially affect the effective cost — especially for small weights and jewellery.

Summary — Silver Price Today

Physical silver price in India is at ₹337,100 per kg (consistent from yesterday). 

Global markets saw sharp price corrections (roughly 15–16%). 

Investor sentiment is cautious amid macro shifts and strong dollar environment. 

Long-term demand drivers (industry & green tech) underpin silver’s fundamental value.