Silver Price Today: Massive Sell-Off as Silver Falls ₹15,000 per kg- 06/02/2026
Silver Price Today: Precious metal prices continued their sharp decline for the second consecutive day on Friday, with both gold and silver trading significantly lower on the MCX.
Silver witnessed a steep fall in early trade, plunging by nearly ₹15,000 per kilogram. Around 9 AM, MCX silver prices dropped to ₹2,29,872 per kg, marking a decline of about 6%. The metal also hit its lower circuit during the session, reflecting strong selling pressure in the market.
Gold prices were also under pressure. On the MCX, gold slipped by around 0.82% to trade at ₹1,50,675 per 10 grams. The continued weakness in precious metals suggests cautious sentiment among investors amid changing global cues and profit booking at higher levels.
Gold Silver Rate Today: Gold and silver prices witnessed a sharp fall for the second consecutive day on Friday, putting strong pressure on the domestic bullion market.
On the MCX, silver prices plunged by ₹15,000 per kg in early trade around 9 AM, slipping to ₹2,29,872 per kg. The precious metal also hit a 6% lower circuit, indicating heavy selling momentum. Gold prices mirrored the weak trend, falling by 0.82% to ₹1,50,675 per 10 grams.
In the previous session, MCX gold futures with April 2026 expiry had closed at ₹1,52,260 per 10 grams on Thursday. This level was nearly ₹28,500 lower than its record high of ₹1,80,779 per 10 grams. Despite this broader correction, gold prices had shown mild recovery in Thursday’s domestic trade.
Silver futures on the MCX had settled at ₹2,46,452 per kg on Thursday, which is about ₹1,73,500 below its all-time high of ₹4,20,048 per kg. Notably, both gold and silver touched their respective record highs just last Friday.
Why are gold and silver prices falling?
The sharp decline in gold and silver prices is largely attributed to easing geopolitical tensions between the US and Iran. According to a Mint report, SEBI-registered market expert Anuj Gupta said that both countries have announced the start of discussions regarding a potential nuclear deal. The first round of talks is scheduled for Friday, which has reduced safe-haven demand and led to profit booking in precious metals.
Following this development, investors have shifted their preference away from safe-haven assets such as gold and silver toward the US dollar. A stronger dollar typically puts pressure on bullion prices, leading to declines in gold and silver rates.
According to Amit Goyal, Chief Global Strategist at PACE 360, the recent rally in metals, including gold and silver, has already reached its peak levels. He advised investors who entered positions at higher prices to consider exiting during the recent mild rebound, often referred to as a “dead-cat bounce.” Goyal added that precious metal prices may see further downside in the coming sessions and are likely to gradually move toward their fair value levels, which are believed to be significantly lower than current prices.
US-Iran tensions ease, dollar strengthens
Market experts say selling pressure on gold and silver has intensified due to the strengthening of the US dollar. They pointed out that tensions between the US and Iran have eased as both countries are set to resume nuclear talks in Oman on Friday. This development has reduced demand for safe-haven assets like gold and silver, while the dollar has gained strength against major global currencies.
Gold and Silver Price Crash Today: Experts Reveal the Real Reason Behind the Dip
After President Donald Trump appointed Kevin Warsh to head the Federal Reserve, gold and silver saw a dramatic price decline late last week following a record, months-long run. However, economists say the dip isn’t a sign of a long-term decline and prices might soon rise again.
Gold and silver stunned on Friday by shedding much of their value, with silver’s price dropping as much as 30% and gold’s price falling nearly 10%, a dramatic reversal from a price surge that saw silver top a record $120 last week and gold surge past $5,600 for the first time.
Some analysts say the drop might be short-lived, including Sucden Financial analysts, who said Monday the precious metals still hold long-term appeal as safe-haven investments and projected they could see a “modest near-term recovery in the coming days.”
JPMorgan analysts remain bullish on gold, raising their year-end forecast for the precious metal to a record $6,300, saying the “long-term rally in gold has not and will not be linear, so for now we once again digest, reset and repeat,” citing strong demand from central banks and investors.
Michael Hsueh, a metals analyst at Deutsche Bank, also suggested the downturn would be short-lived, retaining the bank’s year-end gold price prediction of $6,000 and saying “conditions do not appear primed for a sustained reversal in gold prices,” blaming volatility for the price dip rather than a collapse of confidence in gold.
Apurva Sheth at Samco Securities suggested the price dip was healthy and could let optimism cool for a while, setting the stage for prices to rise in the future, echoing other analysts that gold still holds long-term appeal as an investment.
What Are Gold and Silver Prices Today?
Gold and silver prices are trading slightly lower today after a volatile start to the week. As of 1:30 p.m. EST, silver is priced at around $76.92, down nearly 2%. Gold is also down by about 2%, trading at approximately $4,651.10.
Earlier on Monday, gold touched an intraday high of $4,905.60, while silver climbed to $88. Despite the recent dip, both metals remain well below the record levels they reached last week.
Why Did Gold and Silver Plunge Last Week?
The sharp decline in gold and silver prices came soon after former U.S. President Donald Trump announced Kevin Warsh as his choice for the next Federal Reserve chair. Warsh is widely viewed as hawkish on monetary policy, meaning he is less inclined toward aggressive interest-rate cuts—an environment that typically supports higher precious-metal prices.
Although Warsh has recently signaled openness to lower rates, markets reacted cautiously to his nomination. Christopher Forbes, Head of Asia and the Middle East at CMC Markets, told CNBC that gold prices are likely to remain volatile as investors wait for clarity on Warsh’s policy direction.
Another key factor behind the sell-off was a strengthening U.S. dollar. Gold and silver had surged earlier as the dollar weakened, but the trend reversed following the Fed chair announcement, putting pressure on metal prices.
However, analysts say the correction cannot be attributed to Warsh alone. John Stepek, a metals columnist at Bloomberg, noted that precious-metal prices had risen too sharply and too quickly, making a pullback inevitable. According to him, the market had reached a point where prices were bound to hit resistance after an overheated rally.
Key Background
Gold and silver delivered an extraordinary rally in 2025, with gold gaining as much as 65% and silver surging an eye-popping 150% over the year. The momentum carried into early January, with prices climbing to highs above $5,600 for gold and $120 for silver.
Analysts attributed the sharp rise to a mix of powerful global and economic factors. These included interest-rate cuts in 2025, new tariffs imposed early in Donald Trump’s second term, and escalating geopolitical tensions—most notably the U.S. capture of Venezuela’s President Nicolas Maduro and worsening relations with Iran and several European nations.
Demand for precious metals also climbed as the U.S. dollar weakened, boosting gold and silver’s appeal as safe-haven assets. Silver saw additional support from rising industrial and technology-sector demand, where it plays a critical role.
Concerns surrounding the Federal Reserve’s independence further fueled the rally. Trump repeatedly criticized Fed Chair Jerome Powell, while the Justice Department launched an investigation into whether Powell misled Congress regarding the Fed’s renovation costs—adding to investor unease.
However, even before Friday’s sharp sell-off, some analysts warned that the rally had gone too far. Nicky Shiels, Head of Metals Strategy at MKS PAMP, told CNBC earlier last week that the precious-metals market appeared “broken” due to unprecedented volatility, describing gold and silver as overbought on a tactical basis. Other analysts echoed those concerns, noting that the dramatic price gains were not fully supported by underlying demand fundamentals.
Silver’s price continues to plummet, falling by ₹1.50 lakh in just three days; gold is also under pressure.
Gold-Silver Price Crash: On the day of the Budget, the gold and silver markets saw a sharp drop. In just three days, silver, which reached a record high last Thursday, has dropped by more than ₹1.50 lakh. As a result of the ongoing weakness in the bullion market, gold prices are also finding it difficult to stay stable.
Fall… Fall… and Still Falling: The sharp crash in gold and silver prices (Gold-Silver Crash) has extended for the third straight day. In just three trading sessions, silver prices have dropped by nearly ₹1.50 lakh per kilogram. Meanwhile, gold continues to struggle for stability, suffering heavy losses on a daily basis. On Budget Day (Sunday), silver plunged by ₹27,000 immediately after markets opened, while gold prices tumbled nearly 9%, wiping out more than ₹13,000.
Silver Crashes at MCX Opening
Silver led the sell-off as gold and silver prices witnessed a sharp crash (Gold-Silver Crash) on the final trading day of last week. Just a day earlier, on Thursday, silver had made history by crossing the ₹4 lakh mark for the first time. The March 5 expiry silver contract had surged to a fresh lifetime high of ₹4,20,048 per kg. However, the rally was short-lived, as prices plunged by ₹1.28 lakh the very next day, dropping to ₹2,91,922 per kg.
By Sunday, in just three trading sessions, the price of 1 kg of silver slipped further to ₹2,65,652 from its peak. Overall, silver has declined by ₹1,54,396 during this brief period.
Gold Becomes Cheaper by Over ₹50,000
Looking at the decline in gold prices over the past three days, gold began falling sharply after touching its peak level of ₹1,93,096 per 10 grams last Thursday. The downward trend continued through Budget Day as well. In just three trading sessions, gold prices dropped by ₹54,462 from their high, falling to ₹1,38,634 per 10 grams.
Gold-Silver ETFs Also Hit Hard
The sell-off was not limited to physical gold and silver. Amid the sharp decline in the metal sector, silver and gold ETFs also witnessed heavy losses of nearly 11 percent. Nippon India Silver ETF and Nippon India Gold ETF hit lower circuits. Metal stocks also came under pressure—Vedanta shares fell by 10 percent, Hindustan Zinc dropped 10 percent, Hindustan Copper plunged over 18 percent, Hindustan Aluminium slipped nearly 5 percent, and Hindalco Industries declined by around 7 percent.
Silver Price as of January 31, 2026: MCX Silver Rate Adjusted to ₹3.95 Lakh per kg | View City-Wise Silver Prices in Delhi, Mumbai, Chennai, Kolkata, and More The Price of Silver Today, January 31, 2026: On January 31, 2026, silver prices in India solidified, with MCX silver rates correcting to ₹3.95 lakh/kg following all-time highs. Get today’s silver price per gram in Delhi, Mumbai, Chennai, Kolkata, and other major cities.
Silver Price Today, 31 January 2026: Silver prices in India consolidated on Saturday following a week of historic volatility. After surging past the ₹4.10 lakh per kg milestone, the metal saw a sharp correction, closing the month with a significant pullback as profit-booking and a stronger US dollar prompted investors to cash in on recent gains.
After a historic decline, gold and silver continue to sell off; yellow metal falls 5%.
Gold, Silver Extend Losses as Dollar Strength and Profit-Taking Cool Record Rally
Gold and silver continued their sell-off on Monday, extending losses from Friday’s sharp rout as a stronger dollar and aggressive profit-taking sapped momentum from a rally that had pushed precious metals to record highs just days earlier.
Spot gold slipped around 5% to $4,617.07 per ounce, following a near 10% plunge on Friday when prices tumbled below the $5,000-per-ounce mark.
Silver also remained under pressure after last Friday’s steep 30% collapse—its worst single-day fall since March 1980. Spot silver prices were down more than 4% at $80.63 per ounce. The metal had surged alongside gold amid safe-haven demand and speculative inflows before the abrupt reversal.
Analysts said the pullback was triggered by a sharp shift in market sentiment on Friday, when optimism over potential U.S. interest-rate cuts clashed with a reassessment of Federal Reserve leadership. The change followed President Donald Trump’s nomination of former Fed Governor Kevin Warsh to succeed current Chair Jerome Powell when his term ends in May.
“The ‘Buy America’ trade is back,” said José Torres, senior economist at Interactive Brokers. “The independence premium that drove gold and silver to extreme record levels—just below $5,600 and $122 per ounce early Thursday—has begun to unwind.”
Christopher Forbes, Head of Asia and the Middle East at CMC Markets, described gold’s pullback as a textbook correction after an exceptional rally rather than a breakdown of its longer-term bullish outlook.
“This is a classic air-pocket following an extraordinary run,” Forbes said. “Profit-taking, a firmer dollar, and fresh geopolitical headlines from Washington have removed excess froth from an overcrowded trade.”
The U.S. dollar index, which tracks the greenback against a basket of major currencies, has strengthened about 0.8% since Thursday. A stronger dollar makes dollar-denominated gold more expensive for overseas buyers, while higher interest rates increase the opportunity cost of holding non-yielding assets like gold, making Treasurys more attractive.
Warsh is known for advocating tighter monetary policy, and his nomination has supported the dollar. Meanwhile, comments from President Trump suggesting progress toward a potential deal with Iran helped ease geopolitical tensions, pushing WTI crude futures down nearly 4% on Monday.
Despite near-term volatility, Forbes expects gold prices to remain elevated as markets seek clarity on Warsh’s policy stance. He added that renewed dollar weakness or confirmation of a more dovish approach could attract dip buyers.
Silver prices are still up roughly 16% year-to-date, while gold has gained about 8% so far this year. Both metals delivered record-breaking rallies in the previous year, surging approximately 145% and 65%, respectively.
Forbes maintains a bullish long-term outlook for bullion over the next 12 months, noting that prices could revisit recent highs if the Federal Reserve continues easing policy while economic growth and inflation remain uneven.
Silver Price Today (31 January, 2026)
- 1 gram: ₹394.90
- 8 grams: ₹3,159.20
- 10 grams: ₹3,949
- 100 grams: ₹39,490
- 1 kg: ₹3,94,900
- Compared to January 30, 2026, a minimal decrease of ₹0.10 per gram.
- MCX silver futures traded with high volatility, retreating from the record high of ₹4,10,000 per kg seen earlier in the week.
Silver Rate Today: Consolidation After Historic Rally
- Prices stabilised near ₹3.95 lakh per kg after a massive rally and correction.
- Weekly performance remains strongly positive, up over ₹70,000 per kg since January 23.
- Market finding a new equilibrium after extreme speculative activity and profit-booking.
- International silver futures retreated from the $120 per ounce peak.
Silver Price Today: MCX Gold & Silver Prices in India
- MCX Silver (Jan): ₹3,94,900 per kg
- MCX Gold (Jan): ₹1,69,200 per 10g
- The silver-to-gold ratio remained at historically low levels, indicating silver’s relative outperformance over the longer term.
Silver Prices in Mumbai
- 10 grams: ₹3,950
- 100 grams: ₹39,500
- 1 kg: ₹3,95,000
- Minimal change from yesterday, showing market stability after recent swings.
Silver Rate Today in Delhi
- 10 grams: ₹3,949
- 100 grams: ₹39,490
- 1 kg: ₹3,94,900
- A slight decrease of ₹0.10 per gram, mirroring the subdued national trend.
Silver Prices in Kolkata
- 10 grams: ₹3,950
- 100 grams: ₹39,500
- 1 kg: ₹3,95,000
- Prices held steady, with local demand providing a floor.
Silver Rate in Bengaluru
- 10 grams: ₹3,950
- 100 grams: ₹39,500
- 1 kg: ₹3,95,000
- Market activity was muted as participants assessed the new price levels.
Silver Prices in Chennai
- 10 grams: ₹4,050
- 100 grams: ₹40,500
- 1 kg: ₹4,05,000
- Continued to trade at a regional premium but followed the broader corrective trend.
Silver Price City-wise (₹/kg)
| City | 10 grams | 100 grams | 1 kg |
|---|---|---|---|
| Chennai | ₹4,050 | ₹40,500 | ₹4,05,000 |
| Mumbai | ₹3,950 | ₹39,500 | ₹3,95,000 |
| Delhi | ₹3,949 | ₹39,490 | ₹3,94,900 |
| Kolkata | ₹3,950 | ₹39,500 | ₹3,95,000 |
| Bengaluru | ₹3,950 | ₹39,500 | ₹3,95,000 |
| Hyderabad | ₹4,050 | ₹40,500 | ₹4,05,000 |
| Kochi | ₹4,050 | ₹40,500 | ₹4,05,000 |
| Pune | ₹3,950 | ₹39,500 | ₹3,95,000 |
| Ahmedabad | ₹3,950 | ₹39,500 | ₹3,95,000 |
Silver Rate in India for Last 10 Days
| Date | 10 grams | 100 grams | 1 kg |
|---|---|---|---|
| 31 Jan, 2026 | ₹3,949 | ₹39,490 | ₹3,94,900 |
| 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 |
| 24 Jan, 2026 | ₹3,350 | ₹33,500 | ₹3,35,000 |
| 23 Jan, 2026 | ₹3,400 | ₹34,000 | ₹3,40,000 |
| 22 Jan, 2026 | ₹3,250 | ₹32,500 | ₹3,25,000 |
Silver Stabilises After Record-Breaking Rally
Global silver prices consolidated below the $120 per ounce mark after an unprecedented surge. The metal, which had seen a year-to-date gain exceeding 64%, entered a period of correction as speculative long positions were reduced. Analysts noted that while the short-term technical picture suggested overbought conditions, the long-term fundamentals driven by industrial demand in green energy and electronics remained supportive. The market’s focus has now shifted to whether this consolidation forms a new base for the next leg higher or precedes a deeper correction.
Market Seeks Direction After Volatile Month
Traders are assessing the sustainability of silver’s meteoric January rise. The rapid price advance, which stretched valuations, has made the market vulnerable to swift pullbacks. The primary question is whether the recent correction represents healthy profit-taking within a strong bull market or the beginning of a more significant trend reversal. Future price action will likely hinge on the direction of the US dollar, physical investment demand, and trading activity on futures exchanges like the MCX.
Frequently Asked Questions (FAQs)
What is the silver price today in India (31 January 2026)?
As of 31 January 2026, silver is priced at ₹3,94,900 per kg in India. The per-gram rate stands at ₹394.90, reflecting a marginal decline of ₹0.10 compared to the previous day.
What is the MCX silver rate today?
The MCX silver futures (January contract) are trading at ₹3.95 lakh per kg, after correcting from the recent all-time high of ₹4.10 lakh per kg seen earlier this week.
Why did silver prices fall after hitting record highs?
Silver prices corrected due to profit-booking, stretched valuations after a sharp rally, and a stronger US dollar. Investors chose to lock in gains following extreme volatility in global and domestic markets.
How much has silver gained in the last week?
Despite the recent pullback, silver prices remain over ₹70,000 per kg higher compared to levels seen on 23 January 2026, indicating strong weekly performance.
What is today’s silver price per gram in major cities?
On 31 January 2026:
Delhi: ₹394.90 per gram
Mumbai: ₹395 per gram
Kolkata: ₹395 per gram
Bengaluru: ₹395 per gram
Chennai: ₹405 per gram (trading at a regional premium)
Why is silver more expensive in Chennai and southern cities?
Silver prices in cities like Chennai, Kochi, and Hyderabad usually trade at a premium due to local taxes, transportation costs, and higher regional demand, especially for jewellery and industrial use.
How does today’s silver price compare to yesterday?
Compared to 30 January 2026, silver prices have seen a minimal decline of ₹0.10 per gram, suggesting consolidation and relative market stability after recent sharp swings.
What is the silver-to-gold ratio indicating currently?
The silver-to-gold ratio remains at historically low levels, highlighting silver’s outperformance versus gold over the recent rally phase.
What is the global silver price trend?
International silver futures have retreated from the $120 per ounce mark after an unprecedented surge. Global prices are currently consolidating as speculative positions unwind.
Is the current correction in silver prices healthy?
Market analysts view the correction as healthy profit-taking within a broader bull trend, though short-term volatility may persist due to global cues and currency movements.
What factors will influence silver prices going forward?
Future silver prices will depend on:
US dollar movement
Industrial demand (especially green energy & electronics)
Physical investment demand
MCX futures trading activity
Global macroeconomic signals
Is it a good time to invest in silver now?
Silver remains long-term bullish due to strong industrial demand, but investors should be cautious in the short term due to high volatility. Staggered investments may help manage risk.
What was the highest silver price recorded this week on MCX?
Silver touched an all-time high of ₹4,10,000 per kg on MCX earlier this week before witnessing a sharp correction driven by profit-booking.
How volatile has silver been in January 2026?
January 2026 has been one of the most volatile months for silver in recent years, with prices swinging over ₹85,000 per kg between the month’s low and peak.
Has silver outperformed gold in January 2026?
Yes, silver has significantly outperformed gold in January 2026, as reflected by the declining silver-to-gold ratio and stronger percentage gains compared to MCX gold prices.
What is the MCX gold price today?
As of 31 January 2026, MCX gold (January contract) is trading at ₹1,69,200 per 10 grams, showing relatively lower volatility compared to silver.
Why are MCX silver prices different from spot market rates?
MCX silver prices are futures-based, influenced by speculation, leverage, and global cues, while spot prices reflect physical demand, taxes, and local premiums.
How does MCX silver impact retail silver prices in India?
Retail silver prices in India generally track MCX futures, but may vary slightly due to state taxes, making charges, logistics, and local demand conditions.
What role did the US dollar play in silver’s correction?
A stronger US dollar reduced the appeal of dollar-denominated commodities like silver, triggering a pullback after the recent rally.
Is industrial demand supporting silver prices?
Yes, long-term silver prices continue to be supported by industrial demand, particularly from solar energy, electric vehicles, electronics, and green technologies.
Could silver prices fall further in the short term?
In the short term, silver prices may see continued consolidation or mild correction if global risk sentiment weakens or speculative positions unwind further.
What is the outlook for silver prices in February 2026?
Analysts expect silver to trade in a wide range in February 2026, with volatility driven by global economic data, US Federal Reserve signals, and currency movements.
Is physical silver demand strong at current levels?
Physical demand has softened slightly at elevated prices, but long-term investor interest remains intact, especially on price dips.
How do global silver prices affect MCX rates?
MCX silver prices closely follow international silver futures, currency exchange rates, and global commodity market sentiment.
Are current silver prices considered overbought?
Technical indicators suggest silver entered an overbought zone after the recent rally, which explains the ongoing consolidation and correction.
What should investors watch before buying silver?
Investors should monitor:
MCX price trends
US dollar index
Global silver futures
Physical demand trends
Inflation and interest rate signals
Can silver regain ₹4 lakh per kg levels?
Silver could revisit ₹4 lakh per kg if global prices stabilise and fresh buying emerges, but sustained upside will require stronger fundamental and macro support.
