Silver price on Feb. 6: Slides 5.18% to Rs 2,31,175 per kg as volatility returns

Silver price today

• Silver fell 8.14 percent to $70.47 per ounce amid renewed selling pressure
• Geopolitical tensions and US-Iran talks boosted safe-haven demand for silver
• Augmont Report expects silver to trade weak and consolidate in the $74–$91 range

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The domestic futures price of silver on Friday tumbled sharply by 5.18 percent to Rs 2,31,175 per kilogram, as forced liquidations eased, and dip buyers stepped in to capitalize on sharply lower prices.

Silver prices on the international market also fell sharply in the morning session on February 5, hovering at $70.47 per ounce, down 8.14 precent from the previous close, as renewed selling pressure and volatility returned to the market.

Geopolitical tensions have also added to safe-haven demand after the US Navy shot down an Iranian drone in the Arabian Sea, even as markets await a fresh round of nuclear talks scheduled for Friday.

President Trump has signed a spending deal restoring funding for key federal agencies, effectively ending the partial US government shutdown. China’s gold ETFs earlier witnessed record daily outflows, with nearly $1 billion withdrawn from major bullion-backed funds after the sharp price correction unsettled investor confidence.

Iran–US talks are scheduled today, while President Trump earlier held wide-ranging discussions with China’s Xi Jinping ahead of a proposed April visit, following Xi’s recent virtual meeting with Russia’s Vladimir Putin.

US ADP data showed private payrolls rose by just 22,000 in January, well below expectations of 48,000.

Fed Governor Lisa Cook signalled resistance to further rate cuts, citing persistent upside inflation risks despite signs of labour-market cooling.

The Augmont Report, published on February 6, noted that silver is expected to trade weak and consolidate in the $74–$91 range (Rs 2,35,000–Rs 2,85,000). Traders should follow a buy-on-dips, sell-on-rallies strategy. A breakdown below $74 may trigger further downside toward $69 (Rs 2,20,000).

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Here's how the prices of silver have moved.

Silver rates across India’s major cities showed remarkable uniformity, with only marginal differences due to local taxes, jeweller margins, and logistics costs.