Silver price on February 3 gains nearly 9% at $83.79/oz, as global tensions rise

Silver price today

• Silver opened higher on Comex but fell 1.59 percent on MCX amid profit booking
• US Fed held rates steady and Trump nominated Kevin Warsh as next Fed chair
• Market eyes RBI policy, US jobs data, and global PMI releases this week

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Silver opened the February 3 session higher on Comex at $83.79 as of 2:21 am GMT, gaining 8.81 percent from the previous close.

On MCX, the domestic futures of the metal closed the Tuesday session lower at Rs 2,32,500 per kilogram, representing a 1.59 percent decline from the previous close, mirroring the fall in the international market as a firmer dollar and profit-booking unloads the metal's prices, trading at record peaks just a few days ago.

Silver prices saw a sharp correction after the US Federal Reserve held interest rates steady at 3.5–3.75 percent in its January policy meeting. The US President Donald Trump has nominated Kevin Warsh as the next chair of the US Federal Reserve, set to take over when Jerome Powell’s four-year term ends in May.

Analysts say that Warsh’s hawkish stance and his appointment as Fed chair have lifted the dollar, while Trump’s comments on a potential Iran deal have eased geopolitical worries, pressuring WTI crude.

Trade analysts predict the USD-INR rates to fall as US President Trump lowers the tariff for India from 25 percent to 18 percent, a move which is expected to ease the trade tension between the two countries.

Despite the pullback, prices remain supported by heightened geopolitical tensions, including strained US-Iran relations over the nuclear issue, the Russia-Ukraine war, the Gaza crisis, Trump's tariff threats, a firm dollar, and steady industrial demand.

Commodity analyst says the market focus now turns to a heavy macro calendar later this week, including the RBI policy decision, U.S. jobs data, and global manufacturing and services PMI releases, all of which are likely to set the near-term tone for rates, the dollar, and precious metals volatility.

Here's how a kilogram of silver has moved

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