Silver price today: Surges nearly 5% to Rs 2,80,754/kg; analysts suggest buy on dips, sell on rallies strategy

Silver price today

• Silver futures rose 4.75 percent to Rs 2,80,754/kg on MCX on February 4
• International silver spot price climbed 4.27 percent to $86.85/oz
• Experts suggest buying dips, selling rallies as silver stays in $72–$87 range.

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Silver prices rose higher on the February 4 session on MCX, with the domestic futures price hovering at Rs 2,80,754 per kilogram, representing a 4.75 percent increase from the previous close.

On the international market, the metal's spot price stood at $86.85 per ounce as of 3:08 am GMT, up 4.27 per cent from the previous close, mirroring the gold's price in the international market amid a renewed safe-haven buying.

According to the Augmont Bullion report, silver prices saw a sharp correction of around 45 percent from recent highs, which has attracted strong physical buying from investors who were waiting for meaningful price retracements to accumulate precious metals.

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.

The US–India trade deal has also supported the rupee, with USD/INR appreciating to 90.26, up 0.15 percent. Experts warn that lower uncertainty and a firmer rupee could temporarily limit gains in domestic gold and silver by easing safe-haven demand and reducing import costs, even as long-term fundamentals remain supportive.

Augmont predicts that silver is attempting to build a base and is expected to consolidate in the $72–$87 range (Rs 2,25,000–Rs 2,70,000). The buy on dips and sell on rallies strategy is advisable within this range amid elevated 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.