Silver prices opened 6% lower on February 1 at Rs 2,74,410, easing ahead of the Union Budget 2026

Silver took a knock on February 1, trading almost 6 percent down on the MCX, mirroring the fall in the international market as the dollar strengthened.

At 9.15 am, the metal was trading at Rs 2,74,410 for a kilogram, down 6 percent from the previous close at Rs 2,91,925. Silver had surged past Rs 4 lakh mark the previous week before taking a fall.

It sank 25.50 percent on Comex to trade at $82.25 an ounce.

Market participants and investors are closely tracking precious metal prices, as any policy announcements in the Union Budget 2026 could impact costs and consumer demand.

City-wise silver prices 

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

Here is how a kilogram of silver has moved.

Silver prices saw a sharp correction after the US Federal Reserve held interest rates steady at 3.5–3.75% 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.

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, tariff threats from Trump, a firm dollar, and steady industrial demand.

The Augmont Bullion report, published on January 29, said that silver's key support lies at $110 (Rs 3,75,000), below which prices may retrace to $103–$98.