Silver slips behind NVIDIA to third place after sharp price crash

Silver slips to 3rd position

• Silver now third in value, trailing Nvidia and gold by market cap.
• Silver prices fell 2.06 percent, underperforming amid rising volatility
• Silver expected to trade weak and consolidate in Rs 2.25–2.85 lakh range

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Silver has slipped behind NVIDIA to become the world’s third-most valuable asset by market capitalisation, after plunging close to 46 percent from its January 29 peak of Rs 4,20,048 per kg on the Multi Commodity Exchange of India.

According to companiesmarketcap.com, silver commands a market capitalisation of $4.177 trillion, and is marginally behind Nvidia's $4.184 trillion. Gold commands a market capitalisation of $34.102 trillion as of Friday (February 6, 2026).

Outlook: Will silver continue its momentum?

The futures price of the white metal opened the morning trade weaker at Rs 2,29,187 per kilogram, but recovered some gains to trade at Rs 2,38,803, though a decline of 2.06 percent from the previous close.

According to the Augmont Bullion report, published on February 6, silver prices fell again, ending a short-lived two-day rebound as the recovery failed to sustain. “Rising volatility across precious metals led to broad deleveraging, with silver underperforming as hopes of dip-buying faded quickly.”

The decline coincided with weakening US labour market data. January job cuts rose to 108.4K, while initial jobless claims climbed to 231K. Traders are pricing in another Fed cut later this year. Markets are increasingly pricing in the first rate cut around June.

Meanwhile, the Reserve Bank of India decided to keep the repo rate unchanged at 5.25 percent maintaining a neutral stance. The MPC had cut the rate to 5.25 percent from 5.50 percent in December 2025.

Meanwhile, easing geopolitical tensions reduced safe-haven demand for gold and silver. Confirmation of talks between Iranian and US officials in Oman has tempered risk sentiment, with investors closely tracking further developments in the negotiations.

The report predicts that in the short term, gold prices are likely to remain weak and consolidate within Rs 1.40–1.60 lakh range, while silver is also expected to trade weak and consolidate in the Rs 2.25–2.85 lakh range. So, buy on dips and sell on rallies.