Silver Rate Today: Sharp Decline in Prices Amid Profit Booking
Silver rates experienced a significant downturn on Thursday, February 5, 2026, ending two consecutive sessions of gains. This decline was primarily driven by profit booking activities in the market. The white metal had been on an upward trajectory over the previous two days, largely influenced by escalating geopolitical tensions between the United States and Iran. Concurrently, gold prices also witnessed a drop in today's trading session.
Domestic Market Performance: MCX Silver and Gold
In the domestic Indian market, silver prices on the Multi Commodity Exchange (MCX) plummeted by 6%, settling at ₹2,52,719 per kilogram. Gold prices followed a similar trend, falling approximately 2% to ₹1,48,455 per 10 grams. This correction reflects a cautious approach among investors who are locking in profits after recent rallies.
International Market Trends: COMEX and Spot Prices
On the international front, COMEX silver prices saw a dramatic crash of 10%, reaching $73.415. COMEX gold prices also declined, shedding 1.5% to $4,805. However, spot silver in international markets presented a contrasting picture, climbing 2.1% to $89.88 per ounce. This comes after spot silver hit a record high of $121.64 just last week.
Spot gold showed resilience, increasing by 1.1% to $5,016.89 per ounce, despite having scaled a record peak of $5,594.82 the previous Thursday. U.S. gold futures for April delivery rose 1.8% to $5,036.80 per ounce, indicating some underlying strength in the precious metals sector.
Other Precious Metals: Platinum and Palladium
Among other precious metals, spot platinum gained 2.1% to $2,272.55 per ounce. This increase follows an all-time high of $2,918.80 reached on January 26. Palladium also advanced, rising 0.7% to $1,787.55 per ounce. These movements suggest that while silver and gold faced corrections, other metals maintained positive momentum.
Market Analysis and Future Outlook
The current market scenario raises questions about whether this decline marks the beginning of a more substantial fall, reminiscent of historical events like the Hunt Brothers rally. Analysts are closely monitoring factors such as geopolitical developments, currency fluctuations, and investor sentiment to gauge future trends. The mixed performance between domestic and international markets highlights the complexity of global commodity trading.
Investors are advised to stay informed about real-time updates and market news to navigate these volatile conditions effectively. The interplay between profit booking and underlying demand will likely determine the short-term direction for silver and gold prices.
