Silver Price Today in India Sees Notable Decline on February 2, 2026
The price of silver in India today, on Monday, February 2, 2026, has experienced a significant drop, with rates standing at ₹300 per gram and ₹3,00,000 per kilogram. This decline reflects a sharp correction from recent highs, largely attributed to market reactions following the Union Budget presentation by Finance Minister Nirmala Sitharaman.
Silver Price Trends and Market Impact
Silver had been on a strong upward trajectory, outperforming gold and doubling in value over the past 11 months. The year 2026 started robustly for precious metals, with silver surging by approximately 25 per cent in the first 18 days alone. Since the beginning of the year, its price increased by around Rs 57,000, as reported by GoodReturns.
However, the market witnessed a dramatic shift on Sunday, February 1, when silver prices declined by 9 per cent post the Union Budget announcement. Over the last two sessions, silver has seen a notable decline, dropping by nearly Rs 60,000 per kg from its record highs. This marks one of the steepest short-term corrections in recent times, highlighting the volatility in the precious metals market.
Silver Price per Gram and Kilogram in India on February 2
The current silver rates in India show a clear downward trend. Below is a comparison of today's prices with yesterday's rates, illustrating the change:
- 1 gram: ₹349.90 (Yesterday: ₹350, Change: -₹50)
- 8 grams: ₹2,799.20 (Yesterday: ₹2800, Change: -₹400)
- 10 grams: ₹3,499 (Yesterday: ₹3500, Change: -₹500)
- 100 grams: ₹34,990 (Yesterday: ₹35,000, Change: -₹5000)
- 1000 grams/1 kg: ₹3,49,900 (Yesterday: ₹3,50,000, Change: -₹50000)
Source: GoodReturns. This data underscores the significant drop in silver prices, with Google searches for silver rates rising today as investors and consumers monitor the market closely.
Silver Price Today in Major Indian Cities
Silver rates vary across different cities in India. Here is a detailed list of today's silver prices for 10 grams, 100 grams, and 1 kilogram in key urban centers:
- Chennai: ₹3,199 (10g), ₹31,990 (100g), ₹3,19,900 (1kg)
- Mumbai: ₹3,000 (10g), ₹30,000 (100g), ₹3,00,000 (1kg)
- Delhi: ₹3,000 (10g), ₹30,000 (100g), ₹3,00,000 (1kg)
- Kolkata: ₹3,000 (10g), ₹30,000 (100g), ₹3,00,000 (1kg)
- Bangalore: ₹3,000 (10g), ₹30,000 (100g), ₹3,00,000 (1kg)
- Hyderabad: ₹3,199 (10g), ₹31,990 (100g), ₹3,19,900 (1kg)
- Kerala: ₹3,199 (10g), ₹31,990 (100g), ₹3,19,900 (1kg)
- Pune: ₹3,000 (10g), ₹30,000 (100g), ₹3,00,000 (1kg)
- Vadodara: ₹3,000 (10g), ₹30,000 (100g), ₹3,00,000 (1kg)
- Ahmedabad: ₹3,000 (10g), ₹30,000 (100g), ₹3,00,000 (1kg)
- Jaipur: ₹3,499 (10g), ₹34,990 (100g), ₹3,49,900 (1kg)
- Lucknow: ₹3,499 (10g), ₹34,990 (100g), ₹3,49,900 (1kg)
- Patna: ₹3,499 (10g), ₹34,990 (100g), ₹3,49,900 (1kg)
- Chandigarh: ₹3,499 (10g), ₹34,990 (100g), ₹3,49,900 (1kg)
- Surat: ₹3,499 (10g), ₹34,990 (100g), ₹3,49,900 (1kg)
- Bhubaneswar: ₹3,199 (10g), ₹31,990 (100g), ₹3,19,900 (1kg)
Source: GoodReturns. These rates indicate regional variations, with cities like Jaipur and Lucknow showing higher prices compared to metros like Mumbai and Delhi.
Conclusion and Market Outlook
The silver market in India is currently experiencing heightened volatility, with prices declining sharply after the Union Budget. While silver had shown strong performance earlier in the year, the recent correction serves as a reminder of the market's sensitivity to economic policies. Investors and buyers are advised to stay updated on daily rate fluctuations, as Google search trends for silver prices are on the rise today. This trend underscores the ongoing interest and concern in the precious metals sector amid changing economic conditions.
