On February 1, 2026, silver prices in India experienced volatility, reflecting broader trends in the global precious metals market. Several factors, including international market dynamics, geopolitical tensions, and fluctuations in the dollar index, influence these prices.

Silver Rates in Major Cities:

• Delhi: Silver rates in Delhi show considerable variation across different sources. One source indicates ₹3,800.00 per 10 grams, marking an increase of ₹100 from the previous day. However, another source states ₹367 per gram as of January 31, 2026. Yet another source shows ₹3,50,000 per kg.
• Mumbai: The silver rate in Mumbai is reported as ₹3,700.00 per 10 grams, which is ₹100 higher than the previous day's price. Another source, however, mentions ₹3,50,000 for 1 kg. On January 31, 2026, the rate was ₹366 per gram.
• Kolkata: In Kolkata, the silver rate is ₹4,100.00 per 10 grams, a significant increase of ₹300 from the previous day. The price is ₹3,50,000 for 1 kilogram. Another source indicates ₹4069 per 10 grams.

Price per Quantity:

• 10 Grams: ₹884, ₹3,185.47, ₹3,660, ₹3,670, ₹4,069.
• 100 Grams: ₹8,840, ₹31,854.66, ₹36,600, ₹40,690.
• 1 KG: ₹88,400, ₹3,18,546.58, ₹3,50,000, ₹3,66,000, ₹4,06,900.

Factors Influencing Silver Prices:

Silver prices are influenced by a complex interplay of global and local factors. These include:

• Global Economic Factors: Fluctuations in the international spot silver price, inflation reports from the US, and potential interest rate cuts by the Federal Reserve can significantly impact silver prices in India.
• Geopolitical Tensions: Trade relations and potential conflicts enhance silver's appeal as a safe-haven investment, driving up demand and prices.
• Rupee-Dollar Exchange Rate: The currency movement of the Indian Rupee against the US dollar affects silver prices.
• Industrial Demand: Silver's use in solar panels, electric vehicles, electronics, and batteries contributes to its demand, making it a structural rather than cyclical asset.
• Seasonal and Festive Demand: In India, seasonal and festive demand plays a significant role due to silver's cultural, religious, and investment significance.
• Market Sentiment and Speculation: Rapid price increases can lead to speculation, causing prices to move beyond rational levels.

Recent Market Trends:

Recently, silver prices have experienced significant volatility. After reaching record highs, prices corrected sharply. For example, one report noted a nearly 30% decline in a single session. This volatility highlights the risk associated with silver investments, particularly when retail investors enter the market late.

Analyst Perspectives:

Despite recent corrections, some analysts remain optimistic about silver's long-term prospects. Strong physical demand from China and India, coupled with industrial demand, is expected to support prices.

Disclaimer:

Precious metal prices are subject to change based on market conditions. This information is for informational purposes only and should not be considered financial advice.