Silver Rate Today, February 02, 2026: Check Latest Prices of White Metal in Delhi, Mumbai, Chennai, and Other Major Cities

Mumbai, February 2: Following a historic sell-off that saw prices plunge by nearly 17% last week, the silver rate today, Monday, February 2, showed signs of a cautious recovery across Indian markets. The silver is currently trading at approximately INR 3,35,000 per kilogram in major metropolitan areas. Scroll below to check silver prices in major Indian cities like Delhi, Mumbai, Chennai, Hyderabad, Bengaluru, Ahmedabad, Kolkata, Pune, Kerala, and Vadodara.

While the metal remains significantly below its all-time high of INR 4.2 lakh reached in late January, the current price stability suggests that institutional liquidation has slowed following the unveiling of the Union Budget. The "flash crash" on Friday was largely attributed to a surging US Dollar and speculative profit-booking after a month of unprecedented gains. However, as markets opened for the new week, the silver rate today has found a necessary cushion through renewed physical demand from industrial sectors and retail investors, preventing a further slide in valuations. Gold Rate Today, February 02, 2026: Check 22K & 24K Gold Prices in Delhi, Mumbai, Chennai and Other Cities.

Silver Rates Today, February 02, 2026 (Per Kilogram)

Silver Rate Today: Post-Budget Sentiment

The primary factor influencing today's stable open is the reaction to the Union Budget 2026. With the government opting not to increase the basic customs duty on silver imports, the domestic market avoided an artificial price hike. Furthermore, the budget’s emphasis on green energy and electronics manufacturing, sectors that rely heavily on silver for its conductivity, has reinforced the metal’s long-term industrial appeal.

Globally, the "Kevin Warsh" factor remains a point of contention. While his potential nomination as US Fed Chair has strengthened the dollar, many analysts believe the "priced-in" impact of his hawkishness was largely exhausted during Friday’s crash, allowing metals to find a natural floor. Silver Rate Today, February 1, 2026: Check Latest Prices of White Metal in Delhi, Mumbai, Chennai, and Other Major Cities.

Industrial Demand and Retail Interest

Unlike gold, silver’s price trajectory is heavily tied to its utility in the solar and EV (Electric Vehicle) industries. Despite the volatility in the futures market, physical demand remains robust. In cities like Chennai and Hyderabad, where silver is traditionally popular for both investment and ceremonial use, rates continue to command a slight premium over the national average.

"We are seeing a 'buy-on-dips' mentality," noted a commodity strategist. "Retailers in Vadodara and Pune are reporting increased inquiries from investors who felt they missed the rally earlier in the year and now see this 17% correction as an attractive entry point."

Silver Rate: Outlook for the Week

Technical charts indicate that silver has established a strong support zone between INR 3,25,000 and INR 3,30,000. However, the metal faces immediate resistance at the INR 3,50,000 mark. Market participants are advised to monitor the US Manufacturing PMI data due later this week, as any signs of industrial slowdown could put renewed pressure on the white metal. For retail consumers, experts suggest verifying the purity of silver and checking for the 925 Sterling mark on jewelry or the purity certificate for investment-grade bars and coins.

(The above story first appeared on LatestLY on Feb 02, 2026 08:35 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).