Mumbai, February 3: Following a volatile start to the week, the silver rate in India witnessed a sharp decline on Tuesday, February 3, 2026. Tracking a major sell-off in international markets, the silver rate fell by approximately INR 50,000 per kilogram across major domestic hubs. Scroll below to check silver prices in major Indian cities like Delhi, Mumbai, Chennai, Hyderabad, Bengaluru, Ahmedabad, Kolkata, Pune, Kerala, and Vadodara.

Silver is currently trading at approximately INR 86,400 per kg, reflecting weakened industrial demand forecasts and a strengthening US Dollar. While gold rates often stay uniform across regions, silver prices can vary significantly between the northern and southern markets due to local demand and logistical costs. Why Gold and Silver Prices Are Falling?

Silver Rates Today, February 03, 2026 (Per Kilogram)

City

Silver Price Today
Delhi INR 2,99,900
Mumbai INR 2,99,900
Chennai INR 2,99,900
Hyderabad INR 2,99,900
Bengaluru INR 2,99,900
Ahmedabad INR 2,99,900
Kolkata INR 2,99,900
Pune INR 2,99,900
Kerala INR 2,99,900
Vadodara INR 2,99,900

Silver Rate Today: Factors Driving the Decline

The primary catalyst for today's price drop is the "February 2 crash" in the global bullion market. Silver, which serves as both a precious and an industrial metal, was hit harder than gold. A stronger US Dollar has made dollar-denominated silver more expensive for international buyers, leading to a reduction in volume.

Additionally, recent manufacturing data from major global economies has suggested a cooling in the electronics and solar energy sectors. Since these industries are primary consumers of silver, the reduced demand forecast has pressured prices downward. Silver Rate Today, February 02, 2026: Check Latest Prices of White Metal in Delhi, Mumbai, Chennai, and Other Major Cities.

Retailers in cities like Vadodara and Ahmedabad have noted an increase in inquiries from industrial buyers looking to hedge their costs during this dip. However, analysts suggest that silver may face further technical resistance. "The metal has broken through several key support levels," a market expert noted. "While this is a significant drop, buyers should remain cautious of further volatility in the coming days."

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(The above story first appeared on LatestLY on Feb 03, 2026 08:27 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).