Silver Rate Today, March 02, 2026: Check Latest Prices of White Metal in Delhi, Mumbai, Chennai and Other Major Cities
Today, March 2, silver rates (silver prices) in India held firm at record levels, averaging INR2,94,900/kg nationally, while southern cities like Chennai hit INR 3,25,100/kg. The high prices of silver are driven by safe-haven demand amid the Middle East conflict, a weakening rupee, and a global supply deficit in the industrial sector.
New Delhi, March 2: Silver rates (silver prices) in India remained firm today, March 2, holding onto significant gains made over the weekend as investors sought safety amid an escalating conflict in the Middle East. According to the latest data from GoodReturns, the retail price for silver is currently averaging INR 2,94,900 per kilogram in major metropolitan areas, reflecting a slight stabilisation after a volatile 48-hour period. The market remains on edge following joint US and Israeli military strikes against targets in Iran, a development that has pushed global spot silver toward the USD 95 per ounce mark.
In India, the surge in prices is being further amplified by a weakening rupee and strong seasonal demand during the Holika Dahan period. Check the latest silver rates today in major cities including Delhi, Mumbai, Chennai, Hyderabad, Bengaluru, Ahmedabad, Kolkata, Jaipur, Lucknow, and Noida. Gold Rate Today, March 02, 2026: Check 22K & 24K Gold Prices in Delhi, Mumbai, Chennai and Other Cities.
City-Wise Retail Rates of Silver
While the national average is hovering near the INR 2.95 lakh mark, significant regional variations exist. Southern Indian cities continue to command a substantial premium due to higher local demand and different tax structures.
Silver Rates Today As of March 02, 2026 (Per Kilogram)
| City | Silver Price Today |
| Delhi | INR 2,94,900 |
| Mumbai | INR 2,94,900 |
| Chennai | INR 3,25,100 |
| Hyderabad | INR 3,25,100 |
| Bengaluru | INR 2,94,900 |
| Ahmedabad | INR 2,94,900 |
| Kolkata | INR 2,94,900 |
| Pune | INR 2,94,900 |
| Kerala | INR 3,25,100 |
| Vadodara | INR 2,94,900 |
Geopolitics and the 'Safe-Haven' Rally
The primary catalyst for the current price levels is the "risk-off" sentiment prevailing in global financial markets. As traditional equities face pressure from the regional conflagration in West Asia, capital has aggressively rotated into precious metals. Analysts at LKP Securities note that silver’s dual role as both a monetary asset and an industrial component makes it particularly sensitive to such crises. The metal has recovered more than 18 per cent from its February lows, driven by fears of supply chain disruptions and the ongoing "open war" between regional powers.
Industrial Demand and Supply Constraints
Beyond the immediate war-driven rally, silver is benefiting from structural supply deficits. Industrial demand - particularly for solar energy components and AI-driven electronics - continues to outpace global mining output. Recent reports indicate that registered inventories on international exchanges like the COMEX have dipped to critical levels. This physical scarcity, combined with the current geopolitical premium, has created a "floor" for prices that experts believe will hold even if diplomatic tensions briefly ease. Silver Rate Today, March 01, 2026: Check Latest Prices of White Metal in Delhi, Mumbai, Chennai and Other Major Cities.
Currency Factors and Inflation
The Indian Rupee’s performance is another critical factor for local buyers. Trading near INR 91.08 against the US Dollar, the rupee's relative weakness makes dollar-denominated imports of silver more expensive for Indian bullion dealers. This "currency tailwind" ensures that even if global prices remain flat, local retail rates may continue to climb or stay elevated.
(The above story first appeared on LatestLY on Mar 02, 2026 08:20 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).