Silver prices continue to witness sharp volatility, with a noticeable downward trend in recent sessions. On the Multi Commodity Exchange (MCX), silver futures slipped to Rs 2,40,201 per kilogram. This marks a significant decline from the record high of Rs 4,20,048 per kilogram touched on January 29.
In the global markets, spot silver prices also eased, falling to $76.94 per ounce, reflecting broader weakness in international bullion trends.
In the domestic physical market, the All India Sarafa Association reported that silver prices in Delhi dropped to Rs 2,50,000 per kilogram (inclusive of all taxes). Meanwhile, data from the Indian Bullion and Jewellers Association (IBJA) showed that silver was trading at Rs 2,40,947 per kilogram as of Tuesday morning.
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According to a report by Goodreturns, silver prices declined by Rs 7,000 to Rs 2,67,900 per kilogram. The report noted that silver had previously hit an all-time high of Rs 4,10,100 per kilogram on January 29.
Below, we provide the latest silver rates across major Indian cities to help buyers of silver jewellery stay updated on current prices.
"Silver began the week on a softer note, as investors booked profits after the weekend's rally. However, ongoing central bank purchases, heightened safe-haven demand amid the correction in tech and AI stocks, and a weaker dollar index have helped cushion the downside," Gaurvav Garg, Research Analyst, Lemonn Markets Desk, said.
Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities noted that trading activity remained subdued, with Chinese markets closed for Lunar New Year holidays. Chinese participants have played a key role in recent volatility, particularly in silver, and their absence contributed to thinner market conditions.
Kaynat Chainwala, AVP – Commodity Research at Kotak Securities, said that traders are closely watching important economic data from the US.
She said the main focus is on the US Federal Reserve’s preferred inflation measure, the Personal Consumption Expenditures (PCE) price index, which will be released on February 20. This data could influence expectations about whether the US central bank will cut interest rates in June.
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