Silver price today in India has witnessed a dramatic recovery on Wednesday, February 4, 2026, following a period of intense volatility that shook the bullion market. After a staggering 41% decline between Friday and Monday, silver rates have bounced back sharply, driven by shifting international trade dynamics and a potential reduction in US tariffs on Indian goods. For retail buyers and investors, this sudden “V-shaped” recovery marks a critical turning point after prices crashed from their January peaks.
Massive Rebound on MCX and Spot Markets
The Multi Commodity Exchange (MCX) reflected the aggressive buying sentiment early Wednesday. The silver March delivery contracts surged by approximately 6.71%, climbing ₹17,981 to reach a level of ₹2,85,996 per kilogram. This follows a volatile Tuesday session where the metal had already begun its recovery, gaining over 12%.
In the international arena, Spot Silver rose by 4% during Asian trading hours, hovering around the $86.9 mark. Analysts suggest that the relief in trade tensions and technical buying at lower support levels have contributed to this rapid price appreciation.
Why Silver Price Today is Fluctuating Rapidly
The silver market is currently navigating a period of “price discovery” following the historic high of ₹4,20,048 per kg recorded on January 29. The subsequent crash was a result of profit-booking and global economic cooling, but today’s surge indicates that demand remains robust at lower price points.
Key factors influencing the silver price today include:
- Geopolitical Shifts: Speculation regarding reduced US tariffs on Indian exports has bolstered the Rupee, yet increased the attractiveness of industrial metals.
- Industrial Demand: As a vital component in green energy and electronics, silver continues to see high physical demand despite price swings.
- Domestic Wedding Season: In India, the wedding season keeps the retail demand for silver jewelry and silverware high, providing a floor for domestic prices.
City-wise Silver Rates: Delhi, Mumbai, and Patna
According to data from the All India Syarrafa Association and GoodReturns, retail prices across major Indian hubs have been revised upwards to reflect the MCX gains.
| City | Silver Price Today (per kg) | Change from Yesterday |
| Delhi | ₹2,84,000 | + ₹24,000 |
| Mumbai | ₹2,80,000 | + ₹18,000 |
| Patna | ₹2,82,500 | + ₹20,000 |
| Lucknow | ₹2,84,000 | + ₹24,000 |
| Bengaluru | ₹2,78,000 | + ₹15,500 |
Note: Prices include GST and local levies where applicable.
IBJA and Spot Market Analysis
The India Bullion and Jewellers Association (IBJA) reported that silver opened Wednesday morning at approximately ₹2,63,965 per kg, but quickly climbed to ₹2,76,538 per kg by the afternoon session. This intraday movement of over ₹12,000 highlights the extreme sensitivity of the metal to global cues right now.
Comparatively, on Monday, the market had seen a massive dip of ₹52,000 in a single day, showing that the current recovery, while significant, is still part of a larger corrective phase in the market.
Impact on Silver Jewelry Buyers
For those looking to purchase silver jewelry, the current market presents a dilemma. While the prices are significantly lower than the ₹4 lakh+ peaks seen in late January, the daily volatility makes timing the purchase difficult. Experts suggest that while the long-term trend for silver remains bullish due to its industrial utility, short-term retail buyers should keep a close watch on the ₹2,60,000 support level.
Future Outlook: Will the Rally Continue?
Market strategists believe that if the silver price today sustains above the ₹2,80,000 mark on the MCX, it could pave the way for a retest of the ₹3,00,000 psychological barrier. However, any negative news regarding global inflation or a strengthening US Dollar could trigger another round of liquidations.
Investors are advised to consult with financial experts before making large-scale movements in bullion, given the current 15-20% daily price swings which are uncommon for precious metals.
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