Silver Rate Today in India: Prices Pause After Sharp Rs. 60,000/kg Correction Last Week; Check Prices On Feb 1

After two days of intense selling pressure, the bullion market is finally seeing some respite, with the silver rate today pausing their sharp decline. Over the last two sessions, silver prices in India have fallen nearly Rs. 60,000 per kg from record highs,one of the steepest short-term corrections in recent times.

The white metal had surged to a fresh all-time high of around Rs. 4.15 lakh per kg on January 29, capping an extraordinary rally. This was the first time silver delivered such a massive yearly gain, with prices jumping nearly 300%.

However, the sharp rally was followed by an equally sharp correction. While the recent fall may come as good news for fresh buyers, investors who entered at higher levels are now under pressure, as silver prices have corrected more than 20% in just two days.

Despite the recent volatility, silver rate today showed signs of stabilisation across major cities, including Bengaluru, Delhi, Hyderabad, Chennai, and Ahmedabad. Earlier gains were mainly because of strong global cues, rising safe-haven demand, and firm industrial buying, all of which continue to influence near-term price movement.

Silver Rate Today In India

On February 1st, the silver prices in India were stable at around Rs. 3,50,000 per kg, while the silver rate per gram hovered near Rs. 350.

MCX Silver Prices Today

Extending the sharp sell-off seen over the past two days, silver prices plunged up to 10% on the MCX, tracking continued weakness in global metals markets. MCX silver is currently trading around 7.85% lower at nearly Rs. 2.69 lakh, as heavy profit-booking and global risk-off sentiment weigh on prices.

Spot Silver Prices Today

Spot Silver On Fridays, Jan 30th, crashed 26% before closing at $85.15 per ounce, one of the biggest crashes seen in recent times.

"Silver prices tumbled sharply on Friday amid a strong dollar and aggressive profit-taking. Silver prices plunged more than 26 %. Further, prices retreated as hopes for aggressive interest rate cuts by the US Federal Reserve started fading after US President Donald Trump named former Fed Governor Kevin Warsh as his choice to succeed Jerome Powell. Moreover, demand for safe havens declined after US President Trump said he reached a tentative deal with Senate Democrats to avert a US government shutdown, as per the ICICI Commodity report.

Outlook For Silver Prices Ahead

As per Kotak Securities, "Silver is once again going through a corrective phase, something we have seen multiple times since 2024 within a larger structural bull market. Past pullbacks in the 15-20% range (June '24, Nov '24, Apr '25, Oct '25, Dec'25) were sharp and uncomfortable, but each ultimately paved the way for the next leg higher.

The current correction is still unfolding, with prices testing lower levels after an intraday low near $95 so far. From a technical standpoint, $92.50-95.00 is the first key support zone, followed by a deeper support band near $83.00-86.00 if volatility spikes or liquidation intensifies ."

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