Silver Rate Today 31 January 2026 shocked the market as silver prices saw a massive one-day crash after hitting record highs earlier this week. From futures trading to local bullion markets, silver witnessed heavy selling pressure, leaving investors and buyers surprised by the sharp fall.
The sudden correction came just a day after silver touched historic levels, making this one of the biggest single-day declines in recent years.
MCX Silver Sees Heavy Selling
On the Multi Commodity Exchange of India (MCX), silver had earlier shown strong momentum. On January 29, silver futures were trading close to ₹4 lakh per kg. However, the trend changed dramatically on January 30.
Silver futures with 5 March 2026 expiry witnessed intense selling and slipped to around ₹2,91,922 per kg. This means silver became cheaper by more than ₹1.07 lakh per kg in just one session.
Looking at broader levels, MCX silver recorded a high of ₹4,20,048 per kg and a low near ₹2,91,911 per kg, reflecting a fall of nearly 30%. From its record peak, silver is now down by around ₹1,28,137 per kg.
Silver Rate Today 31 January 2026: Delhi Bullion Market Update
The fall was also clearly visible in the Delhi bullion market. Silver prices in the capital dropped by nearly ₹20,000 per kg in a single day. Rates that had earlier touched ₹4,04,500 per kg cooled down to a range of ₹3,80,000 to ₹3,95,000 per kg, according to market estimates from the Indian Bullion and Jewellers Association.
Silver Price in India 31 January 2026: City-wise Rates
| City | 10 grams | 100 grams | 1 kg |
|---|---|---|---|
| Delhi | ₹3,950 | ₹39,500 | ₹3,95,000 |
| Mumbai | ₹3,950 | ₹39,500 | ₹3,95,000 |
| Kolkata | ₹3,950 | ₹39,500 | ₹3,95,000 |
| Chennai | ₹4,150 | ₹41,500 | ₹4,15,000 |
| Bengaluru | ₹3,950 | ₹39,500 | ₹3,95,000 |
| Hyderabad | ₹4,150 | ₹41,500 | ₹4,15,000 |
| Jaipur | ₹3,950 | ₹39,500 | ₹3,95,000 |
Global Market Pressure Adds to Fall
Silver weakness was not limited to India. In the international market, spot silver slipped sharply from highs above $121 per ounce to nearly $74 per ounce. On COMEX, March delivery silver contracts also traded near day’s lows, adding pressure on domestic prices.
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Is This a Good Time to Buy Silver?
After such a steep fall, market experts believe current levels may offer an opportunity for jewellery buyers and long-term investors. However, the next move will depend on global trends, dollar strength, and overall market sentiment.
Note: Silver prices remain volatile. Buyers should track live updates and consult financial experts before making investment or purchase decisions.
Yogesh Kolhe is a business and market news writer covering the share market, company earnings, and gold and silver price movements, with a strong focus on the automobile sector. A Mechanical Engineering graduate with 5 years of share market experience, he provides data-driven, reliable insights into market and industry trends.
