Silver Rate Today 2 February 2026 tells a wild story. After hitting record highs above ₹4,00,000 per kg in January, silver has fallen hard. In just three trading sessions, prices dropped nearly 39% in a dramatic free-fall.
On the MCX, March silver futures are feeling the heat. They hit lower circuit levels multiple times over the weekend and kept sliding today. Current MCX rate sits around ₹2,33,774 per kg. That’s down 12% today, after a huge 9% plunge in the last session.
What’s behind this crash? Heavy profit booking kicked in. The US dollar got stronger after Kevin Warsh was nominated as the next Fed Chair. Plus, CME Group raised margin requirements, forcing many small traders to sell off positions quickly.
Retail silver prices in major cities have followed the same path. Most places now show silver between ₹2,65,000 and ₹3,00,000 per kg, with small differences from local taxes and transport.
Silver Rate Today 2 February 2026 in key cities (per kg):
| City | Silver Price (per kg) |
|---|---|
| Delhi | ₹3,00,000 |
| Mumbai | ₹3,00,000 |
| Chennai | ₹3,19,900 |
| Bengaluru | ₹3,00,000 |
| Hyderabad | ₹3,19,900 |
| Kolkata | ₹3,00,000 |
The sharp drop got extra fuel on Budget Day. Many expected an import duty cut that never came, sparking more selling.
Right now, experts say stay calm and watch. Volatility is sky-high. Support might hold near ₹2,50,000 per kg, but the market remains very choppy.
Silver Rate Today 2 February 2026 shows how fast things can turn. Investors are keeping a close eye on global cues while waiting for the dust to settle.
Also Read: Gold Rate Today 2 February 2026: Sharp Drop After Budget and US Policy Shift
Disclaimer: The silver rates and market data provided above are for informational purposes only and do not constitute financial or investment advice. Commodity markets are subject to high volatility and significant risk. Readers are advised to verify prices with local dealers and consult a certified financial advisor before making any trading or investment decisions. Past performance is not indicative of future results.
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.
