Silver Rate In India Jumps On Feb-4 After Rs 1,30,000 Crash; Silver Prices In Chennai, Hyderabad, Bengaluru

Silver rates in India recovered on February 4th, after crashing by a whopping Rs 1,30,000 in past five days. The start of February had been broadly bearish for silver rates. However, global cues sentiment has turned positive since the previous session as markets absorbed the nomination of Kevin Warsh as the new Fed Chairman and rising geopolitical tensions between the US and Iran.

According to Rahul Kalantri, VP Commodities, Mehta Equities,markets have largely absorbed the nomination of Kevin Warsh as the new Fed Chairman. Safe-haven buying strengthened amid rising geopolitical tensions, after U.S. forces shot down an Iranian drone, although diplomatic talks are still expected to continue. Support also came from a partial U.S. government shutdown and profit-taking in the dollar index from its highs. However, a firmer rupee capped gains for precious metals in domestic markets.

Silver Rates In India:

1Kg silver price jumped by Rs 40,000 to Rs 3,20,000 in India. While 100 grams and 10 grams silver price zoomed by Rs 4,000 and Rs 400 to Rs 32,000 and Rs 3,200 respectively. The price of 8 grams silver is up by Rs 320 to Rs 2,560 and 1 grams silver is up by Rs 40 to Rs 320.

This comes after silver price nosedived by a whopping Rs 1,30,000 in past five days. In February alone, silver plunged by Rs 20,000 on the 3rd followed by Rs 50,000 dip on the 2nd. The price was unchanged on February 1st during the Budget announcement. However, the end of January saw a brutal selling pressure. Silver had dropped by Rs 45,000 on January 31st and down by Rs 15,000 on January 30th. Accordingly, silver nosedived by Rs 1,30,000 in past five days.

Silver ended the month of January with over 47% gains. Silver prices have come under pressure after it touched its all-time high of Rs 4.10 lakh mark on January 29.

Silver Rates In Top Cities:

That being said, 1Kg silver price stood at Rs 3,20,000 in the three cities, followed by 100 grams and 10 grams silver of Rs 32,000 and Rs 3,200. The price of 8 grams silver stood at Rs 2,560 and 1 gram at Rs 320.

Silver Prices Prediction:

As per Ponmudi R, CEO of Enrich Money, here are the outlook for silver globally and in India:

COMEX Silver Price Outlook

COMEX Silver is consolidating within the $79-$90 zone after testing record highs above $121.6. The metal has regained upward momentum and continues to trade within its broader rising structure.

Importantly, prices are holding above key moving averages, suggesting healthy consolidation rather than trend exhaustion. Support is placed at $74-$80, while a sustained breakout above $100-$105 could trigger the next impulsive move toward $116-$121 over the intermediate term. Structural supply deficits and steady industrial demand continue to underpin the bullish bias.

MCX Silver Price Outlook:

MCX Silver witnessed a sharp correction earlier but has since stabilised and turned higher on fresh buying interest. Prices are currently trading near key structural levels in the Rs2,74,000-Rs2,88,000 range after rebounding from last week's low near Rs2,25,000. The correction has helped reset momentum, with dips attracting buyers and the broader uptrend remaining intact as long as major supports hold.

The Rs2,20,000-Rs2,35,000 zone remains a strong structural base. Immediate resistance is seen at Rs2,90,000-Rs3,00,000, with potential extension toward Rs3,25,000 if momentum sustains. Dips continue to offer accumulation opportunities for positional participants.

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.