Union Budget 2026: Gold, Silver Prices Drop Sharply Ahead Of Speech; Check City-Wise Rates

Union Budget 2026: Silver prices in India crashed sharply in a heavy market sell-off on Sunday, marking one of the steepest single-day declines in recent times. After last week’s sharp rally, aggressive profit-booking triggered the sudden fall. The slide was further intensified by hawkish global cues linked to the new US Federal Reserve leadership and heightened investor caution ahead of today’s Union Budget 2026.

From the all-time high of ₹4.10 lakh per kg hit just three days ago, silver has now fallen by nearly ₹60,000 per kg.

Gold, Silver Hit Lower Circuits Ahead Of Budget

Gold prices remained highly volatile over the weekend. On Saturday, 24-carat gold plunged nearly 5.4 per cent to ₹1,69,470 per 10 grams in futures trade. In the international market, gold prices declined by over 9 per cent, slipping to around USD 4,887 per ounce.

Silver saw an even sharper fall. Prices in the national capital crashed 19 per cent to ₹3.12 lakh per kilogram, marking one of the steepest single-day declines in recent times.

Gold prices also declined by ₹3,500 or 2.07 per cent to ₹1,65,500 per 10 grams (inclusive of all taxes). In the international market slid by USD 530.53 or 9.83 per cent, settling at USD 4,865.35 per ounce, underscoring the scale of the global sell-off in precious metals.

Silver Price Today MCX

• 1 gram: ₹350
• 8 grams: ₹2,800
• 10 grams: ₹3,500
• 100 grams: ₹35,000
• 1 kg: ₹3,50,000

Prices plunged ₹45,000 per kg and ₹45 per gram compared to Friday’s close of ₹3,95,000. MCX Silver February 2026 futures slipped sharply, touching ₹2,91,922 per kg during volatile special session trading.

Silver Rate Today: Market In Freefall

• Prices tumbled over 11 per cent in a single session, wiping out most gains from the past week.
• Market sentiment flipped abruptly from a speculative rally to a broad risk-off sell-off.
• A stronger US dollar and fears of tighter US monetary policy under incoming Fed chair nominee Kevin Warsh added pressure.
• Investor focus has now shifted to the Union Budget 2026, especially any potential changes in import duties on precious metals.

MCX Gold And Silver Snapshot

MCX Silver Futures (Feb 2026): Highly volatile, last seen near ₹2,91,922 per kg.

MCX Gold Futures (Feb 2026): Around ₹1,69,200 per 10 grams, also under pressure.

The silver-to-gold ratio widened sharply, with silver underperforming gold during the sell-off.

City-wise Silver Prices-

Mumbai

10 grams: ₹3,500

100 grams: ₹35,000

1 kg: ₹3,50,000

Prices fell by ₹45,000 per kg, in line with the national trend.

Delhi

10 grams: ₹3,500

100 grams: ₹35,000

1 kg: ₹3,50,000

Heavy selling dragged rates to levels last seen on January 27.

Kolkata

10 grams: ₹3,500

100 grams: ₹35,000

1 kg: ₹3,50,000

The decline mirrored nationwide panic selling.

Bengaluru

10 grams: ₹3,500

100 grams: ₹35,000

1 kg: ₹3,50,000

Rapid exits by retail and institutional investors tightened liquidity.

Chennai

10 grams: ₹3,200

100 grams: ₹32,000

1 kg: ₹3,20,000

Chennai saw a steeper fall of ₹85,000 per kg as its regional premium disappeared.

Silver Price City-wise (₹/kg)

Chennai – ₹3,200 (10g), ₹32,000 (100g), ₹3,20,000 (1kg)
Mumbai – ₹3,500 (10g), ₹35,000 (100g), ₹3,50,000 (1kg)
Delhi – ₹3,500 (10g), ₹35,000 (100g), ₹3,50,000 (1kg)
Kolkata – ₹3,500 (10g), ₹35,000 (100g), ₹3,50,000 (1kg)
Bengaluru – ₹3,500 (10g), ₹35,000 (100g), ₹3,50,000 (1kg)
Hyderabad – ₹3,200 (10g), ₹32,000 (100g), ₹3,20,000 (1kg)
Kochi – ₹3,200 (10g), ₹32,000 (100g), ₹3,20,000 (1kg)
Pune – ₹3,500 (10g), ₹35,000 (100g), ₹3,50,000 (1kg)
Ahmedabad – ₹3,500 (10g), ₹35,000 (100g), ₹3,50,000 (1kg)

Silver Rate In India – Last 10 Days

01 Feb, 2026 – ₹3,500 (10g), ₹35,000 (100g), ₹3,50,000 (1kg)
31 Jan, 2026 – ₹3,950 (10g), ₹39,500 (100g), ₹3,95,000 (1kg)
30 Jan, 2026 – ₹4,100 (10g), ₹41,000 (100g), ₹4,10,000 (1kg)
29 Jan, 2026 – ₹3,800 (10g), ₹38,000 (100g), ₹3,80,000 (1kg)
28 Jan, 2026 – ₹3,700 (10g), ₹37,000 (100g), ₹3,70,000 (1kg)
27 Jan, 2026 – ₹3,600 (10g), ₹36,000 (100g), ₹3,60,000 (1kg)
26 Jan, 2026 – ₹3,350 (10g), ₹33,500 (100g), ₹3,35,000 (1kg)
25 Jan, 2026 – ₹3,350 (10g), ₹33,500 (100g), ₹3,35,000 (1kg)
24 Jan, 2026 – ₹3,400 (10g), ₹34,000 (100g), ₹3,40,000 (1kg)
23 Jan, 2026 – ₹3,250 (10g), ₹32,500 (100g), ₹3,25,000 (1kg)

Silver Price Movement – January 2026

01 Jan, 2026 – ₹2,38,000 per kg, Month Open
29 Jan, 2026 – ₹4,10,000 per kg, All-Time Record High
31 Jan, 2026 – ₹3,95,000 per kg, Profit-Booking Begins
01 Feb, 2026 – ₹3,50,000 per kg, Severe Crash

Silver Crashes As ‘Perfect Storm’ Hits Market

Global silver prices also saw a brutal sell-off, plunging over 15 per cent as multiple negative triggers converged. The nomination of a hawkish US Federal Reserve chair boosted the dollar, weighing heavily on dollar-priced commodities. Adding to the pressure, the CME Group’s upcoming margin hike on silver futures forced leveraged traders to unwind large long positions built during January’s record rally. The result was one of the most violent sell-offs in the metal’s recent history.

Is The Silver Rally Over?

Analysts remain divided on whether the sharp fall marks a healthy correction or the end of the bull run. Technical indicators have broken key support levels, suggesting more downside risk. However, long-term fundamentals such as tight physical supply due to China’s export restrictions and strong industrial demand from AI and green energy sectors, remain supportive.

The Union Budget 2026’s stance on import duties will be crucial in shaping near-term price direction.

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