Silver Prices in India dipped sharply as reported on January 31 across all major cities. The price of one gram silver and one kg silver dipped ₹65 and ₹65,000, respectively compared with the previous session’s closing price. This report provides a detailed, city-by-city breakdown of the latest silver prices.

Market experts remain constructive on silver but urge investors to balance optimism with caution.

Silver Rate in India

Silver prices declined with the average rate settling at ₹350 per gram, down ₹65, while one kilogram now costs about ₹3,50,000, cheaper by ₹65,000.

Silver Rate in Mumbai

Silver prices in mumbai declined to ₹350 per gram, down ₹65, while one kilogramme now costs about ₹3,50,000, cheaper by ₹65,000.

Silver Rate in Chennai

Chennai’s silver rates have also seen a decrease to ₹3,50,000 per kg, while 1 gm of silver is available at ₹350, or ₹65 cheaper.

Silver Rate in Delhi

In Delhi, the prices moved similarly lower, tracking losses seen across major cities. The price of one kilogram of silver dipped to ₹3,50,000 compared with ₹4,15,000 in the previous session, marking a steep ₹65,000 slide in a single day.

Silver Rate in Ahmedabad

Silver prices in Ahmedabad decreased, mirroring the downtrend seen across other parts of the country. The cost of one kilogramme fell sharply by ₹65,000 to ₹3,50,000, down from ₹4,15,000 in the previous session. In turn, 1 gm of silver was available for ₹350, cheaper by ₹65 compared with the previous session’s price of ₹415.

Silver Rate in Kolkata

In Kolkata, the white metal saw an equally strong dip, as a kilogramme became cheaper by ₹65,000 at ₹3,50,000 compared with ₹4,15,000 for which it was available yesterday.

Silver Rate in Bengaluru

In Bengaluru too, silver prices declined by ₹65 and by ₹65,000 to ₹350 per gram and to ₹3,50,000 per kg, respectively.

Silver Rates Courtesy: bankbazaar.com

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Published on January 31, 2026

All the metals nosedived, silver over 18 per cent, and as a fallout, exchange-traded funds (ETFs) of gold and silver plunged 9-12 per cent and 18-23 per cent, respectively. Photo Credit: wydynd

The precious metals complex plunged on Friday with investors booking profits, as they saw no more confrontation between US President Donald Trump and the US Fed.

Over the past few weeks, investors switched to gold from currencies and bonds in view of the threat to the US Fed. With Trump nominating Kevin Warsh as the next Fed Chief, the global precious metals began to cool.

All the metals nosedived, silver over 18 per cent, and as a fallout, exchange-traded funds (ETFs) of these gold and silver plunged 9-12 per cent and 18-23 per cent, respectively, on Friday as investors rushed to book profits after months of relentless rally.

Silver worst hit

At 19:30 hours IST, gold fell to $5,008 an ounce and gold April futures on COMEX slid to $5,027.81, a fall of over 10 per cent at one point in time. In the Mumbai spot market, gold ended at ₹1,65,795 per 10 gm, down from ₹1,75,340. On MCX, gold April futures were quoted at ₹1,68,938, an over 8 per cent drop from Thursday.

Silver, which had a ‘golden’ run over the past couple of months, got hit badly with prices slipping below $100 an ounce to $98.93 an ounce. March futures on COMEX ruled at $98.58. In the Mumbai market, the white precious metal plunged to ₹3,39,350 a kg from ₹3,85,933 yesterday. On MCX, silver March contracts slipped to ₹3,37,945.

The trend reflected in gold ETFs of Nippon India AMC, HDFC AMC and DSP Mutual Fund declining 10-13 per cent. Leading silver ETFs of Nippon India AMC, Aditya Birla Sun Life AMC and ICICI Pru AMC fell by 18-20 per cent.

Gold ETFs investment

In 2025, Indians invested $4.37 billion in gold ETFs, with the holdings in these funds rising by 65 per cent, World Gold Council data showed. The overall assets under ETF management is $14 billion. Earlier this week, gold ran up to a record high of $5,600 and silver to $118 an ounce.

Dr Renisha Chainani, Head of Research, Augmont, said gold and silver prices fell sharply amid a stronger dollar, margin pressure and profit-booking at higher levels.

Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of India Bullion and Jewelers Association Ltd. and Chairman, said despite the pullback, gold remains up around 25 per cent and silver up by 45 per cent year-to-date and is still on track for its strongest monthly performance since 1999 after multiple record highs.

The volatility was elevated following the US Fed’s decision to hold rates, with inflation still above target. Strong speculative positioning, firm US yields and a resilient dollar are near-term headwinds, though structural support for gold and silver remains intact, he said.

Satish Dondapati, Fund Manager, Kotak Mutual Fund, said the strengthening of the dollar was one of the main reasons for the selloff in gold and silver.

PGMs also crash

Investors also felt that the recent rally was stretched and unsustainable, leading to profit-booking at higher levels. In addition, weakness in the equity market triggered selling across other asset classes, including gold and silver, he said.

Nikunj Saraf, CEO, Choice Wealth, said a hawkish Fed chair pick under President Trump sparked global fears of tighter policy, strengthening the US Dollar and crushing overbought metals.

The dip tests investors’ conviction to avoid panic selling and eye rebounds from central bank demand, he said.

Among platinum group of metals (PGMs), platinum fell over 12 per cent to $2,288. 20 and palladium by nearly 10 per cent to $1,827.50 an ounce.

WIth inputs from Subramani Ra Mancombu

Published on January 30, 2026