Silver prices declined on Tuesday, partially reversing the gains seen during the recent rally, as investors adopted a cautious stance amid renewed strength in the US dollar and shifting global market conditions.
The white metal, which serves both as a precious metal and an industrial commodity, has experienced notable volatility in recent trading sessions. After a robust rebound in earlier days, silver came under pressure on Tuesday as traders booked profits and reassessed their positions in the market.
The recent momentum in silver had been driven by safe-haven demand and strength across broader precious metals. However, the renewed firmness in the US dollar reduced the attractiveness of non-yielding assets, making silver relatively more expensive for international buyers and prompting some selling activity.
Market sentiment had previously been affected by developments surrounding the leadership at the US Federal Reserve, after President Donald Trump nominated Kevin Warsh to head the central bank. This nomination initially triggered fluctuations in currency and bullion markets. As expectations around monetary policy continue to evolve, silver remains highly sensitive to movements in the dollar and the anticipated path of interest rates.
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In addition, broader geopolitical developments have influenced market dynamics. One significant event is the recently announced trade agreement between the United States and India, which reduces US tariffs on Indian goods from 50 percent to 18 percent, in exchange for India halting purchases of Russian oil and easing certain trade barriers. These developments have kept investors alert to changing risk factors and global market conditions.
Analysts observe that while the long-term fundamentals for precious metals remain supported by industrial demand and safe-haven interest, short-term price corrections are natural following sharp rallies. Silver, in particular, is prone to amplified price swings because of its dual function as both an investment asset and an industrial metal.
Silver Prices Across Major Indian Cities on February 3, 2026
Silver Prices in Delhi:
The current silver price in Delhi is Rs 280 per gram and Rs 280,000 per kilogram.
Silver Pricesin Chennai:
In Chennai, silver is trading at Rs 280 per gram and Rs 280,000 per kilogram.
Silver Prices in Bengaluru:
Silver in Bengaluru is priced at Rs 280 per gram and Rs 280,000 per kilogram.
Silver Prices in Mumbai:
In Mumbai, silver is valued at Rs 280 per gram and Rs 280,000 per kilogram.
Silver Prices in Pune:
The price of silver in Pune stands at Rs 280 per gram and Rs 280,000 per kilogram.
Silver Price in Kolkata:
In Kolkata, silver is currently priced at Rs 280 per gram and Rs 280,000 per kilogram.