Silver prices came under significant pressure on Friday, dropping more than 3% due to a stronger US dollar and heavy selling in global technology stocks, which dampened risk appetite across commodities.
The decline in silver coincided with the US dollar approaching its strongest weekly performance since November, trading near a two-week high. A stronger dollar makes dollar-denominated commodities more expensive for investors holding other currencies, prompting selling pressure.
Market analysts noted that silver’s sharp pullback has reignited concerns over high valuations and increased volatility after its recent rally. Despite the short-term weakness, the long-term fundamentals for silver remain positive.
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Investment bank JP Morgan warned that silver’s elevated valuations could result in larger downside during periods of market stress. However, they suggested that any immediate weakness might be temporary, with prices potentially stabilising before a possible recovery next year.
Silver Prices Across Major Indian Cities on Feb 6, 2026
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Delhi: Rs 275 per gram | Rs 275,000 per kg
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Chennai: Rs 280 per gram | Rs 280,000 per kg
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Bengaluru: Rs 275 per gram | Rs 275,000 per kg
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Mumbai: Rs 275 per gram | Rs 275,000 per kg
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Pune: Rs 275 per gram | Rs 275,000 per kg
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Kolkata: Rs 275 per gram | Rs 275,000 per kg