India's domestic silver prices for today saw a minor drop amid the cautious mood in global markets. With the US Dollar still holding fast and the white metal's industrial demand starting to consolidate, the Indian retail price of silver has depreciated between ₹500 and ₹800 per kilogram in bullion markets across many states.
City-Wise Silver Rates (February 2026)
Each state in India has its own silver price, influenced by local taxes, octroi, and transportation costs. With more physical demand than the others, Chennai and Hyderabad in southern India continue to maintain a premium.
| City | Price per 100 Grams | Price per 1 Kilogram |
| Bengaluru | ₹9,550 | ₹95,500 |
| Chennai | ₹9,900 | ₹99,000 |
| Hyderabad | ₹9,900 | ₹99,000 |
| Mumbai | ₹9,400 | ₹94,000 |
| Delhi | ₹9,400 | ₹94,000 |
| Kolkata | ₹9,400 | ₹94,000 |
Market Analysis: Why are prices falling?
Purchasing by the speculative buyer is falling because of the 'wait and watch' method.
- Strong Dollar: A strong Dollar makes foreign-currency holders pay extra for precious metals and hence, typically restricts demand.
- Industrial Demand: Long term expectation for silver is bullish as it is used in EV battery and solar panels, but some off take in industrial sector for the short term have eased.
- Post-Budget Correction: After tariffs on metals were revised following Budget 2026, there is a “price discovery” period of time in the market currently.
Outlook
Market analysts expect that silver should see some strong support at ₹92,500. But suppose global prices exceed $30 per ounce, and we’ll have a big rally at week’s close. Retail traders in India advise to "buy on dips" such as the wedding season, a time of significant demand for silver ornaments and utensils.
Disclaimer: The silver rates we have just said are preliminary and do not include GST, TCS, or making charges. If you'd like to know prices please feel free to ask your local jeweler or a bullion dealer.
