Silver is on a big comeback this Monday and MCX March Futures is up more than 4% as the market recovers from a historic sell off in early Feb. Although the industrial metal fell more than 40% from its January high, today’s rally aided by a lower U.S. dollar and bargain hunting has taken the global spot price back above the important $81 per ounce.
The Monday Rally: MCX and Global Cues
The week began with a rally in momentum for precious metals. On the Multi Commodity Exchange (MCX), silver futures for March delivery jumped nearly ₹10,330, trading around ₹2,60,310 per kg, a 4.13% increase from the previous close.
Why are prices rising?
Technical rebound: After silver “crashed” from nearly $121/oz in late January to around $70/oz last week, it entered an “oversold” zone. Traders are now actively short-covering.
- Global Spot Action: Spot silver in international markets surged at a level topping $81.00, also the World Open Market.
- Macro Environment: A marginally weaker US Dollar Index (DXY) and the outcome of Japan's weekend elections, where Prime Minister Sanae Takaichi's coalition won, signalling an expansionary fiscal policy is on the horizon.
City-Wise Silver Rates (February 9, 2026)
Retail prices in India have been tracking ahead of futures rally but most major cities saw their prices rise by ₹3,000 to ₹15,000 per kg for this month from the same month the previous session.
| City | Silver Price (Per kg) | Change from Yesterday |
| Chennai | ₹3,00,000 | + ₹15,000 |
| Delhi | ₹2,49,980 | + ₹3,000 |
| Mumbai | ₹2,46,870 | + ₹2,800 |
| Bangalore | ₹2,85,000 | + ₹5,000 |
| Hyderabad | ₹2,50,380 | + ₹3,000 |
| Kolkata | ₹2,49,650 | + ₹2,500 |
Note: Chennai always claims to be at a rate of higher than average level owing to the huge physical demand in the country and different state-level levies.
Expert Outlook: Buying Opportunity or the Bounce in Dead Cat?
The question investors must now consider is whether AI chips, solar panels, and EVs continue to be in higher demand than mine supply. Analysts at Kedia Advisory write that silver’s next global resistance if it stays above $80 is $85. The Bear Case: Extreme market volatility continues. It has boosted hopes, when Kevin Warsh was nominated as the Fed Chair, of a “hawkish” US trade policy that would bolster the dollar and choke silver’s advances.
The “Margin” Aspect
The recent crash was deepened by the CME Group hiking margins. Other forced liquidations, if volatility continues, may happen should this volatility continue. Verdict For long-term investors, the current decline from January highs is a classic “buy-on-dip,” particularly because the metal is still around 30% below its recent high. However, short-term traders are wise to brace themselves for the ₹2.85 to ₹2.90 lakh resistance zone on MCX.
