Silver Price Today, February 2: Sharp Decline Follows Budget Presentation

Silver prices in India declined significantly on February 2, reaching ₹300 per gram and ₹3,00,000 per kilogram. This 9% fall on February 1, immediately after the Union Budget presentation, countered a strong start to 2026 where silver surged 25% in 18 days, increasing by Rs 57,000. Despite outperforming gold and doubling in 11 months, silver experienced one of its steepest short-term corrections, dropping nearly Rs 60,000 per kg from recent highs.

Silver prices in India witnessed a notable downturn on Monday, February 2, settling at ₹300 per gram and ₹3,00,000 per kilogram. This decline represents a significant correction from recent levels, following a 9 percent drop on Sunday, February 1, immediately after Union Finance Minister Nirmala Sitharaman presented the Union Budget. The precious metal has experienced one of its steepest short-term corrections, falling by nearly Rs 60,000 per kilogram from its record highs over the last two trading sessions.This sharp reversal comes after an exceptionally strong period for silver. The year 2026 began robustly for precious metals, particularly silver, which surged by approximately 25 percent in just the first 18 days of the year. This initial surge added around Rs 57,000 to its price since January 1, as reported by GoodReturns. Furthermore, silver had shown remarkable performance over the preceding 11 months, outperforming gold and doubling in value. However, the optimism generated by this strong start and sustained growth was tempered by the market's reaction to the Union Budget, leading to the current steep price correction. The current prices reflect a notable decline from the peak levels achieved earlier in the year and in recent times.