Silver prices in the international market experienced a sharp decline today, February 5, 2026, with the spot price dropping significantly amid heightened volatility. The precious metal fell around 15%, with spot silver trading in the range of approximately $75-77 per ounce (down from recent highs), reflecting heavy selling pressure and profit booking after a massive rally earlier in the year.
This crash follows an extraordinary period where silver hit record levels above $120 per ounce in January 2026, driven by safe-haven demand, industrial usage in solar and electronics, geopolitical tensions, and a weaker US dollar. However, the recent plunge has been triggered by factors such as:
- A stronger US dollar rebounding on expectations of a more hawkish Federal Reserve stance following President Trump’s nomination of Kevin Warsh as Fed chair (viewed as less likely to pursue aggressive rate cuts).
- Unwinding of speculative long positions and forced liquidations in futures markets after prices rose too far, too fast.
- Renewed selling pressure and market volatility, with silver seeing extreme one-day drops reminiscent of historic corrections.
As a result, international silver prices have corrected sharply, wiping out substantial gains from the 2025-2026 bull run.
Impact on Silver MCX in India
Silver prices on India’s Multi Commodity Exchange (MCX) are likely to follow the global downturn closely, given the linkage to international spot prices (adjusted for currency, import duties, and local factors). Recent MCX silver futures (e.g., March 2026 expiry) have shown volatility, trading around ₹2,65,000 to ₹2,91,000 per kg in recent sessions, with declines mirroring the global crash.
The user-noted figure of 75.060 (down -9.336 or -11.06%) aligns with the dramatic international spot movements, likely referring to silver futures or spot in USD per ounce terms (e.g., around $75 levels). In Indian rupees, physical silver rates today hover around ₹2,20,000 to ₹3,00,000 per kg (or ₹220-300 per gram), down sharply in line with the global sell-off.
