Silver prices in Mumbai declined sharply on Wednesday, February 5, tracking weakness in global bullion markets. As per the latest available rates, silver is priced at Rs 3,000 per 10 grams in Mumbai, while 100 grams of silver costs Rs 30,000. The price of one kilogram of silver stands at Rs 3,00,000 in the city.
The drop in Mumbai silver prices mirrors the broader national trend, with domestic rates reacting to a steep correction in international silver prices. Compared to the previous session, silver has seen a notable fall across all weight categories, reflecting heightened volatility in global precious metal markets.
Bullion traders in Mumbai indicated that local demand-supply dynamics remained largely stable, and the price movement was primarily driven by external factors. Global silver prices came under selling pressure after a brief rebound failed to hold, leading to sharp losses that were quickly reflected in MCX futures and spot markets.
Internationally, a stronger US dollar, hawkish signals from the US Federal Reserve, and easing geopolitical tensions weighed on safe-haven demand for precious metals. Since India depends heavily on imports for silver, such global developments tend to influence domestic prices swiftly, including in major hubs like Mumbai.
With silver prices witnessing sharp intraday swings, market participants in Mumbai are closely monitoring global cues and currency movements for further direction in the near term.
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