The silver market is going through a period of extreme volatility this week. After reaching record highs last year, prices have started to correct sharply. Market experts have issued warnings that silver prices could crash by 75% to 80% from their peak levels. While there has been a small recovery in the last 24 hours, the overall trend remains negative as traders and investors react to new global economic updates.
What is the Current Silver Price Today?
As of February 8, 2026, the price of silver on the MCX in India is trading around ₹2.85 lakh per kg. This shows a slight recovery from the recent low of ₹2.29 lakh per kg seen during the flash crash. Just a few days ago, silver had touched a record high of over ₹4 lakh per kg.
In the international market, COMEX silver is trading between $63.90 and $77.00 per ounce. For retail buyers in major Indian cities like Delhi and Mumbai, the current rate is approximately ₹2,850 per 10 grams. This is significantly lower than the prices seen in late January.
Why are Silver Prices Falling?
Experts attribute this sudden drop to multiple factors impacting the global economy. One major reason is the strengthening of the US Dollar following the nomination of Kevin Warsh as the new Federal Reserve Chair. A stronger dollar usually makes precious metals like silver more expensive for other currency holders, reducing demand.
Additionally, recent reports suggest that geopolitical tensions between the US and Iran are easing, which has reduced the panic buying of gold and silver. Regulatory bodies like the CME Group and MCX have also increased margin requirements, forcing many traders to sell their positions to cover costs. Expert Amit Goyal predicts that prices could eventually settle between $25 and $30 per ounce in the next two years.
