Silver prices held firm across India on February 28, 2026, with MCX futures steady near ₹2,95,000 per kg amid month-end consolidation after a volatile ride. Spot rates ticked up ₹10/g to ₹295/g (₹2,95,000/kg), reflecting global stability ($32/oz) and rupee at 83.50/USD. February capped a rollercoaster: -15.71% monthly drop from ₹3,50,000/kg peak, but +47% January surge lingers in memory.
MCX Silver Snapshot
April expiry silver traded flat at ₹2,95,000/kg (+₹10,000 from Feb 27), volume moderate post-RBI ops. Global cues: COMEX $32.10/oz (+0.3%), buoyed by solar demand despite tariff fears. Rupee firmness capped imports; industrial uptake (EV/solar 50%) supports base.
February trend: High ₹3,50,000 (Feb 1), low ₹2,55,000 (Feb 18)—net 15.71% fall on profit-booking.
City-Wise Rates (Feb 28, 2026)
Chennai/Hyderabad premiums persist on regional demand.
February 2026 Monthly Review
| Metric | Value |
|---|---|
| Open (Feb 1) | ₹3,50,000/kg |
| Close (Feb 28) | ₹2,95,000/kg (-15.71%) |
| High | ₹3,50,000 |
| Low | ₹2,55,000 |
| Avg Volume | Moderate |
YTD: +24% from Jan ₹2,38,000; 2025 total +150% amid industrial boom.
Outlook: Steady with Upside Bias
Short-Term (March): ₹2,95,000-3,10,000/kg; buy dips below ₹2,90,000. Triggers: Solar subsidies, rupee slide, Fed cuts.
2026 EOY: ₹3.1-3.5 lakh/kg on EV/green demand (GlobalData).
Risks: Profit-locks, strong USD, tariffs hiking costs.
Investor Playbook
Buy: Industrial exposure via MCX futures/SGBs; SIP ₹5k/month.
Sell: Above ₹3,00,000/kg short-term.
Patiala Tip: Hedge Nifty volatility; silver outperforms gold (ratio 85:1).
Silver’s resilience amid gold’s $2,520/oz steadiness signals industrial safe-haven status. March watch: US CPI, RBI policy.
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