Silver prices rallied Rs 4,357 to Rs 2.45 lakh per kg in the futures trade on Friday, driven by firm global trends amid rising tensions between the US and Iran.
On the Multi Commodity Exchange, the white metal for March delivery increased by Rs 4,357, or 1.8 per cent, to Rs 2,45,750 per kilogram in a business turnover of 5,975 lots.
In the overseas market, Comex silver futures extended its rally for the third straight day, rising by USD 1.23, or 1.6 per cent to USD 78.87 per ounce.
3 February 2026
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Market experts said silver prices increased to around USD 80 per ounce, as traders weighed geopolitical risks alongside the Federal Reserve's policy outlook.
Jigar Trivedi, Senior Research Analyst at IndusInd Securities, said, "Tensions between the US and Iran escalated after President Donald Trump set a 10-15 day deadline for nuclear deal talks, while Washington deployed its largest military force in the Middle East since the 2003 Iraq invasion.
Meanwhile, Federal Reserve Governor Stephen Miran signalled that stronger-than-expected economic data could delay rate cuts, even as January Federal Open Market Committee meeting minutes showed policymakers divided on the interest rate path.
Physical demand in Asia remains seasonally muted amid the Lunar New Year, Trivedi said.
Investors are now awaiting the US Personal Consumption Expenditures (PCE) price index data due later in the day, which can provide fresh cues on the US Federal Reserve's next policy move and near-term direction for precious metals, he added.
