Silver Price Today Surges to Record High on War Fears
Silver price rallied sharply on Monday, March 2, 2026, driven by escalating war fears following joint military strikes in the Middle East . The safe-haven appeal of the precious metal pushed international prices to a one-month high, crossing the $96 per ounce mark, while domestic markets saw silver surge to ₹330 per gram .
In regional markets, silver prices also recorded significant gains, with per tola prices climbing as investors rushed to safe-haven assets amid growing uncertainty .
Today’s Silver Prices: Global and Domestic Rates
International Silver Prices
Benchmark Price Change
- COMEX Silver $96.93 per ounce +2% (intraday high)
- Spot Silver $95.59 per ounce +1.90%
- COMEX Silver $95.43 per ounce +5.08%
- London Silver Spot $94.98 per ounce +5.51%
According to market data, silver prices have increased significantly since the beginning of the year . The Gold/Silver ratio, which shows the number of ounces of silver needed to equal the value of one ounce of gold, stood at 56.52 on Monday, up from 56.11 on Friday .
Read Also Here: Gold Price Today Surges Past $5,278 on War Fears
Domestic Market Silver Prices
Unit Price Change
- 1 Gram ₹330 +₹35
- 10 Grams ₹3,300 +₹350
- 100 Grams ₹33,000 +₹3,500
- 1 Kilogram ₹3,30,000 +₹35,000
Silver prices in domestic markets have sharply reversed their recent consolidation trend. After remaining flat at ₹285 per gram from February 25 to February 27, prices moved up to ₹295 per gram on February 28, before surging to ₹330 per gram on March 2 — marking a sharp ₹35,000 per kg increase from February 27 levels .
Silver Price Across Major Cities
City 10 Grams (₹) 1 Kilogram (₹)
- Mumbai 2,906 – 3,300 2,90,630 – 3,30,000
- Delhi 2,893 – 3,300 2,89,340 – 3,30,000
- Kolkata 2,902 – 3,300 2,90,240 – 3,30,000
- Bangalore 2,901 – 3,300 2,90,070 – 3,30,000
- Chennai 2,907 – 3,300 2,90,690 – 3,30,000
- Hyderabad 2,903 – 3,150 2,90,300 – 3,15,000
- Pune 2,906 – 3,300 2,90,630 – 3,30,000
- Ahmedabad 2,902 – 3,300 2,90,230 – 3,30,000
- Jaipur 2,925 2,92,820
Note: Rates may vary across jewellers and cities depending on local taxes, making charges, and logistics .
Regional Market Silver Prices
Unit Price Change
- Per Tola Rs10,050 +Rs188
- 10 Grams Rs8,616 +Rs161
According to market reports, silver per tola climbed significantly, while 10-gram prices also increased .
Recent Silver Price Movements
Here’s a quick look at silver price fluctuations over the past few sessions in domestic markets :
Date Price per Gram Price per Kg Change (Rs/kg)
- March 2, 2026 ₹330 ₹3,30,000 +35,000
- February 28, 2026 ₹295 ₹2,95,000 +10,000
- February 27, 2026 ₹285 ₹2,85,000 0
- February 26, 2026 ₹285 ₹2,85,000 0
- February 25, 2026 ₹285 ₹2,85,000 0
The swift transition from consolidation to a steep rally highlights the highly volatile and reactive nature of the market. While the renewed upswing reflects strong buying interest and bullish momentum, the sharp pace of gains also suggests elevated risk of price swings and intermittent profit-booking at higher levels .
What’s Driving Silver Prices Today
1. War Fears in the Middle East
The primary catalyst for today’s surge was escalating war fears following joint military action in the Middle East . The strikes triggered a rush to safe-haven assets as investors braced for potential further escalation .
According to analysts, investors rushed to safe-haven assets after coordinated military strikes and retaliatory attacks across the region . The conflict has since widened, drawing in multiple nations and raising fears of prolonged disruption to trade and supply chains .
Market participants are closely watching developments around the Strait of Hormuz, a critical global energy route handling roughly 20% of global oil shipments, amid fears of prolonged disruption to trade and supply chains .
2. Safe-Haven Demand
Wider geopolitical tensions and upheaval of international relations have been key factors in a long-running rally for silver . Silver advanced close to 2% to move above $95 per troy ounce on COMEX, marking its highest level in over a month as safe-haven demand strengthened .
Analysts said the rally in bullion futures accelerated in early morning trade, with prices jumping over 3% after the major strikes .
3. Futures Market Performance
On commodity exchanges, silver outpaced gold, with futures jumping significantly . Silver futures opened higher and touched intraday highs, logging an intraday rise of around 3.75% .
4. Economic Factors
Adding to market uncertainty, recent economic data showed producer prices rising more than expected, complicating the outlook for interest rate cuts by central banks . While markets continue to price in rate cuts later this year, traders said geopolitical risks are currently the dominant driver for bullion .
Silver vs Gold Performance
In domestic spot markets, silver clearly outperformed gold. Silver prices surged sharply from previous session levels . Traders said silver saw stronger speculative and industrial demand compared with gold .
The rally also reflects deeper structural support for precious metals, including sustained central bank buying, strong ETF inflows and expectations that monetary policy may ease later in the year . Analysts argue that, unlike earlier flare-ups, the current conflict carries a greater risk of prolonged escalation, which could keep uncertainty elevated for longer .
Silver Price Forecast and Expert Views
Analyst Targets
Analyst Target Price
- Jigar Trivedi (IndusInd Securities) ₹2,84,000 per kg resistance for now
- Major Banks $6,000+ gold targets by end of 2026
Market Outlook
According to analysts, the sharp rebound from ₹285 levels to ₹330 within a few sessions highlights the highly reactive nature of the silver market . While momentum has clearly turned bullish in the near term, the steep rally suggests that price swings could remain pronounced, with future direction hinging on global commodity trends, currency movements, and domestic demand dynamics .
Major banks remain constructive on bullion, citing resilient demand and a shifting global risk landscape . They project gold prices approaching higher levels over the medium term, which typically supports silver prices as well .
Factors to Watch
1. Geopolitical Developments
The conflict in the Middle East remains the primary driver of silver prices. Any escalation or de-escalation could significantly impact prices. Some regional stock markets announced holidays amid the rising tensions .
2. Central Bank Policy
While geopolitical risks are currently the dominant driver, central bank policy signals and economic data will continue to influence precious metal prices. Markets are pricing in some probability of rate cuts later this year.
3. Industrial Demand
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals . A surge in demand can increase prices, while a decline tends to lower them. Dynamics in major economies can also contribute to price swings .
4. Currency Movement
Silver moves also depend on how major currencies behave as the asset is priced in dollars. A strong dollar tends to keep the price of silver at bay, whereas a weaker dollar is likely to propel prices up .
Investment Perspective
Silver remains supported by multiple factors: war fears, safe-haven demand, industrial applications, and its historical role as a store of value. While short-term volatility is expected, the medium-term outlook appears positive.
For domestic investors, the sharp surge to record highs reflects both international trends and local safe-haven demand. Currency dynamics add another layer, with movements affecting domestic silver prices even when international prices adjust.
Key levels to watch:
- Support: $92 per ounce , ₹285 per gram
- Resistance: $97-100 per ounce, ₹330-350 per gram
Silver Price : Analysis by Best Pak Mag
Today’s sharp rally in silver prices underscores the precious metal’s enduring role as both a safe-haven asset and an industrial commodity in times of geopolitical crisis. The military strikes in the Middle East have injected a new level of uncertainty into an already volatile region, and investors are responding exactly as expected—by moving into precious metals .
What makes this rally particularly significant is that silver is outperforming gold in domestic spot markets . This suggests that beyond safe-haven demand, there may be industrial buying and speculative interest driving the white metal higher. The fact that silver surged to record highs—a massive jump from recent levels—demonstrates the aggressive buying interest .
For domestic investors, today’s sharp jump is a stark reminder of silver’s value as both a wealth preserver and a potential high-return investment. In an environment where currency volatility and inflation are ongoing concerns, silver provides a hedge that few other assets can match. The regional variations—with some cities quoting lower while most others are at higher levels—reflect local market dynamics and tax structures .
Looking ahead, all eyes will be on diplomatic developments in the Middle East. Any signs of de-escalation could trigger profit-booking and pull prices back toward support levels. However, if tensions continue to mount or the conflict widens further, silver could test even higher levels internationally and in domestic markets.
Major bank targets for gold suggest that the broader bull market in precious metals remains intact . With central banks continuing to buy, ETF inflows resuming, and physical demand remaining strong globally, the structural case for higher silver prices is compelling. For now, the path of least resistance appears to be upward, with dips likely attracting buyers rather than signaling a trend reversal.
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