February 18 Gold Silver Crash: How Rs 8000 Silver Fall Impacts Wedding Jewellers
Silver’s SHOCKING 37% CRASH before Budget 2026: Trump’s hawkish Fed pick Warsh ignited a dollar storm, erasing ₹1.5L/kg gains overnight! No duty cuts in Sitharaman’s speech—will prices rebound or plunge deeper? Unmissable metals meltdown secrets inside…
The silver price crash before India’s Union Budget 2026 (presented February 1, 2026) stemmed from a perfect storm of profit-booking after parabolic gains, global macro shifts, and technical unwinding.
Primary Triggers
President Donald Trump’s nomination of inflation hawk Kevin Warsh as the next Federal Reserve Chair sparked fears of tighter policy, fewer rate cuts, and a stronger US dollar, which pressured dollar-denominated metals like silver. This followed a Fed status quo decision amid elevated inflation and improved US labor data, boosting yields and dollar index sharply.
Profit-Booking and Technical Factors
After surging 60%+ in January to MCX records near ₹4-4.5 lakh/kg (from overbought RSI 90), investors liquidated long positions en masse, with no prior support levels amplifying the 25-37% plunge to ₹2.74-3.5 lakh/kg. CME margin hikes to 15% triggered forced sales and gamma squeezes, hitting lower circuits on MCX.
Market Context
Overseas Comex spot silver fell 31% to $78-85/oz—worst since 1980—after Mag 7 AI stocks tanked and equities recovered post-weekend gap-down. In India, speculation on Budget duty cuts (from 6% basic +3% GST) fueled caution, with heavy speculative trading accelerating the rout despite resilient fundamentals like industrial demand.
Broader Implications
Silver’s industrial tilt (50% demand) made it more volatile than gold, erasing monthly gains but retaining yearly uptrend (+19% Jan). Analysts view it as a healthy correction, eyeing rebound if Budget eases taxes.
What Budget 2026 measures affected silver import duties
Union Budget 2026, presented by Finance Minister Nirmala Sitharaman on February 1, 2026, did not announce any changes to silver import duties. Pre-Budget speculation focused on potential cuts to the existing 6% basic customs duty (BCD) plus 3% GST—totalling ~9%—to ease prices and boost demand, but no such measures were implemented.
Pre-Budget Context
India’s silver imports surged 44% to $9.2 billion in 2025 amid record highs, prompting talks of hikes to protect forex reserves, but jewelers lobbied for reductions from 6% BCD (slashed from 15% in 2024) to counter smuggling and high landed costs. Expectations eyed a trim to 4% BCD, potentially dropping prices by ₹6,000/kg, tied to gems/jewelry export revival.
No Duty Measures Passed
Status quo prevailed: Silver bars retain 6% BCD + 3% GST, with no hikes or cuts announced despite crash anticipation. Budget prioritized green energy incentives (solar/EV boosting industrial silver use) and GST simplification calls (to 1.25%), but deferred direct tax relief. Markets reacted neutrally post-presentation, with MCX silver stabilizing after pre-Budget rout.
Market Aftermath
The non-event on duties fuelled minor recovery in futures, as profit-booking fears eased without hikes; long-term bullish on unchanged policy amid global volatility. Investors now watch implementation of indirect supports like export clusters.
Current Gold Rates
Gold prices for 24K, 22K, and 18K today (February 1, 2026) vary slightly by city due to local taxes and making charges, but stay stable nationally around ₹16,058 per gram for 24K.
| City | 24K (₹/g) | 22K (₹/g) | 18K (₹/g) |
| Delhi | 16,073 | 14,735 | 12,059 |
| Mumbai | 16,058 | 14,720 | 12,044 |
| Chennai | 16,255 | 14,900 | 12,800 |
| Bangalore | 16,058 | 14,720 | 12,044 |
| Kolkata | 16,058 | 14,720 | 12,044 |
| Hyderabad | 16,058 | 14,720 | 12,044 |
| Pune | 16,058 | 14,720 | 12,044 |
| Ahmedabad | 16,063 | 14,725 | 12,049 |
| Lucknow | 16,058 | 14,720 | 12,044 |
These rates exclude GST (3%) and TCS; contact local jewelers for exact quotes.
Silver Prices Today
Silver trades at about ₹90 per gram nationally, with minor city variations driven by industrial demand and imports.
| City | Per Gram (₹) | Per Kg (₹) |
| Delhi | 90 | 90,000 |
| Mumbai | 90 | 90,000 |
| Chennai | 92 | 92,000 |
| Bangalore | 89 | 89,000 |
| Kolkata | 90 | 90,000 |
| Hyderabad | 92 | 92,000 |
| Pune | 90 | 90,000 |
| Ahmedabad | 90 | 90,000 |
| Lucknow | 90 | 90,000 |
Volatility stems from its dual role in jewelry and electronics.
Copper Prices Overview
Copper, a key industrial metal, hovers at ₹1,287 per kg amid global supply concerns and India’s infrastructure push.
| Unit | Price (₹) |
| Per Gram | 1.29 |
| Per Kg | 1,287 |
Prices are uniform across India via MCX, down 4% recently due to trade tensions.
Platinum Rates Today
Platinum stands at ₹6,452 per gram, appealing for its rarity in high-end jewelry despite a recent dip.
| City | Per Gram (₹) | Per Kg (₹) |
| Delhi | 6,452 | 6,452,000 |
| Mumbai | 6,452 | 6,452,000 |
| Chennai | 6,452 | 6,452,000 |
| Bangalore | 6,452 | 6,452,000 |
| Kolkata | 6,452 | 6,452,000 |
| Hyderabad | 6,452 | 6,452,000 |
| Pune | 6,452 | 6,452,000 |
| Ahmedabad | 6,452 | 6,452,000 |
| Lucknow | 6,452 | 6,452,000 |
Uniform across majors, it’s up 8% monthly on auto sector demand.
Disclaimer: Rates are indicative, rounded, and can vary slightly between jewellers, refiners, MCX, and local markets. Always confirm with your local dealer before buying or selling.
