Silver Hits ₹2.9 Lakh Milestone, Gold Remains Resilient

If you have been tracking the bullion market this week, the headline isn’t just gold alone — it’s the unprecedented rally in Silver. As markets open on Monday, February 9, 2026, we are witnessing history in the making. Silver has breached the psychological barrier of ₹2.85 Lakh per kg, driven by an acute industrial shortage in the EV and solar sectors.

Meanwhile, Gold continues its steady ascent, acting as the silent anchor in a volatile equity market. For investors and families planning weddings, today’s rates present a complex picture: Silver is in a super-cycle, while Gold remains the ultimate hedge against the Rupee’s depreciation.

Market Status: Open / Volatile

Here is your detailed breakdown of the live rates, city-wise variations, and what this means for your portfolio today.

The Snapshot: Today’s Bullion Rates

While gold sees marginal movement, silver has jumped significantly overnight. Below are the average retail prices across major Indian metros.

Note: Prices exclude GST (3%) and making charges, which typically add another 10-15% to the final bill.

To help you plan your purchase, whether it’s a small coin for investment or heavy jewellery for a wedding, we have broken down the prices by gram weight.

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Gold Price Table (22K & 24K)

Gold prices have seen a marginal hike today. The table below details the rates for standard 22K (used for jewellery) and 24K (pure gold), reflecting the price movement across different quantities.

Weight	22K Gold Price (₹)	22K Change	24K Gold Price (₹)	24K Change
1 Gram	₹14,912	▲ +₹11	₹16,267	▲ +₹12
8 Grams	₹1,19,296	▲ +₹88	₹1,30,136	▲ +₹96
10 Grams	₹1,49,115	▲ +₹110	₹1,62,670	▲ +₹120
100 Grams	₹14,91,150	▲ +₹1,100	₹16,26,700	▲ +₹1,200
1 Kg	₹1,49,11,500	▲ +₹11,000	₹1,62,67,000	▲ +₹12,000

Also Read: Indicators of Gold Price Rise

Silver Price Table

Silver continues its aggressive bull run, making it expensive for retail buyers. Here is the cost breakdown from a single gram to a full kilogram bar, factoring in the overnight surge.

Note: The prices mentioned above are indicative market averages and exclude GST (3%) and other applicable taxes.

The Silver Squeeze: Why ₹2.85 Lakh?

The most common question in our inbox today is, Why is Silver so expensive?

Unlike gold, which is hoarded, silver is consumed. In 2026, the demand from the Green Energy sector has outstripped supply for the third consecutive year.

• Solar Panels: The new generation of high-efficiency photovoltaic cells uses 20% more silver than previous models.
• Electric Vehicles (EVs): Every EV requires silver for conductivity in connectors and battery management systems.
• The Deficit: Global mining output has remained flat while industrial demand has surged. This structural deficit is what pushed the price to ₹2.85 Lakh.

Insight: If you are holding physical silver (bars or coins) bought before 2024, you are likely sitting on gains exceeding 60%. It might be a prudent time to book partial profits.

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Gold Trade Analysis

Gold is trading at ₹1.62 Lakhs (24K) not because of industrial use but because of currency dynamics. The US Dollar Index (DXY) has shown weakness recently, and typically, when the Dollar drops, Gold rises.

However, for the Indian buyer, the USD-INR exchange rate is the real villain. With the Rupee hovering near record lows, the landed cost of gold imports remains high.

Outlook: Analysts predict gold to remain range-bound between ₹1.60L and ₹1.65L for the rest of February 2026, barring any major geopolitical escalation.

Investor’s Checklist for Today

If you are planning to buy today, here is how you should approach the market:

1. Gold For Wedding Jewellery Buyers

Stick to 22K: Do not get upsold on 24K for jewellery; it is too soft. Remember, gold in a wedding scenario is more practical for use than commodity hoarding.

Negotiate Making Charges: With gold at ₹1.49 lakh (22K), a 20% making charge adds nearly ₹30,000 per 10g. Push for a flat rate or a discount, as jewellers are keen to move inventory at these high price points.

2. For Investors

Avoid Physical Silver: At ₹2.85 Lakh/kg, storage and insurance become a nightmare. The spread (difference between buy and sell price) on physical silver is also very high (often 5-10%).

Choose Silver ETFs: If you want to ride the silver rally, it is best to use Silver ETFs. You can enter and exit instantly without paying GST or making charges.

Sovereign Gold Bonds (SGBs): Check the secondary market for SGBs maturing in 2028 or 2030. They might be trading at a slight discount to the spot price, offering a better entry point than buying physical coins today.

Also Read: Impact of USD and Currencies on Gold Rate

Conclusion

While Gold remains the steady portfolio stabiliser, silver has emerged as the high-beta growth asset. With silver at ₹2.85 lakh, it is no longer the ‘poor man’s gold’ — it is a critical industrial asset priced accordingly.

For the retail investor, the strategy remains disciplined accumulation. Do not chase the momentum in Silver with your emergency funds. Stick to your asset allocation, and if you must buy gold for auspicious reasons, ensure you are not overpaying on making charges.

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