Silver Prices Plunge 6% Ahead of Union Budget 2026; Dollar Strength Cited

• Silver prices opened 6% lower on February 1 at Rs 2,74,410 per kilogram, ahead of the Union Budget 2026.
• The decline mirrored a fall in the international market, with silver trading almost 6 percent down on the MCX due to a strengthening dollar.
• Silver had surged past the Rs 4 lakh mark the previous week before this significant fall.
• The metal sank 25.50 percent on Comex to trade at $82.25 an ounce.
• Geopolitical tensions, including US-Iran relations, the Russia-Ukraine war, and the Gaza crisis, continue to support prices despite the recent pullback.

Why It Matters: Silver prices dropped significantly ahead of the Union Budget 2026, influenced by a stronger dollar and global events.