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Silver Price Today: MCX Silver Falls by ₹3,800; Check Latest Silver Rates Across Major Indian Cities
Silver Price Today: Silver prices witnessed a sharp decline on the second trading day of the week, with futures on the Multi Commodity Exchange (MCX) dropping by ₹3,800 per kilogram. Following the fall, silver futures slipped to ₹2,17,382 per kg, while physical silver prices in several Indian cities also softened.
If you're planning to purchase silver for investment, jewellery, or industrial use, here are the latest city-wise prices and the key reasons behind today's decline.
Silver Prices Decline in Domestic Market
The domestic silver market opened lower on Tuesday after weakness in international precious metal prices.
In Delhi, silver was trading in the range of ₹2,39,900–₹2,40,000 per kilogram, while several other cities also recorded lower prices.
Among the major markets:
- Bengaluru: Silver declined by around ₹5,000, trading near ₹2,35,000 per kg.
- Mumbai: Prices eased by about ₹100, settling around ₹2,39,900 per kg.
- Chennai: Silver also slipped by approximately ₹100, trading near ₹2,39,900 per kg.
Latest Silver Rates in Major Indian Cities
| City | 10 Grams | 100 Grams | 1 Kilogram |
|---|---|---|---|
| Delhi | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Kolkata | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Mumbai | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Chennai | ₹2,450 | ₹24,500 | ₹2,45,000 |
| Patna | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Lucknow | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Meerut | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Ayodhya | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Kanpur | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Ghaziabad | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Noida | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Gurugram | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Chandigarh | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Jaipur | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Ludhiana | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Guwahati | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Indore | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Ahmedabad | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Surat | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Vadodara | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Pune | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Nagpur | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Nashik | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Bengaluru | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Bhubaneswar | ₹2,450 | ₹24,500 | ₹2,45,000 |
| Raipur | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Hyderabad | ₹2,450 | ₹24,500 | ₹2,45,000 |
Retail prices may vary slightly depending on local taxes, making charges, and jeweller margins.
International Precious Metals Market
Global precious metals also traded lower during early market hours.
- COMEX Gold: Down 0.78% at $4,045.20 per ounce.
- COMEX Silver: Fell 2.16% to $57.445 per ounce.
In the previous trading session, gold had settled at $4,083 per ounce, while silver closed at $58.745 per ounce.
Previous Trading Session
Silver had posted a strong rally in the previous session before reversing direction today.
According to bullion market data:
- Silver prices in Delhi surged by ₹5,300 per kilogram on Monday.
- The metal climbed to around ₹2.30 lakh per kg, supported by strong global market sentiment.
- International spot silver also advanced by approximately 1.47% during the previous session.
Today's decline erased part of those gains as traders booked profits.
Why Silver Prices Fell Today
Market analysts attribute the decline to a combination of global and domestic factors.
The major reasons include:
- Reduced geopolitical tensions between the United States and Iran.
- A sharp decline in crude oil prices, easing inflation concerns.
- Profit booking ahead of the upcoming US Federal Reserve policy decision.
- Weakness in international silver prices, with COMEX silver falling below recent highs.
These developments weighed on investor sentiment, resulting in lower silver prices across commodity markets.
What Investors Should Watch
The direction of silver prices in the coming days is expected to depend on several global developments, including:
- The US Federal Reserve's interest rate announcement.
- US economic indicators such as inflation and employment data.
- Movement in the US dollar.
- Crude oil prices.
- Global demand for precious and industrial metals.
Any major change in these factors could influence silver prices in both domestic and international markets.
Final Take
Silver prices witnessed a notable correction on Tuesday, with MCX futures falling by ₹3,800 per kilogram and physical market prices easing across several Indian cities. While the decline follows a strong rally in the previous session, investors should continue monitoring global economic developments and central bank decisions before making fresh investment or purchasing decisions.
