Silver Price Drops Again in India, Reaches ₹2,450

Silver prices in India extended their downward trend for a second consecutive session on Wednesday, September 2, 2026. The national rate for silver dropped by ₹50 per 10 grams, settling at ₹2,450, continuing the correction observed on Tuesday.

This two-day decline brings the total reduction to ₹100 per 10 grams, following a period of stability through Friday and Monday. A kilogram of silver now costs ₹2,45,000, down from ₹2,50,000 on Tuesday, while the per-gram rate fell by ₹5 to ₹245.

Key Price Movements

The latest figures from September 2, 2026, show significant shifts across various denominations:

The price for 10 grams of silver reached ₹2,450. For 100 grams, the rate stood at ₹24,500. A full kilogram of silver was valued at ₹2,45,000.

Drivers Behind the Decline

The ongoing decline is primarily attributed to a softening of global spot silver prices, according to dealers. This movement reflects easing safe-haven demand and profit-booking activities after recent gains in the precious metal.

A stronger US dollar also contributed, typically exerting downward pressure on rupee-denominated bullion prices. International prices, influenced by global industrial demand, investment flows, and mining supply, significantly dictate India’s domestic silver rates.

Market Context and Outlook

Wednesday’s fall in silver occurred even as gold experienced a more significant single-session drop, highlighting distinct market dynamics. Retail investors continue to view silver as a more accessible alternative to gold, with these consecutive pullbacks potentially creating an attractive entry point.

Analysts note that two days of moderate declines are healthier for market stability than a sharp, sudden fall, as gradual corrections tend to encourage buying interest. The short-term direction for silver will hinge on cues from the US Federal Reserve and industrial demand from key sectors like electronics and solar panels.

City-Wise Rate Consistency

City-specific silver rates on September 2, 2026, mirrored the national trend, showing an identical ₹50 decline per 10 grams across 10 major Indian cities compared to September 1. Cities such as Chennai, Hyderabad, and Kerala saw rates fall to ₹2,50,000 per kilogram.

Meanwhile, other major centers like Mumbai, Delhi, and Kolkata registered rates of ₹2,45,000 per kilogram. These figures represent indicative bullion rates, with actual prices at jewellery counters incorporating additional making charges and Goods and Services Tax.

The consistent ₹50 declines on both Tuesday and Wednesday suggest a controlled correction in the silver market. Upcoming sessions will be critical in determining if silver stabilizes or if a third day of gradual descent materializes, particularly if global bullion cues remain unfavorable.