Silver Prices Fall in India Amid Global Cues
Indian trader monitors market data as global cues impact silver prices.
Key Highlights
Silver prices in India decline as the US dollar strengthens and expectations for Federal Reserve rate cuts decrease. Stay updated on silver market trends.
On April 2, 2026, silver prices in India experienced a downturn, mirroring a similar trend in gold rates. The price for 10 grams of silver was recorded at ₹2,670, while 1 kg was priced at ₹2,67,000, marking a 1.84% decrease from the previous day’s rates of ₹2,720 and ₹2,72,000, respectively.
Earlier in January, silver prices had surged to a record high of ₹4,27,100 per kg, surpassing the ₹4 lakh mark for the first time. This surge was largely attributed to safe-haven demand, as investors sought refuge in assets like silver amid economic and geopolitical uncertainties.
Silver prices in India are influenced by international spot rates, currency exchange rates (USD/INR), and import duties.
City-wise, the price for 100 gm of silver varied across major Indian cities:
- Delhi: ₹26,700
- Mumbai: ₹26,600
- Kolkata: ₹26,200
- Chennai: ₹26,800
- Hyderabad: ₹27,100
- Coimbatore: ₹26,800
- Bangalore: ₹26,200
- Pune: ₹26,600
The recent decline in silver prices is attributed to a strengthening US dollar following remarks by US President Donald Trump regarding continued military actions in Iran. A stronger dollar typically makes commodities like silver more expensive for buyers holding other currencies, thus dampening demand.
Additionally, reduced expectations for Federal Reserve rate cuts have contributed to the price decrease. With markets pricing in fewer rate cuts this year, the demand for non-interest-yielding assets like silver has diminished.
On the MCX, silver futures with May delivery traded at a discount of nearly 6%, or ₹14,348, at ₹229153 in the afternoon session.