Silver prices remained volatile on August 7 as global market uncertainty and geopolitical developments continued to influence precious metal trading. While MCX silver futures witnessed a decline during early trade, physical silver prices in major Indian bullion markets largely held steady.
If you are planning to buy silver for investment, jewellery, or festive purchases, here's a detailed look at the latest silver prices, futures performance, and city-wise rates.
MCX Silver Futures Trade Lower
Silver futures on the Multi Commodity Exchange (MCX) opened lower, reflecting cautious sentiment among traders.
The latest figures are:
- Current MCX Silver Futures: ₹2,25,860 per kg
- Previous Closing Price: ₹2,27,584 per kg
- Today's Decline: ₹1,724 (0.76%)
Market analysts attribute the weakness to profit booking and softer spot demand after the recent rally in silver prices.
Delhi Silver Price Today
Physical silver prices in Delhi remained relatively stable despite fluctuations in futures trading.
Latest bullion market rates include:
- Delhi Bullion Market (Including Taxes): ₹2,34,800 per kg
- Bullion Reference Rate: ₹2,26,630 per kg
- International Spot Silver: Around $61.90 per ounce
- GoodReturns Indicative Price: ₹2,40,000 per kg
The difference between benchmark and retail rates is mainly due to taxes, transportation charges, and local market premiums.
Silver Prices by Purity
Silver prices also vary depending on purity. The latest indicative rates are:
| Purity | Price (Per kg) |
|---|---|
| Silver 999 (Fine Silver) | ₹2,26,630 |
| Silver 925 (Sterling Silver) | ₹2,09,633 |
| Silver 900 (Coin Grade) | ₹2,03,967 |
| Silver 800 (German Silver) | ₹1,81,304 |
Higher purity silver generally commands a premium because of its greater investment and industrial value.
Latest Silver Rates in Major Indian Cities
Retail silver prices remained broadly unchanged across most major cities.
Current indicative rates are:
- 10 grams: ₹2,400
- 100 grams: ₹24,000
- 1 kilogram: ₹2,40,000
These prices are applicable across several cities, including:
- Delhi
- Mumbai
- Kolkata
- Chennai
- Jaipur
- Ahmedabad
- Surat
- Pune
- Hyderabad
- Bengaluru
- Lucknow
- Chandigarh
- Gurugram
- Noida
- Ghaziabad
- Indore
- Nagpur
- Nashik
- Bhubaneswar
- Raipur
- Guwahati
- Patna
- Meerut
- Kanpur
- Ayodhya
- Ludhiana
- Vadodara
Actual retail prices may differ slightly depending on local taxes, dealer margins, and making charges.
Previous Session Performance
Silver had posted a strong gain during the previous trading session before today's correction.
Key highlights include:
- Previous Price: ₹2,32,700 per kg
- Latest Delhi Bullion Price: ₹2,34,800 per kg (including taxes)
- Net Increase in Previous Session: ₹2,100 per kg
Meanwhile, international spot silver traded near $61.80 per ounce, indicating continued volatility in global precious metal markets.
What's Driving Silver Prices?
Silver prices continue to be influenced by multiple domestic and international factors, including:
- Geopolitical tensions affecting global markets.
- Movements in the US dollar and global interest rates.
- Demand from industrial sectors such as electronics and solar energy.
- Investment demand in bullion markets.
- Profit booking after sharp price rallies.
Since silver serves both as an industrial metal and a precious metal, its prices often react to changes in both economic growth expectations and investor sentiment.
Should Buyers Wait or Purchase Now?
Investors and jewellery buyers should remember that silver prices can change several times during the trading day. Those planning large purchases should compare rates across reputable dealers and monitor both domestic bullion prices and international market trends before making a buying decision.
As global commodity markets remain volatile, silver prices are expected to continue witnessing short-term fluctuations in the coming sessions.
