Silver Holds Steady on Wednesday; Premium Markets in South Tick Higher

Mumbai, April 22: Silver prices in India were broadly stable on Wednesday, with the national quotation unchanged at ₹265/gram (₹2,650 for 10 grams and ₹2,65,000 per kg), recovering only marginally from Tuesday’s ₹100/10 gram correction which had pared some of Monday’s safe-haven rally.

The national flat price of ₹265/gram was echoed across most Indian cities, with Wednesday’s local prices for silver unchanged from their previous close, according to data from Goodreturns.in.

City-wise

Mumbai, Delhi, Kolkata, Bangalore, and Pune all maintained their rates at ₹2,650/10 grams — unchanged from Tuesday’s prices — showing that their national average’s day-of-consolidation following Tuesday’s sharp correction was reflected evenly across the board. Vadodara and Ahmedabad both rounded up ₹1 from Tuesday’s ₹2,649 to Wednesday’s ₹2,650 to match the national rate.

Wednesday’s silver price gainers were seen only in India’s premium markets of Chennai, Hyderabad, and Kerala. The three cities each gained ₹50/10 grams from Tuesday’s rate of ₹2,700 to reach ₹2,750 on Wednesday, where they had last settled on Monday, boosted by healthy local demand and these markets’ persistent structural premium over the rest of the country in the face of higher taxes and robust physical demand. This is noteworthy because it highlights how local markets with higher consumer demand can buck the trend of the national average; silver wholesellers in Chennai, Hyderabad, and Kerala are likely rebuilding their stocks in preparation for future volatility

Oil Prices

Crude oil prices are currently silver’s most influential outside factor. Even though Trump has extended the ceasefire, Brent crude futures have barely budged from the $98–$100 per barrel range they reached earlier in the week. This means that silver’s inflationary momentum has not yet run its course — if crude prices rise back above $100 a barrel, we could see safe-haven buying return to silver

Industrial Demand for Silver

While silver is certainly acting as a safe haven in the midst of the Iran-US conflict, it is also significantly more than that. Industrial demand for silver — especially from solar photovoltaic cells, printed circuit boards, and electric car manufacturers — makes up more than two-thirds of yearly silver consumption worldwide. Any sustained increase to shipping times in the Middle East would therefore have an outsized impact on silver prices beyond just safe-haven buying, as silver is in higher demand than gold by industrial sector. India’s growing solar and electric vehicle production capabilities means the country’s industrial consumption of silver will only grow, placing a floor under domestic silver prices in the long-term

Gold Prices

Wednesday also saw a decline in gold prices, with the yellow metal snapping its 3-day price increase streak. The price of 24K gold dipped to ₹15,475 per gram or ₹1,54,750 for 10 grams, ₹54 lower than yesterday’s prices. 22K gold was available for ₹14,185 per gram (₹1,41,850 for 10 grams) while 18K gold dropped to ₹11,606 per gram (₹1,16,060 per 10 grams). Investors trimmed gains on Wednesday after Trump announced the ceasefire extension, but most analysts still believe that gold prices can only see a muted drop as long as Iran doesn’t officially agree to the ceasefire.

Here is the comparison table:

Silver Prices — Wednesday vs Tuesday, 2026 (10 grams)

Source:

• goodreturns.in