Silver Loses Sheen Alongside Gold

Mumbai, April 2: Silver rate on Thursday dropped in tandem with gold in India, following Wednesday night address by US President Donald Trump to the nation where he promised “extreme hardship” against Iran within the next couple of weeks which included threats to Iran’s energy and oil platforms.

Silver was marginally down from its previous close at ₹250 per gram or ₹2,50,000 per kilogram in the national capital. The yellow metal also declined by ₹5 in most markets across the country as fears of Middle East flare up easing out leading investors to book profit from their long positions in bullion that they had bought during the early months of 2026.

At the local level, rates in Chennai and Hyderabad were ₹5 higher at ₹255 per gram as compared to the rest of India due to higher demand for silver jewellery in the South and also elevated GST and transportation costs. Silver rates eroded by ₹10 in Chennai while it lost ₹5 in other cities such as Mumbai, Delhi, Kolkata, Bengaluru, Pune, Vadodara and Ahmedabad.

Trump’s speech earlier in the day had investors selling precious metals positions to cover losses in other assets they were holding as silver is considered as both a safe haven asset as well as an industrial commodity which makes it vulnerable to selling during steep equity market moves.

At the same time for those looking to buy silver in India on Thursday the decline of ₹5 per gram means ₹500 savings on purchase of 100 grams. Investors will watch crude oil prices and news from Iran closely in the near term as silver rates tends to react more than gold whenever the market gets a trigger to move in one direction.
Gold price in India on Thursday tanked by ₹153 per gram on Thursday amid profit booking across bullion exchanges in the country even as President Donald Trump’s stern warning against Iran kept crude oil prices trading near highs. In Delhi and Ahmedabad, Vadodara gold price today stood at ₹15,157 per gram and ₹15,147 per gram respectively for 24-karat gold, each slightly higher or lower than national benchmark quote by ₹5.

Silver Prices: 2 April 2026

 
source: https://www.goodreturns.in/silver-rates/