Silver Prices Stay Flat on Tuesday 

Mumbai, Aug 4: Silver prices in India held unchanged on Tuesday morning, with the metal extending its stretch of range-bound trading into a sixth consecutive session. 

The national rate for silver stood at Rs 2,350 per 10 grams on Tuesday, translating to Rs 235 per gram and Rs 2,35,000 per kilogram. This is unchanged from Monday’s national rate, which was also quoted at Rs 2,350 per 10 grams, meaning the metal has now failed to move in either direction since the back half of last week. Silver remains well off the Rs 2,400 per 10 grams level it briefly touched at the start of last week, when a flare-up in Iran-US tensions had triggered a short burst of safe-haven buying that has since fully unwound. 

Bullion dealers said Tuesday’s steadiness reinforces the sense that the market has settled firmly into equilibrium, with silver’s dual identity as both a safe-haven asset and an industrial input continuing to keep prices anchored. Demand from the electronics and solar photovoltaic sectors has remained a source of underlying support, dealers said, even as investors stay largely on the sidelines in the absence of a fresh trigger. Import volumes through major ports have also held steady this week, suggesting downstream jewellery and industrial buyers are in no hurry to build fresh positions at current levels. 

Traders said silver’s near-term direction continues to hinge on how the Iran-US situation evolves, with talks between Washington and Tehran having taken place on Monday without yielding a firm deadline for any agreement. A durable de-escalation from here could see silver drift lower still, while any fresh flare-up in the region could quickly revive the safe-haven bid that briefly lifted prices to Rs 2,400 per 10 grams last week. For now, dealers said, the metal appears content to track sideways until a clearer catalyst emerges. 

City-Wise Comparison: Tuesday vs Monday 

City-wise silver rates were also unchanged on Tuesday compared with Monday’s levels, continuing the pattern of tight alignment across major centres that has now held for the best part of a week. Chennai, Mumbai, Delhi, Kolkata, Bangalore, Hyderabad, Kerala, Pune, Vadodara and Ahmedabad all traded at Rs 2,350 per 10 grams on Tuesday, exactly matching their Monday rates in every city surveyed. All ten cities in the survey have now held at an identical rate for six straight sessions, underscoring how closely domestic silver prices track a single national benchmark once short-term volatility fades. Local dealer premiums, which typically reflect transport costs and regional demand, have stayed negligible through this period, reinforcing the sense of a market firmly in a holding pattern with little to distinguish one city from another. 

Gold Prices Today 

Gold prices, meanwhile, extended Monday’s pullback on Tuesday. The national rate for gold stood at Rs 1,44,000 for 24 karat gold, Rs 1,32,000 for 22 karat gold, and Rs 1,08,000 for 18 karat gold per 10 grams on Tuesday morning, a decline of Rs 220, Rs 200 and Rs 160, respectively, from Monday’s levels of Rs 1,44,220, Rs 1,32,200 and Rs 1,08,160 per 10 grams. Traders attributed the fresh dip to routine profit-booking rather than any fundamental shift in sentiment, even as global spot gold eased slightly in early Asian trade on a modestly firmer dollar index. Safe-haven appetite has stayed elevated in recent weeks even so, with investors continuing to monitor the fragile Iran-US détente and its implications for the region. 

10 Gram Silver Rates: Tuesday vs Monday 

Source: goodreturns.in  

As always, buyers and sellers are advised to confirm live rates through the day before transacting, since silver can move meaningfully within a single session depending on global cues. On top of the quoted bullion rates, buyers should also factor in making charges and the applicable 3 per cent GST, along with any state-level local taxes, all of which get built into the final billed price at jewellery counters across the country. 

Analysts said the extended lull in silver prices is unlikely to persist indefinitely, given how sensitive the metal has proven to swings in the Iran-US standoff over the past fortnight. Even so, most market watchers expect near-term moves to stay modest unless there is a clear escalation or resolution on the geopolitical front. Industrial buyers are seen as more focused on medium-term supply planning than on making large purchases at current prices, dealers said, given the metal’s tendency to swing sharply on short notice. Silver’s performance this year has still outpaced many other asset classes, even after accounting for last week’s pullback from its recent highs, keeping investor interest in the metal broadly intact despite the prolonged pause in price action. 

Investors looking to diversify beyond physical silver can also explore the list of Silver ETFs in India: https://hdfcsky.com/etf/silver-etf