Silver Remains Steady Nationally on Thursday; Southern Cities’ Rates Move Up  

Mumbai, Aug 6: Silver’s national price for 10 grams stood at Rs 2,400 on Thursday, unchanged from Wednesday’s closing level of Rs 2,400 per 10 grams, which translates to Rs 240 per gram and Rs 2,40,000 per kilogram.  

The flat reading follows a Rs 50 gain logged on Wednesday, when the metal snapped a six-session run of unchanged trading on renewed safe-haven buying tied to the Iran-US standoff. Thursday’s pause suggests the market is consolidating after that move rather than reversing it, with the national benchmark holding at its highest level in more than a week even as no fresh upward momentum was recorded through the morning session. Bullion dealers said the absence of a further national uptick was not surprising given the size of Wednesday’s move, and that a day of flat trading after a sharp rise is a fairly typical pattern in the domestic silver market. 

While the national average held flat, city-wise rates on Thursday broke from the uniform pattern seen a day earlier. Chennai, Hyderabad and Kerala all moved up to Rs 2,500 per 10 grams, a gain of Rs 100 over their Wednesday level of Rs 2,400, marking the first time this week that any of the ten surveyed cities has traded above the national benchmark. Mumbai, Delhi, Kolkata, Bangalore, Pune, Vadodara and Ahmedabad, by contrast, stayed unchanged at Rs 2,400 per 10 grams, exactly where they closed on Wednesday.  

The split is a departure from Wednesday, when all ten cities moved in perfect lockstep with the national rate, and points to a modest widening of regional premiums, dealers said, most likely reflecting stockist and jewellery-trade buying in the southern markets rather than any shift in the underlying international price. Traders added that such city-level divergences tend to be short-lived and typically narrow again within a session or two once local demand is absorbed. Dealers in the southern markets said festive-season stocking by local jewellers, alongside steady retail interest, was the most likely driver of Thursday’s premium, rather than any fresh signal from the international market, where prices were largely rangebound through the Asian trading session. 

Gold Prices Today 

Gold held on to most of Wednesday’s sharp gains on Thursday, with dealers reporting only marginal movement through the morning session as the market digested the previous day’s rally. The metal had jumped across all purities on Wednesday, tracking the same wave of safe-haven demand that lifted silver, after contradictory signals from Washington and Tehran clouded hopes of an early resolution to the Iran-US standoff. Traders said Thursday’s relatively quiet trade points to a pause rather than a reversal, with gold likely to stay well supported so long as the geopolitical stand-off remains unresolved. As with silver, buyers were advised to confirm live rates before transacting, since prices at jewellery counters also carry making charges and applicable GST over and above the quoted bullion rate. 

Dealers said Thursday’s session, taken together, shows silver settling into a slightly firmer but more uneven pattern than the uniform rally seen on Wednesday. The national rate’s flat reading masks the fact that three of the ten cities surveyed are now trading Rs 100 above the rest, a gap that did not exist a day earlier. Market watchers said this bears watching in the coming sessions, since a widening city-wise spread can sometimes be an early signal of a firmer move to come, particularly if the Iran-US situation deteriorates further and safe-haven flows pick up again.  

Investors were reminded once again that silver can move meaningfully within a single trading day, and that quoted national and city rates should be treated as indicative rather than final, with actual billed prices varying by dealer once making charges and taxes are added. Retail buyers were also advised to check hallmarking and purity certification before purchase, particularly in markets where premiums have moved up, since higher local rates can sometimes attract sellers offering lower-purity stock at a discount. 

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

10 Gram Silver Rates: Thursday vs Wednesday 

Source

•  goodreturns.in