Silver Pulls Back From Wednesday Highs; Eases to ₹3,000 per 10 gm on Thursday

Mumbai, May 14: Silver prices in India pulled back on Thursday after Wednesday’s sharp tariff-driven surge, with the national rate for 10 grams easing to ₹3,000 — down ₹100 from Wednesday’s ₹3,100 per 10 grams. On a per-gram basis, silver now trades at ₹300, retreating ₹10 from the previous session, while the per-kilogram rate has come in at ₹3,00,000, shedding ₹10,000 from Wednesday.

The correction follows the government’s announcement on Wednesday of a steep hike in import duties on silver from 6 per cent to 15 per cent, which had sent the national price surging ₹200 per 10 grams in a single session, carrying it from ₹2,900 on Tuesday to ₹3,100 on Wednesday.

Thursday’s modest pullback of ₹100 per 10 grams suggests the market is consolidating rather than reversing — with the structurally higher duty level continuing to underpin domestic silver prices at a significant premium to international benchmarks, even as some of the initial panic-driven premium is unwound.

Across major Indian cities, Thursday’s silver rates show a mixed picture compared to Wednesday, with most markets edging lower but Hyderabad bucking the trend. Chennai and Kerala, which had quoted ₹3,300 per 10 grams on Wednesday — a ₹200 premium to the national rate — have eased to ₹3,150 on Thursday, a decline of ₹150 from the prior session, though they continue to carry a ₹150 premium over the benchmark cities.

Kolkata, which also quoted ₹3,300 on Wednesday, has corrected more sharply to ₹3,000 today, shedding ₹300 in a single session and falling back in line with the national average. Mumbai, Delhi, Bangalore, Pune, Vadodara and Ahmedabad have uniformly eased ₹100 from Wednesday’s ₹3,100 to today’s ₹3,000, moving in lockstep with the national benchmark. The standout mover is Hyderabad, which had quoted a below-benchmark ₹3,001 on Wednesday but has today risen to ₹3,150 — a gain of ₹149 — suggesting local demand dynamics or dealer repricing have pushed the city into premium territory for the first time this week.

Gold Also Retreats on Thursday

Gold prices retreated on Thursday after Wednesday’s historic tariff-driven surge, with the national price of 24-karat gold (99.9% purity) easing to ₹1,62,330 per 10 grams — down ₹5,560 from Wednesday’s ₹1,67,890. The 22-karat rate (91.6% purity) softened to ₹1,48,800 per 10 grams, a decline of ₹5,100 from Wednesday’s ₹1,53,900. The 18-karat price (75% purity) fell to ₹1,21,750 per 10 grams, retreating ₹4,170 from the previous session’s ₹1,25,920. On a per-gram basis, 24K gold now stands at ₹16,233, up ₹33 from the day before on a daily increment basis, while 22K trades at ₹14,880 (up ₹30) and 18K at ₹12,175 (up ₹25) — the modest daily increments reflecting a market settling after Wednesday’s extraordinary single-session jump.

Silver Rates — 10 Grams Across Indian Cities (Wed May 13 vs Thu May 14, 2026)

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