Silver Drops ₹50 per 10 gm on Thursday 

Mumbai, April 23: Silver prices fell by ₹50 to ₹260 per 10 grams in India, across the board on Thursday. Thursday’s decline in silver comes after Wednesday’s nearly flat price action, and builds on Monday’s unwind of the safe-haven premium silver bought in the run-up to Tuesday’s breakdown in Iran-US ceasefire talks. Thursday’s pullback in rupee terms is minor, and silver falling ₹50 across every city tracked by Goodreturns.in suggests the move is driven by broader market forces rather than local factors.

Prices City-Wise

Silver rates have fallen in every Indian city by ₹50 per 10 grams Thursday (April 23), just as they did nationwide. In Mumbai, Delhi, Kolkata, Bangalore, Pune, Vadodara and Ahmedabad silver prices dropped from ₹2,650 per 10 grams on Wednesday to ₹2,600 per 10 grams on Thursday.

Among the four premium cities where silver premiums remain elevated compared to the rest of India, Chennai, Hyderabad and in state Kerala, too, fell ₹50 Thursday after rising ₹50 to remain cleanly at ₹50 or ₹55,000 higher than the rest of India on Wednesday. On Thursday those three markets all settled ₹50 higher than the rest of India at ₹2,700 per 10 grams.

The fact that silver prices moved down by exactly the same amount in Chennai, Hyderabad and Kerala as they did in the non-premium cities suggests this is not a supply/demand-driven move in any one city, but a macro-driven move across the board.

Industrial demand for Silver Vs Gold

Silver’s enormous industrial consumption compared to gold also means that silver prices have additional upside if concerns over the Strait of Hormuz escalate into a prolonged closure. Unlike gold which is nearly 100% a monetary and jewellery metal, more than two-thirds of annual global silver demand is derived from industrial uses. Industrial applications for silver include solar photovoltaic cells, printed circuit boards, and many others including electric vehicle components. The world’s manufacturers rely on silver just as much as financial investors do, so any supply disruption threatens not only to sustain silver’s safe-haven bid but also to roil global manufacturing supply chains.

India too is waking up to silver’s industrial potential. India’s solar and electric vehicle manufacturing capabilities are expected to grow rapidly over this decade, which will feed structural growth in domestic industrial silver consumption.

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

Source:

• goodreturns.in