Silver Rate Today, July 1, 2026: Silver Price Drops Rs 50 per 10 gram as Global Cues Soften; Metal Erases Part of Monday’s Recovery

Mumbai, July 1: The national price of silver for 10 grams on Wednesday fell to ₹2,349 (or ₹234.90 per gram and ₹2,34,900 per kilogram), down ₹50 from Tuesday’s national price of ₹2,399 per 10 grams. Wednesday’ dip came after softer global cues and fresh selling by short covering traders who had snapped up dips during Monday’ recovery. 

India’s domestic prices for silver track international prices and can rise or fall, depending on global industrial demand for the metal, the movement of the US dollar and risk-on or risk-off sentiment prevailing in global markets. 

Wednesday’s Rs 50 drop reverses two flat-to-positive sessions for silver and brings the national price back under the important Rs 2,400 psychological threshold wiping out the modest advance Tuesday had posted after Monday’s recovery from last week’s Iran war-driven plunge. 

The retreat stems from dollar strength, short covering by traders who had purchased silver during Monday’s ₹49 bounce-back, and general caution prevailing in commodity markets after Iran said on Wednesday it won’t talk with US representatives in Doha keeping geopolitical risks alive. The Iran and US agree to a framework for a ceasefire last Thursday and Iranian return to compliance with the 2015 nuclear deal that led to risk-appetite improving had initially pressured bullion prices. 

Spot silver is down on Wednesday but remains about Rs 100 higher than the multi-week lows it touched last Thursday, showing the metal has yet to give up all of the gains made at the beginning of the week when fears about an Iran-US military conflict had spiked. 

Silver rates in the city of Mumbai fell by ₹50 to ₹2,349 on Wednesday versus Tuesday’s Rs 2,399. However, rates in Chennai, Hyderabad and Kerala continued to trade flat on Wednesday at ₹2,449 per 10 grams, unchanged from their price of Tuesday. Thus, the silver price continued its two-tier movement pattern seen across recent sessions, with rates in the southern markets diverging from those in Mumbai, Delhi, Kolkata, Bangalore, Pune, Vadodara and Ahmedabad. 

Rates in the southern cities have typically traded around ₹100 higher than the rest of India in recent sessions, and while the spread remains near ₹100 on Wednesday the two-tier price action suggests these markets didn’t see Wednesday’s Rs 50 fall. 

As mentioned earlier, the above listed rates are indicative. The actual rate offered to customers by jewellers includes Goods and Services Tax (GST) of 3% and making charges, which can differ from jeweller to jeweller. 

Gold Prices on Wednesday 

Elsewhere in precious metals, gold prices inched up on Wednesday after two straight sessions of losses. The national price for 10 grams of 24 karat gold (99.9% purity) rose Rs 130 to Rs 1,42,050, snapping two consecutive days of declines. 

Spot gold stood at $1,808.52 per ounce on Wednesday morning, rising marginally after slipping below the key $1,800 level earlier in the session. Having bounced overnight from six-week lows plumbed late last week on renewed hopes for a ceasefire between Iran and the US, bullion prices on Wednesday saw support from weakness in the dollar and haven demand stemming from ongoing ceasefire talks between Iran and the US. 

As of Wednesday morning, gold prices in 22 karat rose Rs 120 to Rs 1,30,210 for 10 grams and those for 18 karat inched up Rs 100 to Rs 1,06,540 for 10 grams. 

Chennai quoted the highest price for 24 karat gold among all centres at Rs 1,43,990 for 10 grams on Wednesday, while the 10 gram rate in Delhi settled at Rs 1,42,200, marking its usual Rs 150 premium over national price.

10 gm Silver Prices: Tuesday, June 30 vs Wednesday, July 1, 2026 

Source

• goodreturns.in | Rates as of Wednesday, July 1, 2026. Tuesday rates sourced from goodreturns.in, June 30, 2026. All rates are indicative and may vary by jeweller.