Silver Slides Rs 290 to ₹2,900 per 10 gm on Friday

Mumbai, May 15: Silver prices in India slipped further on Friday, extending a correction since Wednesday’s tariff-driven spike. The national rate fell to ₹290 per gram, ₹2,900 per 10 grams and ₹2,90,000 per kilogram each down ₹10, ₹100 and ₹10,000 respectively from Thursday’s ₹300 per gram, ₹3,000 per 10 grams and ₹3,00,000 per kilogram. The pullback from Wednesday’s peak of ₹3,100 per 10 grams now amounts to ₹200 per 10 grams, unwinding roughly a fifth of the ₹1,000-per-10-gm jump that accompanied the government’s announcement of the near-doubling of import duties on precious metals. 

The direction of Friday’s move is unmistakable: domestic silver is in a phase of gradual price discovery as the market recalibrates between the structural upward shift caused by the 15 per cent import tariff and the natural resistance that comes with sharply elevated price points.

The trajectory of silver this week encapsulates the volatility that a sudden policy shift can unleash in commodity markets. Silver had been trading at ₹2,750 per 10 grams as recently as last Tuesday before surging ₹350 to ₹3,100 on Wednesday when the government raised gold and silver import duties from 6 per cent to 15 per cent comprising a 10 per cent basic customs duty and a 5 per cent Agriculture Infrastructure and Development Cess. 

Thursday brought the first correction, with the national rate easing ₹100 to ₹3,000. Friday’s additional decline of ₹100 to ₹2,900 puts the metal back within striking distance of pre-tariff announcement levels, though industry observers note that the structurally higher duty means domestic silver is unlikely to fully retrace to its pre-Wednesday floor. Retail demand from silverware and industrial buyers has been cautious through the week, with dealers flagging that the widened premium of Indian silver over international spot prices a direct consequence of the elevated import levy is suppressing discretionary purchases.

City-Wise Silver Rates on Friday

Among India’s major cities, Chennai, Hyderabad and Kerala continued to quote a meaningful premium over the national benchmark on Friday. All three cities priced 10 grams of silver at ₹3,050, 100 grams at ₹30,500 and one kilogram at ₹3,05,000 a ₹150-per-10-gm premium over the national rate that reflects structural local demand patterns and the pricing conventions of regional bullion associations. Mumbai, Delhi, Kolkata, Bangalore, Pune, Vadodara and Ahmedabad were all uniformly priced at the national benchmark of ₹2,900 per 10 grams, ₹29,000 per 100 grams and ₹2,90,000 per kilogram, underscoring the tight convergence of silver rates across India’s major financial and commercial centres when no city-specific supply disruptions are present.

The split between premium and benchmark cities has been a consistent feature of India’s silver market this week. Chennai and Kerala have maintained their ₹150 premium over Mumbai throughout the post-tariff volatility, while Hyderabad’s rates which had briefly dipped to nearly the benchmark level on Wednesday before rising sharply on Thursday have now stabilised at the higher Chennai-Kerala level. 

Kolkata, which had surged to ₹3,300 on Wednesday before correcting sharply back to the benchmark on Thursday, has held steady at ₹2,900 on Friday, suggesting the earlier spike was transient and demand-driven rather than structural. Across all benchmark cities, Friday’s uniform pricing at ₹2,900 per 10 grams points to a settled, if cautious, market finding its footing after one of its most turbulent weeks in recent memory.

Source:

• goodreturns.in | Friday, May 16, 2026