Silver Steadies at ₹2,900 per 10 gm on Monday, Edges Up ₹100

Mumbai, May 18: Silver prices in India steadied on Monday, with the national rate ticking up ₹10 per gram to ₹290, or ₹2,900 per 10 grams and ₹2,90,000 per kilogram a modest recovery of ₹100 per 10 grams over the weekend lows, even as the broader trend since last Wednesday’s tariff-driven spike continues to point lower.

Friday’s national rate had also been ₹2,900 per 10 grams, having declined ₹100 each on both Thursday and Friday after the post-tariff peak of ₹3,100 per 10 grams recorded on Wednesday, when the government more than doubled import duties on gold and silver to 15 per cent.

Monday’s ₹100 uptick from the weekend reference rate signals that the three-session correction may be finding a near-term floor, with buyers returning cautiously at the ₹2,800-2,900 level. The metal’s behaviour this week will be closely watched by traders to determine whether the current rate represents a sustainable post-tariff equilibrium or merely a pause before further softening.

Among India’s major cities, the premium-benchmark divide that characterised Friday’s pricing has partially narrowed on Monday. Chennai, Hyderabad and Kerala, which had all been quoting ₹3,050 per 10 grams on Friday, have each eased to ₹3,000 per 10 grams today a decline of ₹50 per 10 grams that brings their premium over the national benchmark down from ₹150 to ₹100.

Mumbai, Delhi, Kolkata, Bangalore, Pune, Vadodara and Ahmedabad are all uniformly priced at the national benchmark of ₹2,900 per 10 grams, unchanged from Friday’s close, reflecting the tight convergence of rates across the country’s major bullion centres. The narrowing of the Chennai-Hyderabad-Kerala premium may indicate that the demand surge that had kept southern rates elevated is beginning to moderate as consumers adjust to the post-tariff price landscape.

Gold Prices

Gold prices in India fell for a third consecutive session on Monday, with 24-karat gold declining to ₹1,56,220 per 10 grams, down ₹3,870 from Friday’s ₹1,60,090, while 22-karat gold eased to ₹1,43,200 per 10 grams, shedding ₹3,550 from Friday’s close of ₹1,46,750. The 18-karat rate fell to ₹1,17,170 per 10 grams, retreating ₹2,900 from Friday’s ₹1,20,070, with the cumulative three-session pullback in 24K now totalling ₹11,640 per 10 grams from the post-tariff peak.

Chennai continued to command the highest rates among major cities, quoting 24-karat at ₹1,60,910 per 10 grams, while Mumbai, Kolkata, Bangalore and other benchmark cities held at the national rate. The across-the-board declines in gold mirroring the trajectory of silver suggest that both precious metals are undergoing a measured post-tariff consolidation, with the structural floor set by the 15 per cent import duty preventing a full retracement to pre-Wednesday levels.

10 Gram Silver Prices: Monday vs Friday – City-Wise Comparison

Source:

• goodreturns.in | Monday, May 18, 2026