Silver Inches Lower on Friday as Iran-US Ceasefire Extension Undercuts Safe-Haven Demand 

Mumbai, April 24: Silver prices traded flat to marginally lower in India on Friday to continue this week’s modest decline from levels seen at the start of the week on Monday when uncertainty around escalating tensions between the US and Iran caused investors to pile into safe havens like gold and silver. 

Silver prices in India were trading at ₹259.90 per gram — ₹2,599 per 10 grams or ₹2,59,900 per kg — on Friday down ₹0.10 per gram or ₹1 per 10 grams against the previous national level of ₹260 per gram or ₹2,600 per 10 grams seen on Thursday, according to data from Goodreturns.in. Isolated from the context of this week’s price action when safe-haven demand drove prices up by ₹161 per 10 grams on Monday, Friday’s decline appears inconsequential but given that silver has lost ₹151 per 10 grams since the open on Monday, this latest move down and pause in the spot-price action shows that silver bulls and bears are currently entrenched in a struggle for control while traders and investors wait on the geopolitical front to see if yet another ceasefire promise will be upheld.

Thursday saw a decrease of ₹1 per 10 gram from ₹2,650 hit earlier in the day on Wednesday which means that silver prices have softened in each of the past three trading sessions but only by marginal amounts. There’s been no whiplash selling of silver in India despite escalation fears having been assuaged for now with Thursday’s ceasefire extension between Iran and the US as traders navigate mixed signals from both sides but the cautious price action also shows that participants are in no hurry to buy silver either until there’s more clarity on the geopolitical front and until oil—which closed above $106 per barrel on Friday—cools off from its current highs.

City-wise, silver prices in Mumbai, Kolkata and Pune each declined ₹1 to ₹2,599 per 10 grams on Friday from ₹2,600 seen in these cities on Thursday while rates in Delhi, Bangalore, Vadodara and Ahmedabad remained unchanged at ₹2,600 for both days. The biggest price action came from premium markets Chennai, Hyderabad and Kerala where silver fell ₹50 to ₹2,650 per 10 grams on Friday from ₹2,700 where it stood on Thursday erasing the gains made in these cities on Wednesday when they rose ₹50 per 10 grams. These price moves shows that while base demand in standard markets like Mumbai, Kolkata and Pune have cooled off from the strong rises seen on Monday and early-week, demand in premium markets remains high but has corrected a little from the extreme highs seen at the start of the week.

For silver prices going forward, the key watchpoint continues to be oil. While geopolitical tensions remain high as Iran successfully holds US forces hostage by blockading the Strait of Hormuz for now, oil prices rose to $106.17 a barrel on Friday — their highest level since the crisis between Iran and the US began — keeping inflationary pressures front-and-center for silver investors and traders. Because of their correlation with one another in terms of inflation expectations, silver tends to move up when oil does as silver acts as both a safe haven and an inflation hedge. 

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

Source:

• goodreturns.in