Silver Rate Today, June 3, 2026: Silver Prices Steady at ₹2,800 per 10 gram on Wednesday; Import Restrictions Tighten as Grain, Powder Forms added to Curb List

Mumbai, June 3: Silver prices in India were unchanged on Wednesday, with the national rate holding firm at ₹280 per gram or ₹2,800 per 10 grams and ₹2,80,000 per kilogram identical to Tuesday’s close. The stability over the past several sessions reflects a market that has largely absorbed the tariff shock of mid-May, when the government raised import duties on precious metals to 15%, and is now settling into a narrower range.

The prevailing price of ₹2,800 per 10 grams nationally is ₹300 below the spike-high of ₹3,100 recorded on May 14 immediately after the duty announcement a correction that has gradually played out over the past three weeks as the initial demand burst faded and the market found its equilibrium.

Wednesday’s flat close is best understood as a market in a holding pattern. Silver’s domestic price is shaped by international spot rates, the rupee-dollar exchange rate and local demand dynamics, and on Wednesday all three were broadly steady. International silver spot prices hovered in a tight range as traders awaited fresh developments on the US-Iran ceasefire front, with conflicting signals from Washington and Tehran keeping commodity markets cautious.

Check list of Silver ETFs in India

The rupee held relatively stable, removing a key currency-transmission driver that had periodically pushed domestic prices in either direction over recent weeks. Industrial buyers in the electronics, solar panel and silverware segments continued to engage at the ₹2,800 level, providing demand support that has held the floor consistently even during periods of broader precious metals weakness.

City-Wise Rates: Wednesday vs Tuesday

Chennai, Hyderabad and Kerala all held at their ₹2,900 per 10 grams premium level, unchanged from Tuesday, while Mumbai, Delhi, Kolkata, Bangalore, Pune, Vadodara and Ahmedabad all remained at the national benchmark of ₹2,800 per 10 grams flat for a second consecutive session across every city in the survey. The persistence of the ₹100 premium in Chennai, Hyderabad and Kerala reflects the structural strength of retail silver demand in these southern markets, which has remained more resilient than benchmark cities throughout the post-tariff correction.

Also Read: How to Invest in Silver: 6 Best Ways (2026)

More Curbs on Silver Imports

The central government has extended its silver import crackdown to cover grain and powder forms of the metal, requiring importers to obtain a valid import authorisation from the Directorate General of Foreign Trade before any shipment can proceed, according to a gazette notification issued on June 2. The move is the government’s latest step in a concerted effort to contain surging overseas purchases of silver a metal for which India is the world’s largest consumer and reduce the drain on foreign exchange reserves at a time when elevated crude oil prices are already straining the current account.

Gold Prices

Gold prices in India were virtually unchanged on Wednesday, with the national price of 24-karat gold easing by a token ₹10 to ₹1,56,210 per 10 grams from Tuesday’s ₹1,56,220, while the 22-karat rate slipped ₹10 to ₹1,43,190 and 18-karat gold edged lower to ₹1,17,160. On a per-gram basis, 24K gold stands at ₹15,621, 22K at ₹14,319 and 18K at ₹11,716 a near-negligible ₹1 per gram decline marking the third consecutive session in which the metal has refused to move decisively in either direction.

Silver Prices in Indian Cities  (Rs/10 gm)

Source: goodreturns.in | Wednesday, June 3, 2026