Silver Rate Today, May 29, 2026: Silver Prices Softens on Friday: National Rate Eases to ₹2,800 per 10 gram

Mumbai, May 29: Silver prices in India eased on Friday, with the national benchmark rate slipping to ₹280 per gram or ₹2,800 per 10 grams and ₹2,80,000 per kilogram marking a decline of ₹50 per 10 grams from Wednesday’s national benchmark of ₹2,850. The fall, while modest, is notable because it ends a three-session run of stability at the ₹2,850 level that had defined the market through mid-week. 

For buyers and investors tracking 10-gram lots the most commonly referenced unit for retail silver transactions Friday’s rate represents a clear softening from the ₹2,850 that held firm through most of this week. The metal remains influenced by international spot prices and the daily movement of the Indian rupee against the US dollar, with any rupee weakness capable of partially offsetting the benefit of lower global prices for domestic consumers.

City-Wise Rates on Friday: Southern Cities Hold Premium

Across India’s major cities on Friday, the broad story is one of convergence at the lower ₹2,800 level with a notable exception in the south. Mumbai, Delhi, Kolkata, Bangalore, Pune, Vadodara and Ahmedabad all quote silver at ₹2,800 per 10 grams, each falling ₹50 from their Wednesday rate of ₹2,850. Chennai, Hyderabad and Kerala, however, remain elevated at ₹2,900 per 10 grams unchanged from Wednesday preserving the ₹100 premium that these southern markets have long commanded over the rest of the country. This means the south-to-north premium, which had narrowed to just ₹50 on Wednesday when the southern cities dipped from ₹2,950 to ₹2,900 while the benchmark held at ₹2,850, has now widened back out to ₹100 on Friday as the national rate has moved down but southern prices have not. The persistence of the southern premium reflects the structurally stronger demand for silver in these markets, driven by active jewellery trade, temple silverware procurement, and wedding-season purchasing patterns that keep local prices stickier on the downside.

What Moves Silver Prices in India?

Silver pricing in India is determined by a confluence of global and domestic factors. At the primary level, international silver spot prices traded on the COMEX and London Bullion Market set the directional tone, with domestic rates moving broadly in tandem with global movements. Layered on top of this is the critical role of the rupee-dollar exchange rate: when the rupee weakens against the dollar, silver becomes costlier for Indian importers, pushing domestic prices higher even if global prices are unchanged; conversely, a stronger rupee can cushion the impact of any global price strength. Local demand dynamics particularly from jewellery manufacturing hubs in Chennai, Hyderabad and Kerala, which account for a significant share of India’s silver consumption create the city-level differentials that have been a consistent feature of the domestic market. Import duty structures, GST applicability and state-level levies can also introduce minor variations. Friday’s ₹50 easing from Wednesday’s national benchmark level suggests that either global prices have softened modestly, the rupee has strengthened slightly, or both conditions have coincided to produce the downward tick seen across most Indian cities.

10 gm Silver Prices: Friday vs Wednesday

* Negative figures (red) indicate a price fall from Wednesday to Friday.

Source: goodreturns.in | Friday, May 29, 2026