Silver Remains Steady on Monday, Flatlining from Last Week

Mumbai, Aug 3: Silver prices in India stayed unchanged on Monday morning, with the metal continuing to trade in a tight range that has now persisted since the back half of last week. 

The national rate for silver stood at Rs 2,350 per 10 grams on Monday, translating to Rs 235 per gram and Rs 2,35,000 per kilogram. This is unchanged from Thursday’s national rate, which was also quoted at Rs 2,350 per 10 grams, marking a fifth straight session in which the metal has failed to move in either direction. Silver remains well off the Rs 2,400 per 10 grams level it briefly touched at the start of last week, when a flare-up in Iran-US tensions had triggered a short burst of safe-haven buying that has since fully unwound. 

Bullion dealers said Monday’s steadiness suggests the market remains firmly anchored in the equilibrium it settled into last week, with silver’s dual identity as both a safe-haven asset and an industrial input keeping it range-bound. Demand from the electronics and solar photovoltaic sectors has continued to offer some underlying support, dealers said, even as investors stay cautious in the absence of a fresh catalyst. Import volumes through major ports have also remained steady, an indication that downstream jewellery and industrial buyers are not rushing to build fresh positions at current levels. 

Traders said silver’s near-term direction will likely depend on how the Iran-US situation evolves this week, with US President Donald Trump saying talks with Tehran would take place on Monday, though without a firm deadline for any agreement. A durable de-escalation could see silver drift lower still, while any fresh flare-up in the region could quickly revive the safe-haven bid that briefly lifted prices to Rs 2,400 per 10 grams last week. 

City-Wise Comparison: Monday vs Friday 

City-wise silver rates were also unchanged on Monday compared with Friday’s levels, continuing the pattern of tight alignment across major centres that has held for several sessions now. Chennai, Mumbai, Delhi, Kolkata, Bangalore, Hyderabad, Kerala, Pune, Vadodara and Ahmedabad all traded at Rs 2,350 per 10 grams on Monday, exactly matching their Friday rates in every city surveyed. All ten cities in the survey have now held at an identical rate for several consecutive sessions, underscoring how closely domestic silver prices track a single national benchmark once short-term volatility fades. Local dealer premiums, which typically reflect transport costs and regional demand, have stayed negligible through this period, reinforcing the sense of a market firmly in a holding pattern. 

Gold Prices Today 

Gold prices, meanwhile, edged lower in India on Monday, giving back a small part of the sharp gains logged in the previous session. The national rate for gold stood at Rs 1,44,220 for 24 karat gold, Rs 1,32,200 for 22 karat gold, and Rs 1,08,160 for 18 karat gold per 10 grams on Monday morning. This marks a decline of Rs 110, Rs 100 and Rs 90, respectively, from Thursday’s levels of Rs 1,44,330, Rs 1,32,300 and Rs 1,08,250 per 10 grams, when gold had rebounded sharply after two consecutive sessions of losses. The contrast between flat silver and softer gold suggests investors are treating the two metals somewhat differently for now, with gold tracking incremental shifts in the dollar index while silver stays anchored by steadier industrial demand. 

10 Gram Silver Rates: Monday vs Friday 

Source: goodreturns.in 

As always, buyers and sellers are advised to confirm live rates through the day before transacting, since silver can move meaningfully within a single session depending on global cues. On top of the quoted bullion rates, buyers should also factor in making charges and the applicable 3 per cent GST, along with any state-level local taxes, all of which get built into the final billed price at jewellery counters across the country. 

Analysts said the current lull in silver prices is unlikely to last indefinitely, given how sensitive the metal has proven to swings in the Iran-US standoff over the past fortnight. Even so, most market watchers expect any near-term moves to be modest unless there is a clear escalation or resolution on the geopolitical front. Industrial buyers, meanwhile, are seen as more focused on medium-term supply planning than on making large purchases at current prices, dealers said, given the metal’s tendency to swing sharply on short notice. Silver’s performance this year has still outpaced many other asset classes, even after accounting for last week’s pullback from its recent highs, keeping investor interest in the metal broadly intact despite the current pause in price action. 

Investors looking to diversify beyond physical silver can also explore the list of Silver ETFs in India: https://hdfcsky.com/etf/silver-etf