Silver Slips ₹100 per 10 gm on Tuesday as Iran Peace Hopes Ease Safe-Haven Rush

Mumbai, April 21: Silver dipped on Tuesday as Iran and US sources hinted at peace talks over the weekend sending markets into a buying mood once again and dulling Monday’s rush to bullion. While geopolitical tensions haven’t escalated much, they have decreased enough in the eyes of investors for the safe-haven bid to partially unwind.

National Level

Silver price today is ₹265 per gram (₹2,650 per 10 grams & ₹2,65,000 per kilogram) – ₹10 lower per gram or ₹100 per 10 grams – from Monday’s national level price of ₹275 per gram (₹2,750 per 10 grams). Given that most markets are still trading above last Friday’s ₹2,650 – ₹2,700 band it is clear that the pullback in silver is orderly and not panic selling.

The reduced geopolitical risk perceived by markets on Tuesday is partially pricing out of silver but clearly the risk premium is not going away anytime soon – most traders appear to be taking a “wait and watch” approach towards developments in Pakistan this week.

City-Wise

The ₹100 pullback in silver prices today was observed across the board in all reporting markets. The top five centres for silver – Mumbai, Delhi, Kolkata, Bangalore & Pune – which all reported silver prices of ₹2750 per 10 grams yesterday dipped ₹100 to revert back to Monday’s levels of ₹2650.

Vadodara and Ahmedabad which closed trade yesterday at ₹2749 per 10 grams dipped ₹100 to settle at ₹2649 today in tandem with the national price. Premium markets Chennai, Hyderabad and Kerala also corrected ₹100 each to rejoin the rest of India at their Friday price of ₹2700 per 10 grams after reporting prices at ₹2800 per 10 grams yesterday.

Since the correction in silver prices was seen across the board in all reporting markets, today’s price action tells us that this move was not triggered by local supply/demand factors in these regions but a function of broader macros that affect the entire country equally.

Oil Prices

Oil prices will be a major wild card for silver prices this week. Whenever oil spikes – like it did on Monday when Brent rose over 6% to just under $96.49 a barrel – it raises the specter of runaway inflation worldwide and drives investors to buy gold and gold proxies like silver. This is because silver has all the properties of gold as an inflation hedge but with added momentum as an industrial commodity.

Oil prices are drifting this Tuesday on hopes of Iran and US finally talking peace after a long weekend which has corresponded with silver prices drifting lower too. If the talks in Pakistan fail or they don’t open the Strait of Hormuz peace talks will resume next week we can expect to see oil spike higher again and take silver with it. So, while both bullion and silver traders will be watching geopolitical developments in these regions closely, they will also be keeping an eye on the price of oil – their biggest macro determinant.

Industrial Demand

Silver’s usage in solar photovoltaic cells, printed circuit boards, electric vehicle components and medical equipment means industry accounts for over two-thirds of the annual demand for silver. Any prolonged disruption to shipping because of war or anything else which could impact either the supply of industrial inputs into India or the export of finished goods out of India would cause silver prices to rise as local manufacturers begin to compete with each other for increasingly scarce stocks.

India’s solar and electric vehicle manufacturing plans are growing by the day which means silver’s industrial demand story is only getting started in India. This structural increase in demand will also help provide a floor under future silver prices.

Silver Prices — Tuesday, April 21, 2026 (10 grams)

Source:

• goodreturns.in