Silver Slips ₹100 per 10 gm on Tuesday as Dollar Firms, Erasing Monday’s Rebound

Mumbai, May 5: Silver prices in India pulled back on Tuesday, surrendering the gains from Monday’s sharp rebound and slipping back to the level last seen on May 1. The national benchmark rate for silver stood at ₹255 per gram — or ₹2,550 per 10 grams and ₹2,55,000 per kilogram — down ₹10 per gram and ₹100 per 10 grams from Monday’s rate of ₹265 per gram (₹2,650 per 10 grams).

Monday had delivered one of the stronger single-session bounces of the recent run, with the national benchmark surging ₹150 per 10 grams to fully reverse and then some the losses of the previous Thursday. Tuesday’s retreat gives back a significant portion of that recovery and keeps the metal in the volatile range it has occupied through the past two weeks.

The softening aligns with a modest firming of the U.S. dollar index and a tempered risk appetite in global commodity markets, with dealers noting that domestic buying interest — which had been supportive on Monday amid the tail end of the wedding season — was notably thinner on Tuesday, leaving prices susceptible to the international pull.

City-Wise Prices — Tuesday vs Monday

The decline was uniform across all major Indian cities, with every market shedding exactly ₹100 per 10 grams from Monday’s levels. Mumbai, Delhi, Kolkata, Bangalore, Pune, Vadodara and Ahmedabad — which had all climbed to ₹2,650 per 10 grams on Monday — have retreated to ₹2,550 per 10 grams today, back in line with the national benchmark and matching the May 1 rate. Chennai, Hyderabad and Kerala, which had led the Monday recovery to ₹2,700 per 10 grams and maintained their traditional ₹50 premium over the national benchmark, have likewise pulled back by ₹100 per 10 grams to quote ₹2,600 today.

The premium trio’s ₹50 differential over the benchmark cities remains intact, a spread that has been a consistent feature of India’s silver market geography through April and into May. With Tuesday’s correction, the 10-day price range for silver now spans ₹2,500 to ₹2,650 per 10 grams at the national level — a ₹150 band that reflects the ongoing tug-of-war between global dollar strength and residual safe-haven demand amid geopolitical uncertainty.

Gold Prices

Gold prices in India retreated on Tuesday, giving back a portion of Monday’s recovery as a firming dollar and easing global risk sentiment weighed on the precious metal. The national benchmark for 24-karat gold (99.9% purity) fell to ₹1,49,180 for 10 grams — a decline of ₹1,750 from Monday’s rate of ₹1,50,930. The 22-karat rate (91.6% purity) slipped to ₹1,36,750 for 10 grams, down ₹1,600 from Monday’s ₹1,38,350. The 18-karat rate (75% purity) eased to ₹1,11,890 for 10 grams, a drop of ₹1,310 from Monday’s ₹1,13,200.

Silver Rates Across Indian Cities — 10 Grams: Tuesday vs Monday

Source:

• goodreturns.in | Prices for 10 grams of silver