Silver Stays Flat for Second Straight Session on Thursday

Mumbai, July 30: Silver prices held steady in India on Thursday, with the national average unchanged at Rs 2,350 per 10 grams, translating to Rs 235 per gram and Rs 2,35,000 per kilogram. Compared with Wednesday’s national rate, which also was at Rs 2,350 per 10 grams, Thursday’s price showed no change, extending a stretch of flat trading that has now persisted for two consecutive sessions since Tuesday’s Rs 50 fall.  

The metal remains well off Monday’s spike to Rs 2,400 per 10 grams, when fresh Iran-US tensions had briefly triggered a burst of safe-haven buying that has since fully unwound. 

Bullion dealers said Thursday’s steadiness reflects a market that has found a temporary equilibrium after last week’s sharp swings, with silver’s safe-haven appeal balanced against firm industrial demand from the electronics and solar photovoltaic sectors.  

The US Federal Reserve’s decision on Wednesday to hold interest rates steady, alongside a hawkish undertone in its post-meeting commentary, has added a layer of caution to precious metals trading this week, even as equity markets have stayed firm on hopes that the Iran-US pause continues to hold. Traders said silver could remain range-bound in the near term unless a fresh trigger, either a flare-up in West Asia or a shift in global risk appetite, forces a more decisive move in either direction. Prices had traded between Rs 2,350 and Rs 2,450 for a major part of last week, with demand from the electronics and solar photovoltaic industry lending some support even as the geopolitical risk premium petered out through the week. 

City-wise Comparison: Thursday vs Wednesday 

City-wise rates on Thursday were almost entirely unchanged from Wednesday’s levels, continuing the pattern of tight alignment across major centres seen through the week. Chennai, Mumbai, Delhi, Bangalore, Hyderabad, Kerala, Pune, Vadodara and Ahmedabad all held at Rs 2,350 per 10 grams on Thursday, exactly matching Wednesday’s rates in each city. Kolkata was the only city to see any movement, edging up Re 1 from Rs 2,349 on Wednesday to Rs 2,350 on Thursday, bringing it back in line with the rest of the country after a brief, marginal discount.  

With Kolkata’s gap now closed, all ten cities in the survey are trading at an identical Rs 2,350 per 10 grams, underscoring how closely domestic silver rates track a single national benchmark once short-term volatility settles down. This contrasts with the pattern seen through last week, when cities such as Chennai, Hyderabad and Kerala had briefly traded at a discount to the rest of the country before falling back in line, showing how quickly such city-level gaps tend to close. 

Gold Prices Today 

Gold prices rebounded in India on Thursday, snapping a two-session decline, with the national average for 24 karat gold rising Rs 820 to Rs 1,44,330 per 10 grams. 22 karat gold gained Rs 750 to Rs 1,32,300 per 10 grams, while 18 karat gold climbed Rs 620 to Rs 1,08,250 per 10 grams. The bounce came as a softer dollar index following the Fed’s rate decision supported bullion, even as Indian equities continued to trade firm. Traders said gold’s near-term direction will likely hinge on whether the Iran-US pause holds through the rest of the week. 

Bullion market participants said the divergence between flat silver and rebounding gold on Thursday suggests investors are treating the two metals somewhat differently for now, with gold more directly tracking the Fed’s policy signals while silver stays anchored by its dual role as both a safe-haven and an industrial commodity.  

Traders said that if Iran-US tensions flare up again, silver could easily revisit the levels seen earlier in the week, while sustained calm between the two countries could see prices slide further still. Buyers and sellers are advised to confirm live rates through the day before transacting, since both metals can move meaningfully within a single session. 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. 

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

10 Gram Silver Rates Across Major Indian Cities — Thursday vs Wednesday 

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