Silver Prices Remain Flat for a Third Straight Session on Friday 

Mumbai, July 31: Silver prices held flat in India on Friday morning, with the national rate unchanged at Rs 2,350 per 10 grams, translating to Rs 235 per gram and Rs 2,35,000 per kilogram. Compared with Thursday’s national rate, which was also at Rs 2,350 per 10 grams, Friday’s price showed no change, extending the metal’s stretch of range-bound trading into a third straight session.  

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 Friday’s steadiness reflects a market that has settled firmly into 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. Import volumes through major ports have also stayed steady this week, dealers added, suggesting downstream jewellery and industrial buyers are not rushing to build fresh positions at current levels.  

The US Federal Reserve’s decision this week to hold interest rates steady, alongside a hawkish undertone in its post-meeting commentary, has added a layer of caution to precious metals trading, 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: Friday vs Thursday 

City-wise silver rates were unchanged across the board on Friday compared with Thursday’s levels, continuing the pattern of tight alignment across major centres. Chennai, Mumbai, Delhi, Kolkata, Bangalore, Hyderabad, Kerala, Pune, Vadodara and Ahmedabad all held at Rs 2,350 per 10 grams on Friday, exactly matching their Thursday rates in every city surveyed.  

All ten cities in the survey are now trading at an identical Rs 2,350 per 10 grams for a second straight session, underscoring how closely domestic silver rates track a single national benchmark once short-term volatility settles down. This contrasts with the pattern seen earlier 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. Local dealer premiums, which typically reflect transport costs and regional demand, have stayed negligible through the week, reinforcing the sense of a market in a holding pattern. 

Gold Prices Today 

Gold rates edged marginally higher in India on Friday morning, building on Thursday’s sharp rebound after two straight sessions of declines. The national rate for gold stood at Rs 1,44,340 for 24 karat gold, Rs 1,32,310 for 22 karat gold and Rs 1,08,260 for 18 karat gold per 10 grams as of Friday morning. This marked a modest rise of Rs 10 each across all three purities over Thursday’s levels of Rs 1,44,330, Rs 1,32,300 and Rs 1,08,250 per 10 grams, respectively. 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 marginally firmer 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 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 ease 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 — Friday vs Thursday 

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