Silver prices in India declined on Tuesday, retracing some of Monday’s gains as the precious metals market took a breather after two consecutive days of increases. The national rate remains at Rs 265 per gram — or Rs 2,650 per 10 grams and Rs 2,65,000 per kilogram — unchanged from Monday’s Rs 2,650 per 10 grams in the mainstream market, maintaining stability after Monday’s Rs 50 increase from Friday’s Rs 2,600.

The flat reading on Tuesday follows the markets’ analysis of Monday’s sharp two-day rally, which was fuelled by dollar weakness and rate-cut optimism after the confirmation of the U.S.-Iran peace framework. With no new macro catalyst overnight, silver seems to be consolidating instead of continuing its upward movement, as traders look for more clarity from the Federal Reserve’s June 16–17 FOMC meeting. This meeting could potentially reset expectations for the dollar and real interest rates — both of which are crucial factors for the metal in the coming days.

Across India’s major cities, Tuesday’s pricing indicates a reduction in the two-tier premium structure observed on Monday. The mainstream tier — Mumbai, Delhi, Kolkata, Bangalore, Pune, Vadodara and Ahmedabad — remains stable at Rs 2,650 per 10 grams, unchanged from Monday.