Silver prices remained stable in India on Thursday, with the national average consistent at Rs 2,350 per 10 grams, which equates to Rs 235 per gram and Rs 2,35,000 per kilogram. In comparison to Wednesday’s national rate, which remained at Rs 2,350 per 10 grams, Thursday’s price exhibited no variation, thereby continuing a period of stable trading that has now lasted for two consecutive sessions following Tuesday’s decline of Rs 50. The metal remains significantly below Monday’s spike to Rs 2,400 per 10 grams, when renewed tensions between Iran and the US had momentarily sparked a surge in safe-haven buying that has since completely reversed.Bullion dealers indicated that Thursday’s steadiness signifies a market that has achieved a temporary equilibrium following last week’s pronounced fluctuations, with silver’s safe-haven allure counterbalanced by robust industrial demand from the electronics and solar photovoltaic sectors. The US Federal Reserve’s decision on Wednesday to maintain interest rates, coupled with a hawkish tone in its post-meeting commentary, has introduced a degree of caution in precious metals trading this week, despite equity markets remaining robust on the optimism that the Iran-US pause persists.

Traders indicated that silver may stay within a limited range in the short term unless a new catalyst, such as an escalation in West Asia or a change in global risk appetite, compels a more definitive movement in either direction. Prices fluctuated within the range of Rs 2,350 to Rs 2,450 for a significant portion of the previous week, bolstered by demand from the electronics and solar photovoltaic sectors, despite a gradual decline in the geopolitical risk premium over the week.City-wise rates on Thursday remained largely stable compared to Wednesday’s figures, maintaining the trend of close alignment across major centers observed throughout the week. Chennai, Mumbai, Delhi, Bangalore, Hyderabad, Kerala, Pune, Vadodara, and Ahmedabad all maintained their rates at Rs 2,350 per 10 grams on Thursday, precisely aligning with Wednesday’s prices in each city. Kolkata was the sole city to experience any fluctuation, increasing by Re 1 from Rs 2,349 on Wednesday to Rs 2,350 on Thursday. This adjustment aligns it with the national trend following a brief, slight discount.

With Kolkata’s gap now closed, all ten cities in the survey are trading at an identical Rs 2,350 per 10 grams, highlighting the extent to which domestic silver rates align with a unified national benchmark once short-term fluctuations stabilise. This contrasts with the pattern observed last week, when cities such as Chennai, Hyderabad, and Kerala briefly traded at a discount relative to the rest of the country before realigning, illustrating the rapid closure of city-level discrepancies. Gold prices in India experienced a rebound on Thursday, halting a two-session decline. The national average for 24 karat gold increased by Rs 820, reaching Rs 1,44,330 per 10 grams. 22 karat gold increased by Rs 750, reaching Rs 1,32,300 per 10 grams, whereas 18 karat gold rose by Rs 620, now priced at Rs 1,08,250 per 10 grams. The bounce occurred due to a softer dollar index, which supported bullion following the Fed’s rate decision, even as Indian equities maintained a firm trading position. Traders indicated that gold’s short-term trajectory will likely depend on the sustainability of the Iran-US pause throughout the remainder of the week.

Bullion market participants noted that the divergence between flat silver and rebounding gold on Thursday indicates that investors are currently perceiving the two metals differently. Gold appears to be more closely aligned with the Federal Reserve’s policy signals, while silver remains influenced by its dual function as both a safe-haven asset and an industrial commodity.Traders indicated that should tensions between Iran and the US escalate once more, silver prices might readily return to the levels observed earlier in the week. Conversely, if tranquillity persists between the two nations, prices could potentially decline further. Buyers and sellers should verify live rates throughout the day prior to executing transactions, as both metals can experience significant fluctuations within a single trading session. In addition to the quoted bullion rates, purchasers must consider making charges and the applicable 3 percent GST, as well as any local taxes imposed at the state level. These elements are all incorporated into the final billed price at jewellery counters nationwide.