Silver prices in India remained stable on Monday morning, as the metal continued to trade within a narrow range that has been maintained since the latter part of last week. The national rate for silver was Rs 2,350 per 10 grams on Monday, which equates to Rs 235 per gram and Rs 2,35,000 per kilogram. This is unchanged from Thursday’s national rate, which was also quoted at Rs 2,350 per 10 grams, marking a fifth straight session in which the metal has failed to move in either direction. Silver remains significantly below the Rs 2,400 per 10 grams mark it briefly reached at the beginning of last week, when a spike in Iran-US tensions prompted a temporary increase in safe-haven buying that has since completely reversed. Bullion dealers indicated that Monday’s steadiness implies the market is firmly anchored in the equilibrium established last week, with silver’s dual role as both a safe-haven asset and an industrial input maintaining its range-bound status. Demand from the electronics and solar photovoltaic sectors has persisted in providing some foundational support, according to dealers, despite investors maintaining a cautious stance in the absence of a new catalyst.

Import volumes through major ports have also remained steady, indicating that downstream jewellery and industrial buyers are not eager to establish new positions at current levels. Market participants indicated that the short-term trajectory of silver is likely to be influenced by the developments in the Iran-US situation this week. US President Donald Trump has announced that discussions with Tehran are scheduled for Monday, albeit without a definitive timeline for reaching any accord. A sustained de-escalation may lead to a further decline in silver prices, whereas any new tensions in the region could swiftly reignite the demand for safe-haven assets, which had previously driven prices to Rs 2,400 per 10 grams last week. City-wise silver rates remained stable on Monday, mirroring Friday’s levels, thus maintaining the trend of consistent alignment across major centres that has persisted for several sessions. On Monday, the price of gold remained stable across major cities, with Chennai, Mumbai, Delhi, Kolkata, Bangalore, Hyderabad, Kerala, Pune, Vadodara, and Ahmedabad all trading at Rs 2,350 per 10 grams, reflecting the same rates observed on Friday in each surveyed location. All ten cities in the survey have now maintained an identical rate for several consecutive sessions, highlighting the extent to which domestic silver prices align with a singular national benchmark once short-term volatility diminishes.

Local dealer premiums, which typically reflect transport costs and regional demand, have remained negligible throughout this period, underscoring the perception of a market firmly in a holding pattern. Gold prices in India experienced a slight decline on Monday, retracing a portion of the significant increases observed in the prior session. The national rate for gold was Rs 1,44,220 for 24 karat gold, Rs 1,32,200 for 22 karat gold, and Rs 1,08,160 for 18 karat gold per 10 grams on Monday morning. This signifies a reduction of Rs 110, Rs 100, and Rs 90, respectively, from Thursday’s figures of Rs 1,44,330, Rs 1,32,300, and Rs 1,08,250 per 10 grams, during which gold experienced a notable rebound following two successive sessions of declines. The contrast between flat silver and softer gold indicates that investors are currently perceiving the two metals differently. Gold appears to be responding to minor fluctuations in the dollar index, whereas silver remains supported by more consistent industrial demand. As is customary, it is recommended that buyers and sellers verify real-time rates throughout the day prior to executing transactions, given that silver can experience significant fluctuations within a single trading session influenced by global indicators.

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 incorporated into the final billed price at jewellery counters nationwide. Analysts indicated that the present stagnation in silver prices is improbable to persist indefinitely, considering the metal’s demonstrated sensitivity to fluctuations in the Iran-US standoff over the last two weeks. Nonetheless, the majority of market observers anticipate that any imminent fluctuations will be limited unless there is a definitive escalation or resolution regarding geopolitical matters. Industrial buyers are perceived to prioritise medium-term supply planning over making substantial purchases at prevailing prices, according to dealers, due to the metal’s propensity for abrupt price fluctuations. Silver’s performance this year has continued to surpass that of many other asset classes, even when factoring in last week’s retreat from its recent peaks. This has maintained a broad level of investor interest in the metal, despite the current lull in price movements.