Mumbai, Nov 10 : The domestic silver market opened flat on Monday, November 10, with prices showing minimal movement across key cities including Delhi, Mumbai, Lucknow, Patna, and Chennai. Despite minor fluctuations in the international market, domestic prices stayed largely unchanged as demand softened after the festive season.
According to local bullion traders, silver was priced at ₹1,52,400 per kilogram in Delhi, Mumbai, Jaipur, Patna, and Gurugram. In Chennai and Hyderabad, prices were higher at ₹1,64,900 per kilogram due to regional demand and logistical factors.
Domestic Silver Prices Remain Flat
After a volatile pre-Diwali phase, silver prices have stabilized in recent days. Experts attribute this pause to subdued retail activity post-festivals. Traders said the market has already corrected from earlier highs nearly ₹50,000 lower than peak levels recorded earlier this year.
However, analysts expect demand to revive soon as India’s wedding season gains momentum. Traditionally, silver ornaments and utensils see strong sales during this period, which could lift prices in the coming weeks.
| City | 1 Kg Silver Price (₹) |
|---|---|
| Delhi | 1,52,400 |
| Mumbai | 1,52,400 |
| Ahmedabad | 1,52,400 |
| Chennai | 1,64,900 |
| Kolkata | 1,52,400 |
| Gurugram | 1,52,400 |
| Lucknow | 1,52,400 |
| Bengaluru | 1,52,400 |
| Jaipur | 1,52,400 |
| Patna | 1,52,400 |
| Bhubaneswar | 1,52,400 |
| Hyderabad | 1,64,900 |
Southern cities like Chennai and Hyderabad continue to quote higher prices due to transportation costs, regional taxes, and stronger local demand.
Why Silver Prices Are Holding Steady
Market experts say silver is currently in a consolidation phase following an extended rally over the past year. The recent slowdown in consumer buying has helped balance supply and demand.
“We’re witnessing a stable phase now. Retail investors completed their festive purchases, and traders are anticipating fresh buying during the wedding season,” said a Mumbai based bullion analyst.
On the global front, silver prices have seen mild corrections amid a stronger U.S. dollar and profit-booking by investors. Yet, analysts remain optimistic about silver’s long-term prospects, driven by rising industrial usage and green energy applications.
Industrial Demand Driving Long-Term Growth
Beyond traditional uses in jewelry, silver’s demand in industrial and technological sectors continues to grow. The metal plays a crucial role in solar panels, electric vehicles, and electronics manufacturing, thanks to its superior conductivity.
“As clean energy initiatives expand worldwide, silver’s industrial demand will likely strengthen further,” analysts noted.
Market Outlook
In the near term, silver prices in India are expected to remain range-bound, with traders monitoring the U.S. Federal Reserve’s policy stance and global market trends. Domestically, the wedding season and potential policy decisions on import duties will be key drivers.
For investors, the current price stability presents a strategic buying opportunity before the next uptrend. With festive and industrial demand aligning, silver could reassert itself as one of the most promising assets in the precious metals market.