Silver prices declined by ₹2,000 to ₹2,24,000 per kilogram (inclusive of all taxes) on Monday as traders pared their positions in the commodity. According to The Times of India, the white metal continued its downward trend for a fourth straight session, with September silver futures slipping ₹746, or 0.33%, to settle at ₹2,22,726 per kg on the Multi Commodity Exchange (MCX). The decline was primarily driven by fresh selling from market participants, which weighed on silver prices significantly. On the MCX, September silver futures traded with a turnover of 1,988 lots, reflecting active participation in the decline.
Across major Indian cities, silver prices showed significant regional variations with Bengaluru recording the lowest rate at ₹2,50,900 per kg as of June 29, 2026, according to BusinessToday.in. Kerala emerged as the most expensive market at ₹2,63,900 per kg, creating a substantial price gap of ₹13,000 per 10 grams between the two states. This regional disparity reflects local market dynamics and taxation policies across different states, with Bengaluru offering the most competitive pricing for silver investors.
In contrast to domestic weakness, international silver markets showed resilience with spot silver trading 1.04% higher at USD 58.53 per ounce in New York, as reported by The Times of India. This divergence highlights the impact of global uncertainties on domestic precious metals markets, with international prices providing some support despite the continued downward pressure in Indian markets.
The decline was attributed to multiple factors including fresh selling pressure from market participants and global uncertainties. As per The Times of India, crude oil prices and the US Dollar Index edged higher amid renewed escalation in US-Iran tensions over the weekend. Additionally, expectations of higher interest rates reduced the appeal of non-yielding assets such as gold, with buying interest from central banks also slowing as markets reassess the global interest rate outlook. According to LKP Securities, gold witnessed fresh profit booking as prices faced strong resistance near $4,100 on COMEX and around ₹145,500 on MCX, with a stronger US dollar continuing to weigh on bullion.
The silver rate information was made available through Upstox Securities Pvt. Ltd.'s trading platform, which offers comprehensive commodity market data. According to the brokerage's website, the platform provides real-time market information and trading tools for investors. The data was sourced from Upstox Securities Pvt. Ltd., which operates under SEBI registration INZ000315837.
