Ahmedabad Silver Rallies Back After Jackson Hole Sell-Off

The physical silver market in Ahmedabad, India's most trader-intensive city, corrected faster and cheaper than almost anywhere else this weekend.

Gujarat's proximity to the country's largest silver refineries made that possible.

The 999-purity rate in Ahmedabad stood at ₹258 per gram on August 31, the lowest among India's major cities, because Gujarat-based processors can source refined bars with the shortest supply chain in the country.

Silver rates across Indian cities today held a recovery through the day, and within silver's historical range against gold, between 60 and 80 during recent years, that ratio positioned the metal near the lower bound of its relative valuation.