Indian Silver Benchmark Holds Steady Amid International Recovery
The Indian silver benchmark held at ₹245 per gram on September 18, 2026, for the fourth consecutive session. This stability came despite a two-day international recovery in XAG/USD from its post-Federal Reserve hike low of $63.59 to $66.80 during European trading.
MCX December silver futures moved independently and gained ₹2,700 per kilogram or 1.12 percent to approximately ₹2,40,880 per kilogram on Friday. This divergence reflects the structural difference between how a physical cash market and a forward contract absorb news.
The recovery mechanism on September 18 mirrors what drove Thursday's gains, with oil prices continuing to ease as Saudi Arabia's East-West crude pipeline progressed toward fuller capacity restoration after drone strike damage earlier in the week.