Indian Silver Prices Surge 2.22% as Dollar Weakens
Silver prices in India surged by 2.22% on September 3rd, 2026, reaching ₹241 per gram and ₹240,820 per kilogram. The price hike was driven by a soft dollar and a decline in US Treasury yields, which fell from their multi-year highs due to a retreat in oil prices.
A weak dollar makes assets like silver less expensive for other currency holders, thereby increasing demand. Crude oil prices cooled off from their recent highs after US President Donald Trump announced that Washington would halt attacks on Tehran, leading some market participants to scale back on the expectation of a rate hike by the US Federal Reserve.
New York Fed Bank President John Williams stated that there is evidence that inflation continues to ease, while the impact of the tariff fades. Over the past month, silver prices have advanced by nearly 13%.
Analysts suggest that silver prices may remain range-bound in the near term, driven by the US dollar and key US economic data scheduled for Friday. Immediate support is at $65.500-65.000 (100/200-day EMA), with next support at $63.500-63.000.