India's Silver Prices Tumble to ₹245 per Gram Amid Global Weakness

Silver prices in India have declined across the country on September 2. The current rate stands at ₹245 per gram and ₹2,45,000 per kilogram, marking a drop of ₹5 per gram and ₹5,000 per kilogram from the previous day.

The decline is consistent across every weight band, affecting buyers who purchase small quantities as well as larger amounts. The prices mentioned do not include GST, TCS, or making charges, which will be added to the final bill at a jeweller's shop.

In terms of city-wise rates, Chennai and Hyderabad are priced slightly higher than other major cities, at ₹2,500 per 10 grams, while most northern, western, and eastern cities cluster around ₹2,450. The southern markets of Coimbatore, Madurai, and Vijayawada, along with Bhubaneswar, also follow this pattern.

The price movement in silver is largely driven by international cues, as well as the value of the rupee. This is because domestic silver rates are set by converting international prices into rupees and adjusting for local taxes.