Silver Market Sees Regional Divergence as National Average Holds Steady
The silver market in India remained steady nationally on Thursday, but city-wise rates showed variations. The national average price of 10 grams of silver stood at Rs 2,400, unchanged from Wednesday's closing level. This comes after a Rs 50 gain on Wednesday, attributed to safe-haven buying tied to the Iran-US standoff.
However, while the national average held flat, city-wise rates broke away from the uniform pattern seen a day earlier. Chennai, Hyderabad, and Kerala saw an increase of Rs 100 per 10 grams, moving above the national benchmark price for the first time this week. The other seven cities surveyed remained unchanged at Rs 2,400 per 10 grams.
Dealers attributed the split to modest widening of regional premiums, likely driven by stockist and jewellery-trade buying in the southern markets. This divergence is expected to be short-lived, with local demand being absorbed within a session or two.