Silver Price in India: MCX December Futures Slip Amid Holiday-Driven Thin Volumes
The Indian silver market took an unexpected turn on September 4, 2026, as MCX Silver December futures slipped by 0.72% despite weak August non-farm payrolls data boosting hopes for a Federal Reserve rate cut.
The non-farm payrolls report showed a 22,000 job gain in August, which was below the most pessimistic forecast and led to a 25-basis point rate cut probability of 89% by midday. However, this news was counterintuitive for silver prices, as they usually benefit from lower interest rates.
The IBJA physical reference rate remained unchanged at ₹250 per gram due to limited market activity caused by the Janmashtami holiday. Despite the stability in domestic prices, international silver prices held near $66.67 per ounce, with a 0.46% pullback.
MCX Silver December futures opened 0.51% below Thursday's settlement and extended losses amid thin volumes due to the holiday. The move reflected technical profit-taking after Wednesday's gap-up of more than ₹4,983 per kilogram and reduced domestic participation that amplified small sell orders.