Silver Prices Remain Flat Across Major Indian Cities
Silver prices in India remained unchanged on October 5, holding steady at Rs 2,350 per 10 grams in most major cities. This includes Mumbai, Delhi, Kolkata, Bangalore, Pune, Vadodara, and Ahmedabad. However, Chennai, Hyderabad, and Kerala continued to trade at a premium, with prices at Rs 2,450 per 10 grams, maintaining a Rs 100 gap compared to the rest of the country. The prices have not moved since October 1, indicating stability in the market despite global fluctuations.
The demand for silver has remained steady ahead of the festive season, with customers adopting a wait-and-watch approach before Navratri and Diwali. Buyers in the southern regions will still have to pay more per gram, though the flat prices offer little new to react to for those waiting for a clear direction. Investors looking to diversify beyond physical silver can explore silver ETFs, which provide exposure to silver prices without the need to store physical metal.
Meanwhile, shares of jewellery and bullion-linked companies were lower around midday on Monday. Vaibhav Global (VAIBHAVGBL) was the standout loser with a 1.47% decline, while Silgo Retail (SILGO) saw the mildest drop at 0.24%. Senco Gold (SENCO) and PN Gadgil Jewellers (PNGJL) also experienced slight declines. Order book data showed selling pressure dominated on three of the four counters, with buyers having the edge only on Senco Gold.
The Nifty 50 was trading at 22,419.55 at 12:06 pm, down 0.01%. The near-term direction of silver prices will depend on global cues, as they typically follow international trends. Buyers should confirm the rates with their jeweller or dealer before purchasing, as making charges and 3% GST are added to the base prices.