Silver Prices Unchanged in India Amid Festive Season Demand

Silver prices in India remained steady at ₹2,350 per 10 grams on Tuesday, October 6, with no change from Monday's rate. This translates to ₹235 per gram, ₹23,500 per 100 grams, and ₹2,35,000 per kilogram, according to data from Goodreturns.in. The stability in prices suggests a lack of significant global cues influencing the market at present. However, fluctuations could occur later in the day depending on international silver trends.

Retail buyers often prefer silver over gold due to its lower cost, with gold currently priced at ₹14,902 per gram, about 63 times the price of silver. Investors looking for alternatives to physical silver can consider silver ETFs, which provide exposure to silver prices without the need for physical storage. Prices for silver jewellery will be higher due to making charges and a 3% GST, so buyers should confirm rates with their jewellers before purchasing.

Demand for silver has been steady ahead of the festive season, with customers adopting a wait-and-watch approach before Navratri and Diwali. The near-term direction of silver prices will depend on global factors, including the dollar-rupee exchange rate, with the USDINR futures contract expiring on October 28 quoted near ₹96.61 in morning trade.

Jewellery and bullion-linked stocks showed gains on Tuesday, with all four tracked counters in the green. The Nifty 50 index rose 0.59% to 22,688.40 by late morning. Vaibhav Global (VAIBHAVGBL) was the top performer, up 1.46%, while Silgo Retail (SILGO) saw the smallest gain at 0.49%. Senco Gold (SENCO) and PN Gadgil Jewellers (PNGJL) also posted gains, rising 0.65% and 1.37%, respectively. Order book data indicated selling pressure on three of the four counters, with Vaibhav Global being the exception where buyers had a slight edge.