Silver Rates in India Hold Steady for Third Straight Day

Silver rates in India remained steady on September 17 for the third consecutive day. The national base rate was ₹245 per gram, ₹2,450 per 10 grams, and ₹2,45,000 per kilogram, mirroring Tuesday's and Wednesday's levels across all ten cities tracked. Chennai, Hyderabad, and Kerala continued to command a ₹50 premium at ₹2,500 per 10 grams, while the remaining seven cities held flat at ₹2,450.

Dealers noted that this prolonged stretch of unchanged pricing points to an extended lull in both global cues and local dealer premiums. The two-tier split between Chennai, Hyderabad, and Kerala on one hand, and the rest of the cities on the other, is no longer seen as a temporary adjustment but rather a settled pattern that could persist until either global silver prices move meaningfully or festive demand forces dealers to recalibrate city-level premiums.

Retail buyers have continued to use silver purchases as an entry point into precious metals, and its lower price per gram compared with gold makes it more accessible. Jewellers said footfall for silver coins, idols, and small gift items remained steady rather than surging, a pattern they expect to build as the festive calendar progresses through October.

On Thursday morning, jewellery stocks were uniformly lower, with Silgo Retail leading the decliners at 1.41%. Analysts attributed this to profit-booking across the sector rather than any single stock-specific trigger. With every counter now lower and silver showing no fresh signal, analysts said the sector looks to be pausing for direction alongside the metal it is built around.