Silver Prices Experience Fluctuations Amid Global Tensions
Market Overview of Silver Prices
On March 28, 2026, silver prices in India faced significant fluctuations due to ongoing geopolitical tensions involving Iran, Israel, and the United States, which have been impacting global commodity markets. The prices of this precious metal, closely tied to international events, have been unstable amid the uncertainty surrounding the conflict.
Recent market data indicates a notable decline in silver prices within the domestic bullion market. In Delhi, the price fell by Rs 11,250, settling at Rs 2,30,000 per kilogram (including taxes), marking a nearly 5% decrease from the previous trading day. On the Multi Commodity Exchange (MCX), silver futures also saw a slight dip of 0.09% (Rs 204), trading at Rs 2,27,750 per kilogram, which is significantly lower than the all-time high of Rs 4,20,048 per kilogram recorded on January 29 of this year.
According to the Indian Bullion and Jewellers Association (IBJA), silver closed at Rs 2,21,647 per kilogram at the end of Friday’s trading session. In contrast, international prices remained stable, with spot silver trading at $68.12 per ounce, highlighting the mixed trends between domestic and global markets.
Here are the latest silver prices across major Indian cities (per kilogram):
| City | Silver Price ( Rs /kg) |
|---|---|
| Delhi | Rs 2,40,000 |
| Mumbai | Rs 2,40,000 |
| Kolkata | Rs 2,40,000 |
| Chennai | Rs 2,45,000 |
| Patna | Rs 2,40,000 |
| Lucknow | Rs 2,40,000 |
| Meerut | Rs 2,40,000 |
| Ayodhya | Rs 2,40,000 |
| Kanpur | Rs 2,40,000 |
| Ghaziabad | Rs 2,40,000 |
| Noida | Rs 2,40,000 |
| Gurugram | Rs 2,40,000 |
| Chandigarh | Rs 2,40,000 |
| Jaipur | Rs 2,40,000 |
| Ludhiana | Rs 2,40,000 |
| Guwahati | Rs 2,40,000 |
| Indore | Rs 2,40,000 |
| Ahmedabad | Rs 2,40,000 |
| Surat | Rs 2,40,000 |
| Pune | Rs 2,40,000 |
| Nagpur | Rs 2,40,000 |
| Vadodara | Rs 2,40,000 |
| Nashik | Rs 2,40,000 |
| Bangalore | Rs 2,40,000 |
| Bhubaneswar | Rs 2,45,000 |
| Cuttack | Rs 2,45,000 |
| Kerala | Rs 2,45,000 |
| Raipur | Rs 2,40,000 |
| Hyderabad | Rs 2,45,000 |
The recent decline in prices follows a period of heightened volatility. Earlier, silver had surged in futures trading, gaining over 3% in one session after a significant drop the day before, reflecting the unstable market conditions.
Experts indicate that a temporary easing of fears regarding an immediate escalation between the US and Iran has restored some investor confidence, contributing to a rebound in prices. However, ongoing uncertainty and mixed signals regarding peace negotiations have limited further increases.
Analysts suggest that silver is currently maintaining a position above a crucial support level of approximately $66 per ounce and is expected to trade within a range of $66 to $75 in the near future. Moving forward, global geopolitical events and commodity trends will continue to be significant factors influencing silver prices in India.