Precious Metals Market Sees Fresh Movement Across Major Indian Cities
The silver market in India witnessed another round of downward movement as prices slipped for the second consecutive day. As trading opened on November 1, silver continued its decline, marking a noticeable shift after a period of volatility in the global and domestic commodities markets.
According to early morning updates from the bullion trade, silver was priced at ₹1,50,900 per kilogram in the national capital. This decline follows the earlier trend seen on October 31, when silver lost ₹2,000 per kilogram in Delhi’s Sarafa Bazaar, settling at ₹1,53,000 per kg. The movement reflects the broader sentiment in the market as traders assess global cues, currency fluctuations, and domestic demand patterns.
Despite the fall in the spot market, futures trading showed a contrasting picture. At the Multi Commodity Exchange (MCX), the December delivery silver contract ended the previous session with gains, rising to ₹1,48,399 per kilogram. This divergence between spot and futures pricing indicates mixed expectations in the market regarding the immediate outlook for the metal.
Meanwhile, international factors also played a subtle role. In the global market, the spot price of silver recorded a slight uptick, reaching $48.97 per ounce. Although the rise was marginal, it suggests that global investors remain cautiously optimistic, even as domestic prices move in the opposite direction.
The trend was not uniform across all regions, however. In Indore, silver recorded a sharp jump on Friday, rising by ₹2,700 per kilogram, pushing the local average to ₹1,50,200 per kg. This reflects strong regional buying activity, possibly influenced by local demand spikes or inventory adjustments by traders ahead of the wedding and festive season.
To provide a clearer picture of the current pricing landscape, here is a quick look at the rates from ten major Indian cities as of November 1:
| City | Price per 1 KG Silver (₹) |
|---|---|
| Delhi | 150900 |
| Mumbai | 150900 |
| Ahmedabad | 159000 |
| Chennai | 164900 |
| Kolkata | 150900 |
| Hyderabad | 164900 |
| Jaipur | 150900 |
| Bengaluru | 150900 |
| Surat | 150900 |
| Pune | 150900 |
The data indicates that while most metro cities saw similar pricing levels around the ₹1,50,900 mark, markets in Chennai and Hyderabad stood significantly higher, crossing ₹1,64,000 per kg. Ahmedabad also posted relatively elevated prices compared to northern and western cities.
Gold Prices Show a Different Trend
While silver prices have been sliding, gold has moved in the opposite direction. In Delhi, the price of 24-carat gold climbed to ₹1,23,440 per 10 grams on November 1. The recovery in gold comes after a brief dip triggered by a stronger US dollar and easing tensions between the United States and China.
Analysts suggest that gold’s rebound is driven by renewed investor interest amid uncertainty over the pace of future interest rate cuts by the US Federal Reserve. The metal’s upward movement has also been mirrored in several other Indian cities, highlighting ongoing demand during the festive period.
What to Expect Ahead
The contrasting trends in gold and silver suggest a complex dynamic in the precious metals market. Traders and investors are closely watching global macroeconomic signals, currency trends, and domestic demand patterns to gauge the near-term direction.
For now, silver continues to show weakness in several key markets, whereas gold appears to be regaining momentum. The coming days are likely to offer more clarity as global cues unfold and domestic buying stabilizes.
