Silver prices witnessed fresh movement on September 16, 2026, with futures rising sharply in early trade while retail prices across several major Indian cities remained around ₹2.45 lakh per kilogram.

According to the source, silver futures on the Multi Commodity Exchange (MCX) climbed ₹3,006, or about 1.3%, to ₹2,35,124 per kilogram in early trading. The previous session's closing price was ₹2,32,118 per kilogram.

Retail silver prices, meanwhile, were hovering close to ₹2.45 lakh per kg in several cities, with Chennai quoting a higher rate than most of the markets listed in the report.

MCX Silver Futures Jump More Than ₹3,000

Silver futures started the session on a strong note.

The MCX price rose from the previous close of ₹2,32,118 per kg to ₹2,35,124 per kg, representing an increase of ₹3,006.

This is important because the MCX futures rate and the physical retail price of silver are not necessarily identical. Futures prices reflect exchange-traded contracts, while the amount paid in the physical market can differ because of local market conditions and other applicable costs.

The source separately quotes the domestic physical silver rate at ₹244.90 per gram, ₹2,449 per 10 grams and ₹2,44,900 per kilogram.

Silver Price Today in Major Indian Cities

According to the city-wise retail rates cited in the source, silver was priced at approximately ₹2.45 lakh per kg in most of the listed cities.

Among the cities listed, Chennai had the highest quoted price at ₹2.50 lakh per kilogram, while the other listed markets were at ₹2.45 lakh per kilogram.

Delhi Silver Price Today

In Delhi, the source gives a domestic reference rate of ₹2,449 per 10 grams and ₹2,44,900 per kilogram.

Its separate city-wise table, sourced from GoodReturns, rounds the Delhi price to ₹2,45,000 per kilogram.

These figures should therefore not be viewed as contradictory—the report is citing slightly different market/reference quotations, with the city table presenting rounded retail prices.

How Have Silver Prices Moved Recently?

Silver has witnessed significant volatility in recent weeks.

According to the source, silver was around ₹2,35,000 per kilogram at the beginning of August. By the end of the month, it had climbed to approximately ₹2,55,000 per kilogram.

That represented an increase of about 8.51% during August.

September subsequently brought some correction, with the source quoting silver at ₹2,44,900 per kg on September 16.

This recent movement demonstrates how quickly silver prices can change, particularly when both domestic and international factors are affecting the market.

What Is Happening to Silver in the International Market?

Global bullion markets have also remained volatile.

The source states that on September 15, ahead of the US Federal Reserve meeting outcome, spot silver was trading at $63.41 per troy ounce.

Spot gold was quoted at $4,293.29 per ounce, while US gold futures were at $4,332.80.

The report attributes pressure on precious metals ahead of the Federal Reserve decision to a stronger US dollar and elevated US Treasury yields.

Why Do the Dollar and Interest Rates Matter for Silver?

Like gold, silver is influenced by international monetary conditions.

When the US dollar strengthens, dollar-denominated precious metals can become relatively more expensive for buyers using other currencies. This can affect global demand and market sentiment.

Treasury yields and expectations for US interest rates can also influence investment flows into precious metals.

However, silver differs from gold because it has substantial industrial use as well. As a result, industrial demand conditions can also influence silver prices alongside investment demand and global monetary developments.

MCX Price and Retail Silver Price Are Different

Consumers should be careful when comparing a headline saying silver has risen by more than ₹3,000 with a jewellery-store or bullion-market quotation.

The ₹3,006 increase reported in the source relates to MCX silver futures, which reached ₹2,35,124 per kg in early trade.

The physical domestic market quotation cited separately was around ₹2,44,900 per kg, while the city-wise retail table put most major cities at approximately ₹2,45,000 per kg.

Therefore, the ₹3,006 futures-market increase should not automatically be interpreted as meaning every retail silver seller raised the price by exactly ₹3,006 per kilogram.

What Should Buyers Check Before Purchasing Silver?

Consumers buying silver jewellery, coins, utensils or other physical products should check more than the headline bullion price.

The final purchase cost can differ from the raw silver quotation because of factors such as product type, seller pricing, applicable taxes and other charges.

The source also notes that silver can experience greater price volatility than gold.

For September 16, the main takeaway is that MCX silver futures rose sharply by ₹3,006 in early trading, while retail rates in most of the cities listed were around ₹2.45 lakh per kilogram. Chennai stood higher at approximately ₹2.50 lakh per kilogram.

With global markets watching the Federal Reserve, the US dollar and Treasury yields, silver prices could continue to fluctuate. Buyers should therefore verify the latest local rate before completing a purchase.

Disclaimer: Silver prices can change during the trading day and may vary across exchanges, cities and sellers. The figures above are based on the supplied source for September 16, 2026. This article is for informational purposes only and should not be considered investment advice.