Silver prices moved lower on September 15, 2026, as weakness in the international precious metals market put pressure on domestic rates. The decline was visible on the Multi Commodity Exchange (MCX), while retail silver prices across major Indian cities remained close to ₹2.45 lakh per kilogram.

In early trading, silver on MCX dropped by as much as ₹489 and was quoted at ₹2,32,457 per kilogram. In the previous trading session, silver had closed at ₹2,32,690 per kilogram.

International markets were also under pressure, adding to the volatility in domestic silver prices.

Silver Price on MCX Today

Silver futures witnessed selling pressure on MCX during the early session.

According to the available market data, silver fell by ₹489 to trade at ₹2,32,457 per kilogram.

The previous session's closing price was ₹2,32,690 per kilogram, indicating that the precious metal started the latest session on a weaker note.

The bullion rate mentioned in the source stood at ₹2,32,570 per kilogram, while another retail-market reference placed silver around ₹2,45,000 per kilogram.

Differences between exchange prices and retail quotations are common because local taxes, market premiums and other charges can affect the final price paid by buyers.

Silver Also Falls in the International Market

Domestic silver prices are influenced heavily by developments in international commodity markets.

On COMEX, silver declined by around 0.29% and was seen trading at approximately $63.950 per ounce. The report also cited another international silver quotation of around $63.73 per ounce.

Movements in global precious metals, the US dollar, interest-rate expectations and inflation can influence Indian silver prices.

This means buyers should not look only at domestic demand when tracking the metal. A sharp overnight movement in global markets can also affect MCX prices and eventually retail rates.

Silver Price in Delhi, Mumbai, Chennai and Other Cities

Retail silver prices were hovering around ₹2.45 lakh per kilogram across several major Indian cities on September 15.

According to the city-wise rates in the supplied report, the price was ₹2,44,900 per kilogram across the following markets:

Actual jewellery-shop or bullion-dealer quotations can vary slightly because of local market conditions, taxes and dealer-related charges.

Why Is There a Difference Between MCX and Retail Silver Prices?

Consumers may notice a substantial difference between the silver price displayed on MCX and the rate quoted for physical silver in the retail market.

This does not necessarily mean that either price is incorrect.

MCX quotations relate to exchange-traded commodity contracts, while physical silver purchased from a dealer can include taxes, premiums and other market-related costs.

For example, silver was quoted at ₹2,32,457 per kilogram on MCX in the supplied report, while city-level retail quotations were around ₹2,44,900 per kilogram.

Buyers should therefore check the actual rate offered by their local seller before making a purchase.

Why Are Silver Prices Under Pressure?

Several international factors are influencing silver prices.

According to the market commentary cited in the source, silver had fallen to around $64 per ounce and was heading through a third consecutive weekly decline.

Expectations surrounding a possible interest-rate increase by the US Federal Reserve were among the factors weighing on investor sentiment.

Higher crude oil prices were also cited as a concern because expensive energy can increase inflationary pressure. Such developments can change expectations about monetary policy and affect demand for precious metals.

Silver can also experience sharper price movements because it has both investment and industrial demand.

Gold and Silver Show Mixed Movement on MCX

While silver declined, gold showed a different trend in the MCX data contained in the report.

December-delivery gold was up by around ₹260 and trading near ₹1,52,848 per 10 grams, while silver was down ₹489 at ₹2,32,457 per kilogram.

This shows that gold and silver do not necessarily move by the same percentage or even in the same direction during every trading session.

Investors therefore need to evaluate the factors affecting each precious metal separately.

What Should Silver Buyers Watch Now?

Anyone planning to purchase physical silver should compare retail prices instead of relying only on MCX quotations.

Global silver prices, movements in the rupee, interest-rate expectations, inflation, crude oil prices and domestic demand can all influence the final rate.

Short-term volatility can be particularly important for people buying large quantities because even a relatively small price movement per kilogram can make a noticeable difference to the total purchase cost.

Investors should also distinguish between buying silver for consumption and buying it as an investment. The costs and risks can differ depending on whether the purchase involves physical silver or a market-linked product.

Silver Price Today: Key Takeaway

Silver started September 15 under pressure, with MCX prices falling by as much as ₹489 to ₹2,32,457 per kilogram. International silver was also weaker, with COMEX showing a decline of around 0.29%.

At the retail level, silver was quoted at around ₹2,44,900 per kilogram across major cities including Delhi, Mumbai, Kolkata, Chennai, Jaipur, Lucknow, Patna, Bengaluru, Hyderabad and Pune.

With international prices remaining volatile, buyers and investors should keep an eye on global interest-rate expectations, inflation, crude oil and domestic market premiums before making a decision.