Silver prices moved higher on Friday, September 25, 2026, recovering some ground after the sharp decline seen in the previous session. The rebound was visible in the domestic futures market as well as international trading, although precious metals continued to face volatility from global economic and geopolitical developments.

At the time of the source report, silver futures on the Multi Commodity Exchange (MCX) had gained by as much as ₹700, taking the price to around ₹2,34,151 per kg.

The recovery came a day after silver suffered a steep fall in Delhi's bullion market. On Thursday, the metal had declined by ₹5,000 per kg after remaining largely stable during the preceding two sessions.

Internationally, both gold and silver also traded higher during the period covered by the report.

Silver Price Rises on MCX

Domestic silver futures regained some strength on Friday morning.

At the time the market figures were recorded, MCX silver was trading around ₹2,34,151 per kg, up by as much as ₹700.

However, investors should remember that MCX futures prices can change throughout the trading session and should not be confused with physical silver prices quoted by jewellers in different cities.

Physical silver rates can vary depending on local demand, taxes, dealer margins and other market factors.

Gold and Silver Gain on Comex

The international precious-metals market also witnessed some recovery.

According to the Comex figures cited in the report, gold gained approximately 0.46% to $4,317.80 per ounce.

Silver performed slightly better, rising around 0.54% to $64.345 per ounce.

These prices represented the market levels at the time the report was prepared and can change rapidly during global trading hours.

Silver Rates in Major Indian Cities

Physical silver prices showed only limited differences across most of the cities included in the source data.

Delhi, Mumbai, Kolkata, Lucknow, Patna, Jaipur, Ahmedabad, Pune, Bengaluru, Hyderabad, Bhopal, Chandigarh, Noida and Gurugram were all quoted at ₹2,45,000 per kg.

Chennai was higher at ₹2,50,000 per kg.

Here are the city-wise rates supplied in the report:

Buyers should check the live price with their local jeweller or bullion dealer before making a purchase, as retail quotations can differ from indicative market rates.

Silver Had Fallen ₹5,000 a Day Earlier

Friday's recovery followed a sharp decline in the previous trading session.

In Delhi's bullion market on Thursday, silver reportedly dropped ₹5,000 per kg to ₹2.37 lakh per kg, including applicable taxes.

The metal had closed the previous session at around ₹2.42 lakh per kg.

International silver also faced selling pressure during that period, with spot silver falling approximately 1.4% to $63.56 per ounce, according to the source.

The Friday rebound therefore represented a partial recovery following the previous day's weakness rather than a reversal of all recent losses.

What Is Supporting Silver Prices?

Silver recovered modestly during Asian trading after two days of declines.

The report placed XAG/USD around $63.90 per troy ounce during part of the Asian session.

One factor being watched by traders was the decline in crude oil prices. Lower energy prices can influence inflation expectations, which in turn can affect expectations for interest rates, the US dollar and precious metals.

Geopolitical developments were another important factor.

According to reports cited in the source, the United States and Iran were considering a phased agreement, with Qatari officials reportedly involved in mediation during discussions around the UN General Assembly.

Any diplomatic development affecting Iran and the wider Middle East can influence expectations surrounding crude-oil supply and geopolitical risk.

However, negotiations of this kind are uncertain, and reported possibilities should not be treated as completed agreements until formally confirmed by the parties involved.

Why Does Silver Move More Sharply Than Gold?

Silver is unusual because it plays two significant roles in the global economy.

Like gold, it is traded as a precious metal and can respond to changes in the US dollar, interest rates, inflation expectations and geopolitical uncertainty.

At the same time, silver is an important industrial commodity.

It is used across industries including electronics, solar-energy equipment and other manufacturing applications.

That combination can make silver more volatile than gold. Changes in investment sentiment and expectations for industrial demand can affect its price simultaneously.

Rupee Weakness Provides Some Domestic Support

Currency movements also influence Indian bullion prices.

According to the source report, the Indian rupee had weakened to around 95.96 against the US dollar.

A weaker rupee can make dollar-denominated imported commodities more expensive in domestic currency terms.

As a result, even when international silver prices fall, weakness in the rupee can sometimes cushion part of that decline in the Indian market.

Conversely, a stronger rupee can reduce some of the domestic impact of rising international bullion prices.

Profit Booking Adds to Precious-Metal Volatility

Market experts cited in the report attributed recent weakness in precious metals partly to softer global cues and profit booking at elevated price levels.

Silver experienced particularly sharp movements because of its historically higher volatility and its connection with industrial demand.

Traders therefore continue to monitor both financial-market indicators and the outlook for manufacturing and industrial activity.

MCX Price and Retail Silver Rate Are Different

Consumers planning to buy physical silver should not directly compare an MCX futures quote with a jeweller's retail price.

MCX prices relate to exchange-traded contracts, while the amount charged for physical silver can include factors such as taxes, local market premiums, purity, dealer margins and making charges where applicable.

This explains why an MCX quote of around ₹2.34 lakh per kg can coexist with physical-market quotations of approximately ₹2.45 lakh or more in individual cities.

What Could Move Silver Prices Next?

Several factors could determine the next major move in silver.

Traders are likely to monitor the US dollar, Treasury yields, Federal Reserve interest-rate expectations, crude-oil prices, geopolitical developments and industrial-demand outlook.

The rupee-dollar exchange rate will also remain important for domestic prices.

Because silver can react sharply to changes in these variables, short-term movements may remain volatile.

Silver Price Today: Key Numbers

On September 25, silver showed signs of recovery after the previous day's steep decline.

MCX silver was quoted at approximately ₹2,34,151 per kg, after gaining as much as ₹700 at the time of reporting.

On Comex, silver was up approximately 0.54% at $64.345 per ounce, while gold gained around 0.46% to $4,317.80 per ounce.

In the physical market data supplied in the report, silver was quoted at ₹2,45,000 per kg in most major Indian cities, while Chennai stood higher at ₹2,50,000 per kg.

The latest rise follows significant volatility in precious metals, so buyers and investors should check live rates before making a transaction rather than relying on an earlier intraday quotation.

Disclaimer: This article is intended for general informational purposes only. Commodity prices can change rapidly and market views are not guarantees of future performance. Consider your financial circumstances and seek advice from a qualified professional before making an investment decision.

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