India's silver price drops to ₹2.19 lakh per kilogram

On Tuesday, 30 June 2024, the price of silver fell in India’s major markets. In Delhi’s Sarrafa market, 1 kg of silver was quoted at ₹2,19,414, a decline of about ₹887 from the previous day and roughly ₹1.90 lakh lower than the January peak of ₹4.10 lakh per kilogram on the Multi Commodity Exchange (MCX). Similar reductions were reported in Mumbai, Uttar Pradesh, Bihar, Rajasthan, Haryana and Punjab.

A day earlier, 29 June 2024, the average national rate for 1 kg of silver stood at ₹2,39,900, down ₹100 from the prior close. Gold prices also slipped slightly, with 24‑carat gold trading around ₹1,43,940 per 10 g, a ₹10 decrease across most cities. Analysts attribute the broader decline to weaker international demand, a stronger US dollar and easing geopolitical tensions in West Asia, which together dampen safe‑haven buying.

These modest price movements are prompting some investors to consider purchases, while jewelers note that lower precious‑metal rates are stimulating customer buying activity.