India’s bullion market witnessed a sharp breather on Tuesday, with silver prices easing after an extraordinary rally that pushed the metal to an all‑time high just a day earlier.
The dip, while modest, has caught the attention of investors tracking the precious metals segment ahead of a crucial US Federal Reserve meeting next week.
Silver futures on the Multi Commodity Exchange (MCX) declined to Rs 1,78,777 per kilogram for March 2026 delivery, a drop of Rs 3,253, or 1.79 per cent, across 14,678 lots.
The correction snapped a seven-day winning streak, during which the white metal surged to an unprecedented Rs 1,82,998 per kg on Monday, marking a powerful 4.6 per cent single‑session jump.
Market analysts attribute Tuesday’s pullback to profit‑booking by traders after the relentless upward momentum that had lifted silver to historic levels.
Gold Follows Suit With Modest Decline
Gold futures also softened. The February 2026 contract slipped Rs 386, or 0.3 per cent, to Rs 1,30,266 per 10 grams, with 13,413 lots traded on the MCX.
Internationally, precious metals mirrored the same sentiment. On Comex, gold futures for December delivery fell $20.1 (0.47 per cent) to $4,219.2 per ounce, while silver futures shed $1.4 (2.48 per cent) to $56.97 per ounce, easing from Monday’s record $58.47 per ounce. Even the March 2026 silver contract dipped $1.3 (2.2 per cent) to $57.84 per ounce.
Why Silver Prices Are Cooling
According to Jigar Trivedi, Senior Research Analyst at Reliance Securities, investors are locking in profits after both gold and silver touched multi‑week and lifetime highs. Market sentiment is being shaped by heightened speculation over a possible US interest rate cut next week.
Federal Reserve Chair Jerome Powell avoided direct policy comments in his latest public appearance, but traders are assigning an 88 per cent probability to a 25 basis point rate cut, supported by weak economic data and dovish commentary from Fed officials.
The US manufacturing sector’s contraction for a ninth straight month has increased expectations that the central bank will take a softer monetary stance.
Silver Rates Across Major Cities In India On Dec 2
Silver Rate In Delhi Today
The current silver rates in Delhi stand at Rs 188 per gram and Rs 1,88,000 per kg.
Silver Rate In Chennai Today
The current silver rates in Chennai stand at Rs 196 per gram and Rs 1,96,000 per kg.
Silver Rate In Bengaluru Today
The current silver rates in Bengaluru stand at Rs 188 per gram and Rs 1,88,000 per kg.
Silver Rate In Mumbai Today
The current silver rates in Mumbai stand at Rs 188 per gram and Rs 1,88,000 per kg.
Silver Rate In Pune Today
The current silver rates in Pune stand at Rs 188 per gram and Rs 1,88,000 per kg.
Silver Rate In Kolkata Today
The current silver rates in Kolkata stand at Rs 188 per gram and Rs 1,88,000 per kg.
| City | Per Gram | Per KG |
| Silver Rate in Delhi | 188 | 1,88,000 |
| Silver Rate in Chennai | 196 | 1,96,000 |
| Silver Rate in Bangalore | 188 | 1,88,000 |
| Silver Rate in Mumbai | 188 | 1,88,000 |
| Silver Rate in Pune | 188 | 1,88,000 |
| Silver Rate in Kolkata | 188 | 1,88,000 |
| Silver Rate in Hyderabad | 196 | 1,96,000 |
| Silver Rate in Ahmedabad | 188 | 1,88,000 |
| Silver Rate in Indore | 188 | 1,88,000 |
| Silver Rate in Lucknow | 188 | 1,88,000 |
| Silver Rate in Coimbatore | 196 | 1,96,000 |
| Silver Rate in Bhubaneswar | 196 | 1,96,000 |
| Silver Rate in Mysore | 188 | 1,88,000 |
| Silver Rate in Kanpur | 188 | 1,88,000 |
| Silver Rate in Salem | 196 | 1,96,000 |
| Silver Rate in Visakhapatnam | 196 | 1,96,000 |
| Silver Rate in Vijayawada | 196 | 1,96,000 |
| Silver Rate in Patna | 188 | 1,88,000 |
