Silver Rates In India Beats Gold Today; But Silver Price Falls In Chennai, Hyderabad; Silver Rates City-Wise

Silver rates in India outperformed gold on Monday, March 2, as the prices rallied significantly despite gold rates in India crashing sharply. Gold rates have dropped across 24 carats, 22 carats and 18 carats, but 1 kg of silver has skyrocketed to hit Rs 3.30 lakh mark. Surprisingly, silver rates in cities like Mumbai, Kolkata, Bengaluru, Delhi, Pune and Ahmedabad have become more expensive than silver in Chennai, Hyderabad and Kerala.

Silver prices rallied due to the geopolitical crisis in the Middle East.

Silver Rates In India:

1Kg silver price climbed by Rs 35,000 to hit Rs 3.30 lakh mark, while 100 grams and 10 grams silver prices soared by Rs 3,500 and Rs 350 to touch Rs 33,000 and Rs 3,300 mark. The price of 8 grams silver is up by Rs 280 to Rs 2,640 and 1 gram silver is higher by Rs 35 to Rs 330.

Silver made a strong start to March, tracking rally in spot silver and MCX silver prices.

What Is Impacting Silver Rates In India?

Silver rates in the country tracked positive sentiments for safe haven assets amidst Middle East tensions.

According to Axis Securities, spot Silver extended its winning streak for two weeks in a row, rising more than 10% last week. In addition to geopolitical tensions in the Middle East, the white metal is also benefiting from a massive "debasement trade" triggered by the US administration's move to invoke Section 122 to impose a 10% global tariff. Markets are now pricing in a potential escalation to 15% following the recent Supreme Court ruling.

Silver is expected to extend its gains ahead. Nachiketa Sawrikar, Fund Manager, Artha Bharat Global Multiplier Fund said, "We would expect the ongoing rally in USA Treasuries, oil, gold, and silver to extend. For India, the impact is typically magnified: higher crude oil prices widen the current account deficit, stoke domestic inflation, pressure the rupee, and could lead to FII outflows as global investors reduce risk exposure."

Silver Rates In Top Cities:

Till last month, silver was more expensive in Chennai, Hyderabad and Kerala. However, this has changed on March 2nd. Because these three cities witnessed a sharp decline in silver rates, tracking physical gold prices performance.

City	10 gram	100 gram	1 Kg
Chennai	₹3,150	₹31,500	₹3,15,000
Mumbai	₹3,300	₹33,000	₹3,30,000
Delhi	₹3,300	₹33,000	₹3,30,000
Kolkata	₹3,300	₹33,000	₹3,30,000
Bangalore	₹3,300	₹33,000	₹3,30,000
Hyderabad	₹3,150	₹31,500	₹3,15,000
Kerala	₹3,150	₹31,500	₹3,15,000
Pune	₹3,300	₹33,000	₹3,30,000
Vadodara	₹3,300	₹33,000	₹3,30,000
Ahmedabad	₹3,300	₹33,000	₹3,30,000

Silver Rates In Chennai + Silver Rates In Hyderabad + Silver Rates In Kerala:

1Kg silver in these three cities have declined by Rs 10,000 to Rs 3.15 lakh, while 100 grams and 10 grams silver here is down by Rs 1,000 and Rs 100 to Rs 31,500 and Rs 3,150. The 8 grams silver is priced at Rs 2,520, which is down by Rs 80. Also, 1 gram silver is down by Rs 10 to Rs 315.

Silver Rates Prediction:

As per Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth, the rapid deterioration in Middle East stability has triggered a broad risk-off sentiment across global markets, prompting investors to shift toward safe-haven assets. Gold and silver prices have rallied sharply, while crude oil surged nearly 9% in early Asian trade on concerns over potential supply disruptions - a development that presents a direct macroeconomic risk for oil-import-dependent economies such as India.

Here are silver rates outlook in India and globally, as per Ponmudi R, CEO of Enrich Money.

Spot Silver Price Outlook

COMEX Silver is trading near $91-$96 after a strong recovery from recent lows. The broader bullish structure remains intact on higher timeframes. Prices have reclaimed major moving averages, signalling a transition from correction toward potential renewed strength. Strong buying interest is evident in the $85-$90 support zone.

A sustained recovery above $100-$105 could reignite momentum toward $110-$115 and potentially retest previous highs. Medium- to long-term outlook remains constructive, amid favorable global cues from geopolitical developments and safe-haven buying, even with ongoing volatility.

MCX Silver Price Outlook:

MCX Silver futures are trading around 2,75,000-3,00,000 following gap up. The long-term bullish framework remains firmly intact, supported by favorable global cues amid heightened geopolitical tensions. Prices continue to extend their upward rally, with short-term momentum strengthening significantly and turning decisively positive. Key support is placed at 2,50,000-2,70,000.

A sustained hold above this region could trigger recovery toward 3,20,000-3,30,000. Dips toward strong support zones may offer accumulation opportunities for positional traders, though a decisive breakdown below these levels could accelerate downside pressure.

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.