Silver Rates In India Crash By Rs 5,000; 999 Purity Silver Below Rs 2.50 Lakh; Check Silver Prices City-Wise

Silver rates in India dropped steeply on Tuesday, July 23rd, tracking the bearish trend in global safe haven market. Spot silver plunged by over 4% to trade below $63 per ounce, and MCX silver collapsed by over 3% to trade below Rs 2.27 lakh per 1KG. These two silver indicators played a role in dampening demand for overall physical silver prices. 1 Kg silver is now below Rs 2.50 lakh across majority of cities in India.

Another reason for sharp correction is the stubborn strengthening of US dollar, which traded above 101 levels, the highest since May 2025. Investors continue to hold a cautious tone for precious metals as they assess the progress of the peace agreement between the US and Iran.

Silver Rates In India Today

1 Kg silver price dropped by Rs 5,000 to Rs 2.45 lakh, while 100 grams and 10 grams silver dipped by Rs 500 and Rs 50 to Rs 24,500 and Rs 2,450. The price of 1 gram silver is down by Rs 5 to Rs 245 and 8 grams silver is lower by Rs 40 to Rs 1,960.

Spot Silver Price + MCX Silver Price

At the time of writing, MCX silver declined by Rs 7,481 or 3.2% to trade around Rs 2,26,829 per 1Kg, which is near its intraday low of Rs 2.26 lakh per 1Kg. Furthermore, spot silver crashed by nearly 5% to trade around $62 per ounce.

Why Silver Prices Are Falling?

As per Pinky Yadav, Commodity Fundamental Analyst at Choice Broking, bullion prices remained under pressure as expectations of further Federal Reserve interest rate hikes boosted the U.S. dollar, reducing the appeal of non-yielding assets such as gold and silver.

Yadav explained that the dollar hovered near a 13-month high, supported by optimism surrounding initial U.S.-Iran peace talks, political uncertainty in the UK, and continued weakness in the Japanese yen, which remains near its lowest level since 1986. Meanwhile, easing concerns over Middle East supply disruptions have tempered inflation fears, though elevated energy prices continue to reinforce expectations of tighter monetary policy.

Silver Rates City-Wise:

In cities like Chennai, Hyderabad and Kerala, 1Kg silver is still at Rs 2.50 lakh per 1Kg. But in most cities such as Mumbai, Kolkata, Delhi, Ahmedabad, Pune, Bengaluru and Vadodara, silver is priced at Rs 2.45 lakh.

City	10 Gram	100 Gram	1 Kg
Chennai	₹2,500	₹25,000	₹2,50,000
Mumbai	₹2,450	₹24,500	₹2,45,000
Delhi	₹2,450	₹24,500	₹2,45,000
Kolkata	₹2,450	₹24,500	₹2,45,000
Bangalore	₹2,450	₹24,500	₹2,45,000
Hyderabad	₹2,500	₹25,000	₹2,50,000
Kerala	₹2,500	₹25,000	₹2,50,000
Pune	₹2,450	₹24,500	₹2,45,000
Vadodara	₹2,450	₹24,500	₹2,45,000
Ahmedabad	₹2,450	₹24,500	₹2,45,000

Silver Rates In India Outlook:

As per Ponmudi R, CEO of Enrich Money, here's how silver rates in India and the international market will likely move ahead.

MCX Silver Price Outlook

MCX Silver opened with a sharp gap down and is currently trading near the ₹2,28,000 level, reflecting weak price action amid ongoing volatility. Immediate resistance is placed at ₹2,30,500-₹2,31,600, and a sustained move above this zone could strengthen momentum and trigger a recovery toward the ₹2,34,000-₹2,35,000 range.

On the downside, a decisive break below ₹2,28,000 could drag prices toward ₹2,26,000 and further toward ₹2,24,000. Overall, the near-term bias remains cautiously weak, with prices needing to hold above the ₹2,28,000 support level to maintain stability. Reclaiming the ₹2,30,000 mark is required to strengthen momentum and support a recovery, while a break below support could intensify selling pressure.

Spot Silver Price Outlook:

COMEX Silver is currently trading with a weak undertone and has slipped toward the $63 level, reflecting continued pressure in the market. On the upside, immediate resistance is placed at $65-$65.5, and a sustained move above this zone could strengthen momentum and extend the recovery toward the $66.3-$67 range.

On the downside, a decisive break below the $63 level could drag prices toward the $61-$60 support area. Overall, the near-term outlook remains cautious, with prices needing to reclaim the $65 level to improve momentum and support a recovery structure. However, a break below the immediate support zone could weaken sentiment further and trigger additional corrective pressure.

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