Silver prices in India remained steady on Tuesday, March 31, coinciding with the celebration of Mahavir Jayanti across the country. Despite recent volatility in the precious metals market, silver continued to trade at elevated levels, reflecting both global cues and domestic demand patterns.
As per the latest updates, the price of silver stood at ₹2,44,900 per kilogram in major northern and western cities including Delhi, Mumbai, Jaipur, Lucknow, Ahmedabad, Chandigarh, and Bhopal. However, southern markets such as Chennai and Hyderabad reported comparatively higher rates, with silver trading at around ₹2,55,100 per kilogram.
The festival of Mahavir Jayanti often influences market sentiment, particularly in the bullion segment, as festive buying tends to support prices. However, this year, the silver market appears relatively stable, even as investors keep a close watch on global developments.
Over the past few days, silver prices have witnessed noticeable fluctuations. For instance, on March 25, silver was priced at approximately ₹2,34,814 per kg, which then dropped to around ₹2,21,647 on March 27. The metal regained momentum on March 30, climbing back to nearly ₹2,30,135 per kg before stabilizing at current levels.
Internationally, both gold and silver have shown strong upward momentum. On the COMEX (Commodity Exchange), gold prices surged by nearly 1.36%, reaching approximately $4,587 per ounce. Silver outperformed gold in percentage gains, rising by over 3% to trade in the range of $72–73 per ounce.
This rally in global markets is largely driven by macroeconomic uncertainties, including geopolitical tensions and inflation concerns in major economies like the United States. Investors often turn to precious metals as safe-haven assets during such periods, which boosts demand and prices.
Interestingly, the sharp rise in global prices has not been fully mirrored in India’s domestic market yet. On the Multi Commodity Exchange (MCX), gold prices ended Monday’s session slightly lower at around ₹1,47,450 per 10 grams, while silver recorded a modest gain, closing at approximately ₹2,29,033 per kilogram.
Experts believe that there is often a time lag between global price movements and their reflection in domestic markets due to factors such as currency fluctuations, import duties, and local demand-supply dynamics.
Several global and domestic factors are currently shaping the trend in silver prices:
If the US dollar weakens further, precious metals like silver and gold may see additional upside. Conversely, easing geopolitical tensions and stable economic indicators could lead to price stabilization.
Market analysts suggest that in the near term, gold could trade within the range of $4,300 to $4,600 per ounce, while silver is expected to remain volatile between $65 and $75 per ounce. This indicates that while prices may fluctuate, the overall trend could remain positive due to continued global uncertainties.
| City | Price per kg (₹) |
|---|---|
| Delhi | 2,44,900 |
| Mumbai | 2,44,900 |
| Ahmedabad | 2,44,900 |
| Jaipur | 2,44,900 |
| Lucknow | 2,44,900 |
| Bhopal | 2,44,900 |
| Chandigarh | 2,44,900 |
| Kolkata | 2,44,900 |
| Chennai | 2,55,100 |
| Hyderabad | 2,55,100 |
While silver prices remain firm on Mahavir Jayanti, the broader trend continues to be influenced by global developments and macroeconomic indicators. Investors and buyers should keep an eye on international markets, currency movements, and policy announcements, as these factors are likely to determine the next direction for silver prices in India.
With volatility expected to persist, silver may continue to present both opportunities and risks for traders and long-term investors alike.
