Silver traded at Rs. 1,92,625 per kg in India, including GST.
City-wise prices showed marginal differences across major domestic bullion markets on November 10.
Global demand, US interest rates and currency movements remain key price drivers.
Silver prices in India remained elevated on November 10, with the indicative rate at around Rs. 1,92,625 per kg, including 3% GST, according to Aditya Trading Solutions (ATS). This translates to Rs. 192.63 per gram and Rs. 1,926.25 for 10 grams. Domestic prices, however, vary across cities depending on local taxes, dealer margins, and market conditions.
Silver prices are moving amid changing global market trends, with investors closely watching interest rate expectations, industrial demand, and currency movements.
The Multi Commodity Exchange (MCX) silver futures benchmark stood at Rs. 1,87,015 per kg, gaining 1.03%. The indicative retail price reported by ATS was higher after accounting for GST.
The difference between futures and retail prices reflects the impact of taxes and other costs involved in the domestic supply chain. International spot rates and fluctuations in the rupee against the US dollar also influence Silver prices in India.
Silver prices vary across Indian cities, although the differences are relatively narrow. According to indicative market rates reported by Financial Express, the following prices were recorded on November 10.
These rates are indicative and may differ from the prices quoted by local jewelers and bullion dealers.
Silver prices in international markets are generally quoted in US dollars per troy ounce. Local rates differ depending on currency conversion, taxes, and retail premiums.
In the UAE, 999-purity silver was priced at approximately AED 6.28 per gram on November 10. In the US, the spot-linked rate stood at around USD 53.06 per troy ounce, equivalent to approximately USD 1.71 per gram. In the UK, silver was priced at around GBP 39.71 per ounce, or GBP 1.28 per gram.
For comparison, India's indicative rate was Rs. 192.63 per gram, including GST.
These figures do not represent identical retail pricing benchmarks. International spot rates generally exclude local taxes, import duties and dealer charges, while the Indian rate includes GST.
Also Read: Silver Price Today: Spot Rates Hit USD 53.31/oz, MCX Silver Falls to Rs. 1.85 Lakh/kg
Shifting investor sentiment, expectations around US monetary policy, and demand from industrial sectors have influenced silver prices.
International prices touched a one-year low of USD 48.61 per ounce on November 3 before recovering to 53.47 on November 5, according to market analysis published by Business Standard. The recovery followed changing geopolitical expectations and improved sentiment towards precious metals.
Industrial consumption remains an important factor for silver. The metal is widely used in solar panels, electronics, electrical equipment, and automotive components. However, the Silver Institute expects industrial fabrication to decline by 2% in 2026, partly due to lower silver consumption in the photovoltaic sector.
The near-term direction of silver prices will largely depend on US inflation data, Federal Reserve policy expectations, and dollar movements. Higher interest rates and a stronger dollar could put pressure on precious metals, while expectations of monetary easing may support investment demand.
Market analysts have identified USD 50 per ounce as an interim support level, with resistance around USD 54.50-USD 55. A sustained move above USD 55 could improve the near-term outlook, while renewed selling pressure could push silver back to USD 48.
For Indian buyers and investors, international price movements will remain important, alongside rupee-dollar fluctuations and domestic demand. Industrial requirements from electric vehicles, electronics and data centers could support longer-term consumption, although weakness in solar-related demand remains a concern.
Silver is therefore likely to remain sensitive to global economic developments in the coming weeks, with investors watching both international benchmarks and domestic MCX movements.