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Silver prices declined nearly 9.2% in 10 days amid global market uncertainty.
Check November 4 silver rates across Delhi, Mumbai, Hyderabad, and other cities.
US interest rates, profit booking, and industrial demand concerns drive price fluctuations.
Silver prices remained volatile in the domestic market on Wednesday, November 4, 2026, with the precious metal extending its decline after a sharp correction over the past several sessions. The fall comes just days ahead of Dhanteras and Diwali, when demand for silver jewelry, coins, and bars usually picks up.
Groww’s data lists silver at Rs. 1,78,260 per kg on November 4, down 1.05% from the previous close. The metal has lost nearly 9.2% over the past 10 days, reflecting changing global market sentiment, interest rate expectations, and currency movements.
Also Read: Silver Prices Crash Over 40 percent to Rs. 2.35 Lakh
Silver prices vary across cities depending on local market conditions, taxes, and other pricing factors. The rates on November 4 are as follows:
Moneycontrol's November 4 report quoted silver at Rs. 1,80,480 per kg, while its city-wise rates, based on Goodreturns, stood at Rs. 2 lakh per kg across major cities. The difference reflects variations in pricing benchmarks and retail quotations.
Also Read: Gold and Silver Rates Fall: Check Today's Prices in Delhi, Mumbai and Other Cities
Silver has corrected significantly since late October. Groww's historical data shows that the metal was priced at Rs. 1,96,240 per kg on October 25. It subsequently climbed to Rs. 1,96,690 per kg on October 27 before slipping to Rs. 1,94,640 per kg on October 28.
The decline continued over the following sessions, although prices recovered briefly on November 2. Silver lost approximately Rs. 17,980 per kg between October 25 and November 4.
Some of the factors that have influenced the price of silver globally include:
Expectations Around US Fed Policy: Expectations about US Fed monetary policy have impacted precious metal prices. Higher interest rates and bonds are not good for non-yielding investments like silver. A strong dollar can further pressure international silver prices.
Profit Taking: After significant gains early in 2026, profit-taking has begun. This has further increased silver selling.
Concerns Regarding Industrial Demand: Silver is used extensively in the production of solar panels and electronic products. Concerns about global industrial activity and solar manufacturers' initiatives to reduce silver use have impacted demand.
Geopolitical Factors: Geopolitical issues and rising crude oil prices, driven by uncertainty around the US-Iran relationship, can raise inflation expectations.
Dhanteras falls on November 6 and Diwali on November 8, which could lure buyers looking to buy silver coins, bars, and ornaments at discounted rates. However, any further movements will be influenced by international markets, the US dollar, interest rate expectations, and industrial demand.
Buyers must factor in GST, levies, and the maker’s margin, as these can push up the total purchase price. This recent correction over the last 10 days indicates the uncertain environment in the silver market.
1.How much did silver fall in 10 days?
Silver fell about 9.2%, from Rs. 1,96,240 per kg on October 25 to Rs. 1,78,260 on November 4.
2.What was the silver rate in Hyderabad on November 4?
Hyderabad’s silver price was Rs. 1,78,540 per kg, according to Groww.
3.Why are silver prices fluctuating?
US Fed rate expectations, profit booking, weak industrial demand worries, and geopolitical tensions are all driving price swings.
4.Why do silver rates differ across Indian cities?
Local market conditions, taxes, and pricing factors cause variation. Bengaluru, Ahmedabad, Jaipur, and Lucknow are around Rs. 1,80,000.
5.When are Dhanteras and Diwali, and what should buyers consider?
Dhanteras is on November 6, while Diwali is on November 8. Buyers should factor in GST, levies, and the maker’s margin before purchasing silver.