Archive · 3 Sep 2026
Indian Silver Prices Rebound After Sharp Previous-Day Decline
Silver became more expensive in India on 3 September 2026.
One gram cost ₹238, while one kilogram cost ₹237,760.
This was a 0.92% rise from the reported previous close.
Prices were slightly different in different cities because of local taxes and other costs.
The US dollar became weaker, which can make silver more attractive to buyers using other currencies.
US Treasury yields also fell as oil prices cooled.
Investors also changed some expectations about whether the US Federal Reserve would raise interest rates.
Analysts said silver could still move within a limited range.
They said prices may stay supported if they remain above about $65, but could fall toward $63 if that level breaks.
On 3 September 2026, India’s silver rate rose 0.92% to ₹238 per gram and ₹237,760 per kilogram.
The 10-gram rate was ₹2,378, while metro-city prices ranged from ₹237 to ₹238 per gram.
Silver gained as the US dollar weakened, Treasury yields declined, and crude oil prices cooled.
Markets reduced some expectations of a US Federal Reserve rate hike after reported developments involving Washington and Tehran.
Analysts called the near-term outlook range-bound but cautiously constructive, with support near $65.500-$65.000 and resistance around $67.
- Who
- Silver traders, retail investors, analysts, the US Federal Reserve, and officials involved in the US-Iran conflict.
- What
- Indian silver prices rose 0.92%, reaching ₹238 per gram and ₹237,760 per kilogram on 3 September 2026.
- When
- 3 September 2026, compared with the reported previous close; key US economic data was expected on Friday.
- Where
- Across India, including Mumbai, Bengaluru, Hyderabad, Delhi, Ahmedabad, Chennai, Kolkata, Pune, and Surat; international markets also influenced prices.
- Why
- A softer US dollar, lower Treasury yields, cooler crude prices, and changing expectations about US interest rates supported silver.
Supportive Factors
Downside Risks
Near-term price direction
Supportive Factors
Analysts described the bias as cautiously constructive if silver holds above the $65.000 area and potentially retests $67.000.
Downside Risks
Analysts said a fall below $65.000 could trigger a pullback toward $63, while the broader outlook could remain range-bound.
Macroeconomic influences
Supportive Factors
The softer US dollar, lower Treasury yields, and cooler crude prices supported demand for silver.
Downside Risks
A stronger dollar, elevated oil prices, inflation concerns, and higher US interest-rate expectations had weighed on silver in the previous report.
US-Iran conflict developments
Supportive Factors
The 3 September report said President Donald Trump announced that Washington would halt attacks on Tehran, helping reduce some expectations of a Federal Reserve rate hike.
Downside Risks
The 2 September report described fresh strikes between Washington and Tehran, which increased concerns about supply disruptions and geopolitical uncertainty.
- Date
- 3 September 2026
- National silver rate
- ₹238 per gram; ₹2,378 per 10 grams; ₹237,760 per kilogram
- Reported daily change
- Up 0.92% from the reported previous close
- City range
- ₹237 per gram in Delhi and Kolkata; ₹238 in the other listed cities
- Recent performance
- Silver had advanced nearly 13% over the previous month, according to the 3 September report
- Technical levels
- Immediate support was cited at $65.500-$65.000, with further support at $63.500-$63.000 and a possible retest of $67.000
- Retail variation
- Rates may differ by jeweller and state because of local taxes, making charges, and logistics
- Reported data discrepancy
- The 3 September report lists a previous 1-gram price of ₹236, while the 2 September report lists ₹232 for that day