Silver markets in India took a heavy blow on Tuesday, July 23rd, as a combination of global safe-haven selling and a relentlessly strengthening US dollar pushed bullion prices sharply lower. International spot silver fell by over 4% to trade below $63 per ounce, while MCX silver shed more than 3%, dropping below Rs 2.27 lakh per kilogram. These twin pressures on global benchmarks dragged physical silver prices down across Indian cities, with 999 purity silver now below Rs 2.50 lakh per kg in the majority of markets. Adding to the selling pressure, the US dollar climbed above the 101 level, its highest point since May 2025, while investors are maintaining a cautious stance on precious metals as they monitor the progress of the US-Iran peace agreement.
How Much Did Silver Fall Today?
The price of 1 kilogram of silver declined by Rs 5,000 to settle at Rs 2.45 lakh. Proportional drops were recorded across every denomination: 100 grams of silver fell Rs 500 to Rs 24,500, and 10 grams slipped Rs 50 to Rs 2,450. At the single-gram level, silver is now priced at Rs 245, down Rs 5, while 8 grams shed Rs 40 to stand at Rs 1,960.
MCX Silver and Spot Silver: Key Benchmarks
At the time of this report, MCX silver had fallen by Rs 7,481, or 3.2%, to trade around Rs 2,26,829 per kg, hovering close to its intraday low of Rs 2.26 lakh per kg. On the global stage, spot silver deepened its losses, crashing by nearly 5% to trade around $62 per ounce.
What Is Driving the Silver Selloff?
Pinky Yadav, Commodity Fundamental Analyst at Choice Broking, attributed the decline to rising expectations of further Federal Reserve interest rate hikes, which have been boosting the US dollar and reducing the attractiveness of non-yielding assets such as gold and silver, keeping bullion prices under sustained pressure.
Yadav further noted that the dollar was hovering near a 13-month high, drawing support from several concurrent forces: optimism surrounding initial US-Iran peace negotiations, political uncertainty in the United Kingdom, and persistent weakness in the Japanese yen, which remains near its lowest level since 1986. At the same time, easing concerns over supply disruptions in the Middle East have softened inflation fears to some extent, though elevated energy prices continue to reinforce expectations of a tighter monetary policy stance.
Silver Prices City by City
A regional price split is visible across Indian cities today. In Chennai, Hyderabad and Kerala, 1 kg of silver is holding at Rs 2.50 lakh per kg. By contrast, most major markets including Mumbai, Delhi, Kolkata, Bengaluru, Pune, Vadodara and Ahmedabad have silver priced at Rs 2.45 lakh per kg.
- Chennai: 10g Rs 2,500 | 100g Rs 25,000 | 1kg Rs 2,50,000
- Mumbai: 10g Rs 2,450 | 100g Rs 24,500 | 1kg Rs 2,45,000
- Delhi: 10g Rs 2,450 | 100g Rs 24,500 | 1kg Rs 2,45,000
- Kolkata: 10g Rs 2,450 | 100g Rs 24,500 | 1kg Rs 2,45,000
- Bengaluru: 10g Rs 2,450 | 100g Rs 24,500 | 1kg Rs 2,45,000
- Hyderabad: 10g Rs 2,500 | 100g Rs 25,000 | 1kg Rs 2,50,000
- Kerala: 10g Rs 2,500 | 100g Rs 25,000 | 1kg Rs 2,50,000
- Pune: 10g Rs 2,450 | 100g Rs 24,500 | 1kg Rs 2,45,000
- Vadodara: 10g Rs 2,450 | 100g Rs 24,500 | 1kg Rs 2,45,000
- Ahmedabad: 10g Rs 2,450 | 100g Rs 24,500 | 1kg Rs 2,45,000
What Is the Outlook for Silver Prices?
Ponmudi R, CEO of Enrich Money, has outlined a detailed technical view for both MCX silver and COMEX spot silver going forward.
On MCX, silver opened with a sharp gap down and is consolidating near the Rs 2,28,000 level, reflecting weak price action amid ongoing volatility. Immediate resistance is placed at Rs 2,30,500 to Rs 2,31,600, and a sustained move above this zone could strengthen momentum and trigger a recovery toward Rs 2,34,000 to Rs 2,35,000. On the downside, a decisive break below Rs 2,28,000 could drag prices toward Rs 2,26,000 and further toward Rs 2,24,000. The near-term bias remains cautiously weak: prices must hold above Rs 2,28,000 for stability, and reclaiming the Rs 2,30,000 mark is the minimum required to support any meaningful recovery. A failure at support could intensify selling pressure significantly.
For COMEX spot silver, the picture is equally guarded. The metal is currently trading near $63 with a weak undertone, and immediate resistance sits at $65 to $65.5. A sustained move above this zone could extend the recovery toward $66.3 to $67. To the downside, a decisive break below $63 could pull prices toward the $61 to $60 support area. Spot silver needs to reclaim the $65 level to improve momentum and build a recovery structure; however, a break below immediate support could weaken sentiment further and trigger additional corrective pressure.
