Silver Price Today: If you’ve been tracking the silver market, you’ve likely noticed a consistent trend this week: prices are cooling off. For the third day in a row, silver rates across major Indian cities have seen a decline, offering a potential window for buyers who had been waiting on the sidelines.
As of Thursday, November 6th, the domestic market is witnessing a noticeable slide. In hubs like Delhi, Mumbai, and Ahmedabad, the price for one kilogram of silver has fallen by approximately ₹500 compared to the previous day, settling around ₹1,50,400. However, the southern markets are telling a different story. In Chennai and Hyderabad, the drop has been much more pronounced, with prices declining by a significant ₹2,000 per kg, bringing the rate to about ₹1,62,900.
This price gap of over ₹12,000 between northern and southern hubs like Delhi and Chennai isn’t unusual. Historically, silver in South Indian markets often carries a higher premium due to stronger regional demand, different state-level taxes, and logistics costs.
What’s Behind the Current Slide in Silver Rates?
So, what’s driving this downward trend? Market analysts point to a combination of global and domestic factors.
International Market Influence: The primary driver is a softening of silver prices in the international markets. Since India is a major importer, global price trends directly impact our domestic rates.
Post-Festival Lull: The recent festive season, a period of high demand for gold and silver, has concluded. This has led to a natural dip in buying interest from jewellers and individual consumers, creating a temporary surplus in the market.
Despite this short-term dip, the overall sentiment for silver in the long run remains robust. The wedding season is just getting started in India, which is expected to bolster domestic demand in the coming months. Furthermore, silver’s role is no longer confined to jewellery and ornaments.
The Industrial Boom: Why Silver’s Future Looks Bright
One of the most compelling reasons for silver’s strong long-term outlook is its exploding industrial demand. Today, silver is a critical component in a wide array of modern technologies. It’s an essential metal in the manufacturing of mobile phones, computer chips, and various other electronic goods due to its superior conductivity. Perhaps most significantly, it’s a key element in solar panels, a sector experiencing massive global growth.
This diversified demand profile suggests that any current price weakness is likely temporary. Experts believe that the fundamental drivers for silver are strong, and prices are expected to find solid support and resume their upward trajectory over the long term.
Fact Check & Market Overview
Silver Price Snapshot for Thursday, November 6th
| City | Price per Kg (in ₹) |
|---|---|
| Delhi | 1,50,400 |
| Mumbai | 1,50,400 |
| Ahmedabad | 1,50,400 |
| Chennai | 1,62,900 |
| Kolkata | 1,50,400 |
| Hyderabad | 1,62,900 |
| Bangalore | 1,50,400 |
| Jaipur | 1,50,400 |
Note: Prices are indicative and can vary between local jewellers. They typically include making charges and Goods and Services Tax (GST).
Answers to “People Also Ask” Questions
Q: Why is silver cheaper in Delhi than in Chennai?
A: Silver prices are often higher in South Indian markets like Chennai due to a combination of factors including stronger regional demand for jewellery, higher state-level taxes and levies, and additional costs associated with transportation and logistics.
Q: Is now a good time to buy silver?
A: While market timing is always uncertain, the current dip, driven by a post-festival lull and global trends, could present a potential buying opportunity for long-term investors. With the wedding season approaching and strong industrial demand, many analysts view any significant price drop as temporary.
Q: What is the long-term forecast for silver?
A: The long-term forecast for silver is generally positive. Beyond its traditional uses, its irreplaceable role in high-growth sectors like electronics and renewable energy (especially solar panels) creates a strong fundamental demand that is expected to support higher prices in the years to come.
Q: How are international markets linked to Indian silver rates?
A: India imports a substantial portion of its silver. Therefore, the price of silver in international markets (like the LBMA Silver Price) serves as a base cost. Fluctuations in the global price, combined with the USD/INR exchange rate, directly influence the final cost of silver in the domestic Indian market.