Silver prices witnessed a fresh correction on July 7, offering some relief to buyers after a sharp rally in recent sessions. Both domestic and international bullion markets remained under pressure as a stronger US dollar and cautious investor sentiment weighed on precious metals. On the Multi Commodity Exchange (MCX), silver futures declined by more than 1%, while retail bullion prices also eased across several Indian cities.

If you are planning to purchase silver or invest in the metal, here is a detailed look at today's rates, the reasons behind the decline, and city-wise prices.

Silver Prices Slip on MCX

Silver futures opened lower on Tuesday and continued to trade in negative territory during the morning session.

On the MCX, silver futures dropped by 1.31%, or approximately ₹3,098 per kilogram, to ₹2,33,001 per kilogram. In the previous trading session, the contract had settled at ₹2,36,099 per kilogram.

The decline comes after a period of strong gains, with investors booking profits and reducing exposure amid global market uncertainty.

Spot Silver Prices Remain Under Pressure

Different bullion market sources reported slightly varying spot prices during the day due to differences in trading platforms and market timings.

According to bullion market data:

• Spot silver traded around ₹2,36,500 per kilogram in some wholesale markets.


• Data from the Indian Bullion and Jewellers Association (IBJA) indicated a price of ₹2,33,158 per kilogram during the morning session.


• Retail market quotations from jewellery platforms placed silver at approximately ₹2,45,000 per kilogram in several major cities.

These differences are common because wholesale, futures, and retail bullion markets follow separate pricing mechanisms.

Latest Silver Rates Across Major Indian Cities

The following table shows the latest retail silver prices available in major Indian cities.

City 10 Grams 100 Grams 1 Kilogram

Delhi	₹2,450	₹24,500	₹2,45,000
Mumbai	₹2,450	₹24,500	₹2,45,000
Kolkata	₹2,450	₹24,500	₹2,45,000
Chennai	₹2,500	₹25,000	₹2,50,000
Patna	₹2,450	₹24,500	₹2,45,000
Ayodhya	₹2,450	₹24,500	₹2,45,000
Lucknow	₹2,450	₹24,500	₹2,45,000
Kanpur	₹2,450	₹24,500	₹2,45,000
Meerut	₹2,450	₹24,500	₹2,45,000
Ghaziabad	₹2,450	₹24,500	₹2,45,000
Noida	₹2,450	₹24,500	₹2,45,000
Gurugram	₹2,450	₹24,500	₹2,45,000
Chandigarh	₹2,450	₹24,500	₹2,45,000
Jaipur	₹2,450	₹24,500	₹2,45,000
Ludhiana	₹2,450	₹24,500	₹2,45,000
Guwahati	₹2,450	₹24,500	₹2,45,000
Indore	₹2,450	₹24,500	₹2,45,000

Retail prices may vary slightly between jewellers depending on local taxes, logistics, and making charges.

Why Are Silver Prices Falling?

Market experts attribute the latest decline to several global and domestic factors.

Stronger US Dollar

A stronger US dollar has reduced investor interest in precious metals. Since silver is priced globally in dollars, a stronger greenback often puts downward pressure on bullion prices.

Weak Global Market Sentiment

Investors have adopted a cautious approach ahead of key global economic developments, leading to lower demand for precious metals in international markets.

Profit Booking After Recent Rally

Silver had witnessed significant gains over the past few trading sessions. The recent decline is also being viewed as profit booking by traders after the sharp rise.

Slower Industrial Demand

Silver is widely used in industries such as electronics, solar energy, automobiles, and manufacturing. Concerns over slower industrial demand have also contributed to the recent correction.

International Silver Prices Also Decline

The weakness was not limited to domestic markets.

In the international bullion market, silver prices slipped to approximately $62.24 per ounce, reflecting softer investor sentiment and reduced buying interest globally.

International price movements often influence domestic bullion markets, especially for imported precious metals like silver.

Is This a Good Time to Buy Silver?

Financial experts suggest that short-term price fluctuations are common in commodity markets. Investors considering silver for long-term diversification may continue monitoring price trends, global economic data, and currency movements before making fresh purchases.

Those planning jewellery purchases may benefit from the recent decline, while investors should evaluate market conditions and their financial objectives before investing.

Bottom Line

Silver prices eased on July 7 after witnessing a strong rally in recent sessions. The decline was driven by a stronger US dollar, profit booking, and weaker global sentiment. While MCX futures and international prices remained under pressure, retail silver rates also softened across most Indian cities. Buyers are advised to compare local bullion rates before making any purchase, as prices can vary depending on location and market conditions.