Silver Slips to ₹238/g on January 1: Check City-Wise Prices Across India

Silver prices in India eased further on January 1, extending the recent correction after a brief pause at the end of December. Rates slipped to ₹238 per gram (₹2,38,000 per kg), marking a ₹2,000 per kg decline from December 31, when prices had stabilised at ₹240 per gram following the sharp sell-off seen a day earlier. 

The recent weakness came after a steep fall on December 30, when silver dropped to ₹240 per gram from ₹258 on December 29, translating into a ₹18,000 per kg decline in a single session. That correction followed a strong late-December rally, with prices surging from ₹240 per gram on December 26 to a peak of ₹262 per gram (₹2,62,000 per kg) on December 27, supported by firm industrial demand and favourable global cues. 

While the pullback has been sharp, the broader trend remains relatively firm. Prices are still holding above levels seen before the late-December rally, suggesting the recent decline reflects profit booking and consolidation rather than a reversal in sentiment. However, the dip on January 1 indicates near-term caution persists, with silver likely to remain volatile and range-bound as markets track global developments and demand signals. a reversal in overall market sentiment, even as near-term volatility remains elevated. 

Invest in Indian Markets and Unlock Future Potential With 5paisa!

 

Open Account Now

Silver Price Today Across Major Cities

• Silver Price Today in Mumbai: ₹2,380 per 10g, ₹23,800 per 100g, ₹2,38,000 per kg 

• Silver Price Today in Delhi: ₹2,380 per 10g, ₹23,800 per 100g, ₹2,38,000 per kg 

• Silver Price Today in Kolkata: ₹2,380 per 10g, ₹23,800 per 100g, ₹2,38,000 per kg 

• Silver Price Today in Bangalore: ₹2,380 per 10g, ₹23,800 per 100g, ₹2,38,000 per kg 

• Silver Price Today in Hyderabad: ₹2,560 per 10g, ₹25,600 per 100g, ₹2,56,000 per kg 

• Silver Price Today in Kerala: ₹2,560 per 10g, ₹25,600 per 100g, ₹2,56,000 per kg 

• Silver Price Today in Pune: ₹2,380 per 10g, ₹23,800 per 100g, ₹2,38,000 per kg 

• Silver Price Today in Vadodara: ₹2,380 per 10g, ₹23,800 per 100g, ₹2,38,000 per kg 

• Silver Price Today in Ahmedabad: ₹2,380 per 10g, ₹23,800 per 100g, ₹2,38,000 per kg 

Recent Silver Price Movements in India

Here’s a quick look at silver price fluctuations over the past few sessions:

• January 1st: ₹238 per gram, ₹2,38,000 per kg (-2000) 

• December 31st: ₹240 per gram, ₹2,40,000 per kg (0)  

• December 30th: ₹240 per gram, ₹2,40,000 per kg (-18000) 

• December 29th: ₹258 per gram, ₹2,58,000 per kg (-4000) 

• December 27th: ₹262 per gram, ₹2,62,000 per kg (22000) 

Silver prices in India extended their decline into the new year, easing further on January 1 after stabilising in the previous session. Rates slipped to ₹238 per gram and ₹2,38,000 per kg, marking a ₹2,000 per kg drop from December 31 levels, when prices had held steady at ₹240 per gram and ₹2,40,000 per kg. The pause on December 31 had followed a sharp correction a day earlier, when silver fell ₹18,000 per kg on December 30 from December 29 levels.  

The pullback had started earlier in the week, with prices easing to ₹258 per gram on December 29 from the recent peak of ₹262 on December 27. That surge had capped a rapid rally, driven by strong buying interest, before aggressive profit booking set in toward the month-end. The sharp swings over successive sessions underline the elevated volatility that has characterised the silver market recently. 

Despite the continued softening at the start of January, the broader trend remains relatively firm. Prices are still above levels seen earlier in the week before the rally, suggesting the recent decline reflects consolidation after a sharp rise rather than a decisive reversal. However, the drop on January 1 indicates near-term caution persists, with market participants remaining sensitive to price levels and short-term cues. 

Outlook

Silver’s late-December performance points to a transition from a sharp rally into a corrective consolidation phase. Prices surged to ₹262 per gram on December 27, eased to ₹258 on December 29, and dropped to ₹240 on December 30, before stabilising on December 31 and slipping marginally further on January 1. While the magnitude of the pullback reflects aggressive profit booking, the ability to hold above earlier-week levels suggests underlying demand remains intact. Near-term action is likely to stay volatile but range-bound, tracking global cues, industrial demand trends and currency movements. 

Conclusion

As of January 1, silver trades at ₹238 per gram (₹2,38,000 per kg) at the national level. City-wise, Hyderabad and Kerala continue to quote higher rates at ₹2,560 per 10g (₹2,56,000 per kg), while Mumbai, Delhi, Kolkata, Bangalore, Pune, Vadodara and Ahmedabad are aligned at ₹2,380 per 10g (₹2,38,000 per kg). Despite the sharp late-month correction and early-January dip, silver prices appear to be entering a consolidation phase following a strong rally rather than signalling a deterioration in overall market sentiment.