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Silver prices remained steady across major Indian cities on Thursday, May 28, 2026, after witnessing sharp fluctuations earlier this week. According to the latest bullion market update, silver rates in Delhi, Uttar Pradesh, Bihar, Mumbai, Kolkata, and several other regions were trading at ₹2,84,900 per kilogram.

This means the price of 10 grams of silver currently stands at around ₹2,849. While gold and silver markets continue to react to global economic and geopolitical developments, silver prices today showed limited movement compared to recent sessions.

Investors and jewellery buyers are closely monitoring the bullion market as international uncertainty, crude oil prices, the US dollar, and tensions between the United States and Iran continue to influence precious metal prices globally.

Silver Prices Stay Stable After Recent Volatility

The bullion market has witnessed significant fluctuations over the past few trading sessions. While gold prices have been moving within a limited range, silver experienced heavy selling pressure earlier in the week before stabilizing today.

Market experts believe investors are currently avoiding aggressive positions because global financial signals remain mixed. Ongoing geopolitical tensions and uncertainty surrounding diplomatic talks between the US and Iran have created caution among traders.

Analysts say the market is also closely tracking:

• Crude oil prices
• US dollar movement
• US Treasury yields
• Federal Reserve policy outlook
• Global inflation trends

These factors continue to impact investor sentiment in both gold and silver markets.

Sharp Fall Seen Earlier in MCX Silver Futures

Although physical silver prices remained flat today, silver futures recently witnessed a major correction on the Multi Commodity Exchange (MCX).

According to market data:

• July 2026 silver futures on MCX dropped around 1.65%
• Prices fell by nearly ₹4,468 per kilogram
• The contract closed near ₹2,66,160 per kilogram
• During intraday trade, silver prices touched lows of around ₹2,63,272 per kilogram

The weakness was not limited to a single contract month.

Other Silver Contracts Also Declined

• September 2026 silver futures reportedly fell by around ₹3,991
• December 2026 contracts declined by nearly ₹4,491

This broad-based weakness reflected cautious investor sentiment across the commodity market.

Why Silver Prices Are Under Pressure

Experts believe multiple global developments are currently affecting silver demand and pricing.

Key Reasons Behind Market Caution

• Ongoing US-Iran geopolitical tensions
• Rising uncertainty in global trade
• Strengthening US dollar
• Inflation-related concerns
• Expectations of prolonged higher interest rates

A stronger dollar usually puts pressure on precious metals because it makes commodities more expensive for international buyers.

At the same time, investors are waiting for clearer signals from global central banks before making major investments in bullion.

Latest Silver Rates in Major Indian Cities

Silver prices remained largely unchanged across several major Indian cities on May 28.

Silver Price Today (Per Kilogram)

City	Silver Rate (₹ per kg)
Delhi	₹2,84,900
Mumbai	₹2,84,900
Ahmedabad	₹2,84,900
Kolkata	₹2,84,900
Jaipur	₹2,84,900
Bhopal	₹2,84,900
Lucknow	₹2,84,900
Chandigarh	₹2,84,900

Chennai and Hyderabad Continue to Trade Higher

Silver prices in southern Indian cities remained comparatively higher than northern markets.

Silver Rates in Chennai and Hyderabad

• Chennai: ₹2,89,900 per kilogram
• Hyderabad: ₹2,89,900 per kilogram
• Kerala: ₹2,89,900 per kilogram

Regional taxes, transportation costs, and local demand patterns often contribute to higher bullion rates in southern states.

Gold and Silver Markets Remain Sensitive to Global Events

Precious metal prices are currently reacting sharply to international developments. Experts believe that geopolitical risks and uncertainty regarding global monetary policy will continue to keep bullion markets volatile in the coming weeks.

The ongoing discussions and tensions between the US and Iran have especially increased investor caution. At the same time, expectations regarding future interest rate decisions by the US Federal Reserve are also influencing gold and silver trading worldwide.

Should Investors Buy Silver Now?

Market analysts suggest that long-term investors should avoid panic-based decisions and instead focus on broader market trends.

Silver remains an important asset for:

• Portfolio diversification
• Inflation protection
• Industrial demand
• Long-term investment planning

However, experts also warn that short-term price volatility may continue because of changing global economic conditions.

Jewellery buyers and investors are advised to track daily market rates carefully before making purchases.

Silver Continues to Attract Attention Despite Volatility

Despite recent corrections, silver continues to remain one of the most actively tracked precious metals in India. Demand from investors, jewellers, and industrial sectors keeps the market highly active.

With geopolitical uncertainty, inflation concerns, and global economic developments still dominating financial markets, bullion prices are expected to remain sensitive in the near future.

Disclaimer: Precious metal prices change frequently depending on international market trends, taxes, currency movement, and local demand. Buyers and investors should verify live market prices before making any purchase or investment decision.

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