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Silver prices remained unchanged across most major Indian markets on Tuesday, June 2, 2026, offering stability to buyers after recent fluctuations in the precious metals segment. In key regions including Delhi, Uttar Pradesh, Bihar, Mumbai, and Kolkata, silver continued to trade at ₹2,80,000 per kilogram, translating to ₹2,800 for every 10 grams.

The flat trend comes after significant volatility in the commodities market, where silver futures witnessed a notable decline during the previous trading session. Despite the weakness in futures contracts, physical silver rates in retail markets largely held their ground across northern and western India.

Silver Prices Remain Stable Across Major Markets

The second trading day of June saw no major change in retail silver prices. Consumers planning to purchase silver jewellery, coins, utensils, or investment-grade bullion can expect rates to remain largely unchanged from the previous session.

At current levels, one kilogram of silver is priced at ₹2,80,000 in most major cities, while 10 grams of silver costs approximately ₹2,800.

Market experts say physical bullion prices often take time to fully reflect movements in futures markets, which explains why retail rates remained stable despite weakness on commodity exchanges.

Sharp Fall Recorded in MCX Silver Futures

While spot market prices remained steady, silver futures on the Multi Commodity Exchange (MCX) witnessed a sharp decline on Monday.

The July 2026 silver futures contract, which recorded the highest trading volume among all silver contracts, fell by 1.26%, or ₹3,361, to settle at ₹2,63,637 per kilogram.

Trading activity remained strong, with turnover exceeding ₹3,800 crore during the session. Open interest in the July contract stood at 10,355 lots, indicating continued participation from traders and investors.

Other silver futures contracts also experienced selling pressure. The September and December 2026 contracts declined by more than 1%, reflecting broader weakness in the precious metals segment.

Global Factors Continue to Influence Precious Metals

International bullion markets also faced pressure amid growing concerns over inflation and monetary policy expectations.

Rising geopolitical tensions in the Middle East have increased uncertainty in global financial markets. At the same time, investors are concerned that persistent inflation could force major central banks to maintain higher interest rates for longer than previously expected.

Higher interest rates generally reduce the appeal of non-yielding assets such as gold and silver, resulting in lower investor demand.

The strengthening US dollar has added further pressure on precious metals. A stronger dollar makes gold and silver more expensive for buyers holding other currencies, often leading to reduced global demand.

Gold Prices Also Witness Weakness

The broader precious metals market remained under pressure as gold prices also declined sharply in international trading.

Spot gold dropped nearly 1.9% to around $4,451.65 per ounce, while US gold futures fell 2.5% to approximately $4,479.20 per ounce.

The weakness in gold often influences silver prices as both metals tend to move in the same direction due to shared investor sentiment and macroeconomic factors.

Latest Silver Rates in Major Indian Cities

Here is a look at silver prices per kilogram in key cities across India on June 2, 2026:

Southern Markets Continue to Trade Higher

Unlike most northern and western cities, southern markets continue to witness higher silver prices.

In Chennai and Kerala, silver is currently trading at ₹2,90,000 per kilogram, which is ₹10,000 higher than rates seen in Delhi, Mumbai, and several other major cities.

Regional variations in transportation costs, local demand patterns, taxes, and dealer premiums often contribute to these price differences.

What Buyers Should Know

With silver prices holding steady despite weakness in futures trading, consumers may find current levels suitable for planned purchases. However, market participants should continue monitoring global developments, currency movements, and commodity market trends, as precious metal prices can change rapidly.

Investors looking at silver as a long-term asset may benefit from tracking both physical market rates and MCX futures movements before making significant investment decisions.

For now, silver remains stable across most Indian cities, while traders await fresh cues from global markets that could determine the next major move in precious metal prices.