MUMBAI — A buyer in Hyderabad now pays ₹15,000 a kilogram more for silver than a buyer in Delhi. Six days ago the gap was ₹5,000. The silver rate today, Monday, August 24, 2026, is ₹2,60,000 a kilogram nationally and in Delhi, unchanged for a fourth day, while Hyderabad, Chennai and Kerala have moved up again to ₹2,75,000.
That is the part worth stopping on. The international price of silver fell this morning. The national Indian rate did not move. The southern rate went up. Three directions, one metal, one morning.
Silver Rate Today, August 24, 2026: City-Wise Silver Price
| City | 10 g (₹) | 100 g (₹) | 1 kg (₹) | Against national |
|---|---|---|---|---|
| Delhi | 2,600 | 26,000 | 2,60,000 | 0 |
| Mumbai | 2,600 | 26,000 | 2,60,000 | 0 |
| Kolkata | 2,600 | 26,000 | 2,60,000 | 0 |
| Bangalore | 2,600 | 26,000 | 2,60,000 | 0 |
| Pune | 2,600 | 26,000 | 2,60,000 | 0 |
| Ahmedabad | 2,600 | 26,000 | 2,60,000 | 0 |
| Hyderabad | 2,750 | 27,500 | 2,75,000 | +15,000 |
| Chennai | 2,750 | 27,500 | 2,75,000 | +15,000 |
| Kerala | 2,750 | 27,500 | 2,75,000 | +15,000 |
| Six of nine cities are identical to the rupee. Rates exclude the three per cent GST; on a kilogram bought in Hyderabad the tax alone adds ₹8,250. | ||||
Today Silver Rate by Weight: Gram, 100 Grams and Kilogram
The national figure is ₹260 a gram, ₹2,600 for 10 grams, ₹26,000 for 100 grams and ₹2,60,000 a kilogram. In Hyderabad, Chennai and Kerala each of those is ₹275, ₹2,750, ₹27,500 and ₹2,75,000.
Silver Price Today: Spot, MCX and the Indian Counter
Put the domestic print next to the market it is supposed to follow and the shape of the problem changes.
| Contract or quote | Level | Change | Basis |
|---|---|---|---|
| Spot silver, international | $69.05/oz | -0.69% | Live quote, morning of Aug 24 |
| MCX silver, September contract | ₹2,46,360/kg | +1.28% | Friday close, not a Monday quote |
| Retail, national and Delhi | ₹2,60,000/kg | 0 | Daily tracker print, fourth flat day |
| Retail, Hyderabad, Chennai, Kerala | ₹2,75,000/kg | +5,000 | Daily tracker print, vs Saturday |
| The four rows are not like for like. The MCX figure is the last settled price of the September contract before the weekend, the spot quote is live this morning, and the retail rows are a tracker print that excludes GST and making charges. The ₹13,640 between the futures contract and the national retail rate is a matter of basis and margin, not an anomaly. The southern column is the anomaly. | |||
Spot silver was down about 0.69 per cent this morning at $69.05 an ounce, having spent last week climbing toward $70. Our reporting on silver’s run at $70 and the bond market behind it set out why the international leg has been so strong. None of that explains why one part of India repriced this morning and the rest did not.
Silver Rate Today Delhi and Silver Rate Today Hyderabad: The Gap Has Tripled
Here is the sequence, and it is short enough to hold in your head.
| Date | National (₹/kg) | South (₹/kg) | Gap (₹) | As % of national |
|---|---|---|---|---|
| Tuesday, August 18 | 2,49,900 | 2,54,900 | 5,000 | 2.0 |
| Saturday, August 22 | 2,60,000 | 2,70,000 | 10,000 | 3.8 |
| Monday, August 24 | 2,60,000 | 2,75,000 | 15,000 | 5.8 |
| South means Hyderabad, Chennai and Kerala, which have carried an identical rate throughout. Note the last row: the national figure is unchanged from Saturday. Only the southern column moved. | ||||
Tripled in rupees and nearly tripled as a share of the price, inside six days.
Today Silver Price and the Explanation That Just Stopped Working
When this gap first widened we offered a reading. Southern quotes, we suggested, are probably reset less often and in bigger steps than northern ones, so during a fast rally the south overshoots and the premium looks larger than it is. It was a reading of the pattern rather than a sourced explanation, and we said so.
Today’s numbers make it harder to hold. A lag only produces a widening gap while the underlying price is moving up. The national rate has not moved since Friday. It sat at ₹2,60,000 on Saturday, on Sunday and again this morning. Worse for the theory, the international price went the other way today. There was nothing for the south to be catching up to, and it went up anyway.
So the honest position is that we are less confident than we were on Sunday, not more. Something is setting southern silver quotes on a basis that is not a delayed copy of the national one, and we still cannot tell you what.
What the Southern Premium Costs a Buyer
| Purchase | Delhi (₹) | Hyderabad (₹) | Extra paid (₹) |
|---|---|---|---|
| 100 grams | 26,000 | 27,500 | 1,500 |
| 250 grams | 65,000 | 68,750 | 3,750 |
| 500 grams | 1,30,000 | 1,37,500 | 7,500 |
| 1 kilogram | 2,60,000 | 2,75,000 | 15,000 |
| 2 kilograms | 5,20,000 | 5,50,000 | 30,000 |
| Metal value only, calculated by Eastern Herald from the published city rates. Excludes GST and any making charge. A kilogram bought in the south costs the equivalent of about fifty-seven extra grams of the metal. | |||
The Global Backdrop: A Sixth Year Short
None of this happens in a market that is comfortable. The Silver Institute forecast in February that the market would run a deficit for a sixth consecutive year in 2026, at 67 million ounces, even as total global supply rose 1.5 per cent to a decade high of 1.05 billion ounces. Industrial fabrication was expected to fall toward 650 million ounces as high prices pushed solar and jewellery manufacturers to design silver out.
That is a market where supply is the best it has been in ten years and still is not enough. It is a reasonable backdrop for a high price. It is not an explanation for a price that is ₹15,000 higher in Chennai than in Kolkata.
Silver Price Today Against Gold
For scale, put it next to the other counter on the same tracker. Our gold rate today coverage finds a national gold price with Delhi ₹150 above it on ten grams and Ahmedabad ₹50 above, and every other city identical to the rupee. That is under a tenth of one per cent.
Silver’s southern gap is 5.8 per cent. More than sixty times wider, on the same page, on the same morning, in the same currency. Whatever is happening to silver pricing in the south is specific to silver.
The same morning’s oil prices today coverage runs alongside this one.
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