MUMBAI — A buyer in Hyderabad who waited a day to buy silver has just saved ₹10,000 a kilogram, and did nothing to earn it. The silver rate today, Tuesday, August 25, 2026, is ₹2,60,000 a kilogram nationally and in Delhi, unchanged for a fifth straight day, while Hyderabad, Chennai and Kerala have come down to ₹2,65,000. Yesterday those three cities were quoted at ₹2,75,000.
Two thirds of the southern premium disappeared overnight. That would be the story, except for one problem. A second national tracker still publishes the southern rate at ₹2,75,100 this morning, and puts the national rate at ₹2,59,900. On the same metal, on the same day, the two pages disagree by more than ₹10,000 a kilogram.
Silver Rate Today, August 25, 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 | 2,650 | 26,500 | 2,65,000 | +5,000 |
| Chennai | 2,650 | 26,500 | 2,65,000 | +5,000 |
| Kerala | 2,650 | 26,500 | 2,65,000 | +5,000 |
| Six of nine cities are identical to the rupee, as they have been all month. Rates exclude the three per cent GST, which adds ₹7,950 on a kilogram bought in Hyderabad. Yesterday the same tracker put the three southern cities at ₹2,75,000. | ||||
Today Silver Rate by Weight: Gram, 100 Grams and Kilogram
The national figure works out to ₹260 a gram, ₹2,600 for 10 grams, ₹26,000 for 100 grams and ₹2,60,000 a kilogram. In Hyderabad, Chennai and Kerala it is ₹265, ₹2,650, ₹26,500 and ₹2,65,000. The southern premium is now 1.9 per cent, against 5.8 per cent yesterday.
Silver Rate Today Hyderabad: The Premium That May Not Have Moved
Yesterday this page reported that the southern gap had tripled in six days to ₹15,000, and said plainly that our earlier explanation for it, a lag in how often southern quotes are reset, had stopped working. Today the same tracker has cut that gap to ₹5,000 while leaving the national rate untouched for a fifth day.
Before reading that as the market correcting itself, look at what a different publisher printed on the same morning.
| Published by | National (₹/kg) | South (₹/kg) | Gap (₹) | Gap as % |
|---|---|---|---|---|
| Goodreturns | 2,60,000 | 2,65,000 | 5,000 | 1.9 |
| Business Today | 2,59,900 | 2,75,100 | 15,200 | 5.8 |
| Difference between them | 100 | 10,100 | 10,200 | 3.9 points |
| South means Hyderabad and Chennai, which both trackers group together. The two publishers agree on the national rate to within ₹100, a rounding difference of four hundredths of one per cent, and disagree on the southern rate by ₹10,100. Whatever separates them is specific to the southern quote. | ||||
That is the finding, and it is narrower and less satisfying than a market story. The two pages agree almost exactly on what silver costs in Delhi. They disagree by ₹10,100 on what the same metal costs in Chennai. One of them changed its southern number this morning and the other did not.
So the honest reading of today is not that the premium collapsed. It is that at least one of the two numbers being published for southern India is wrong, and a reader has no way to tell which.
Silver Price Today: Spot, MCX and the Indian Counter
The international leg gives no cover for a ₹10,000 move in either direction, because it barely moved at all.
| Contract or quote | Level | Change | Basis |
|---|---|---|---|
| Spot silver, international | $68.76/oz | Slightly lower | Live quote, morning of Aug 25 |
| MCX silver, September contract | ₹2,45,000/kg | Flat | Quoted flat on the session |
| Retail, national and Delhi | ₹2,60,000/kg | 0 | Fifth consecutive flat day |
| Retail, south, Goodreturns | ₹2,65,000/kg | -10,000 | Tracker print vs Monday |
| Retail, south, Business Today | ₹2,75,100/kg | Unchanged | Tracker print vs Monday |
| The rows are not like for like. MCX is a futures contract, the spot quote is an international benchmark in dollars, and the retail rows are tracker prints excluding GST and making charges. The ₹15,000 between the futures contract and the national retail rate is basis and dealer margin. The ₹10,100 between the two retail southern rows is not. | |||
Spot silver was around $68.76 an ounce, a shade lower on the day, after last week carried it within a few cents of $70. Our reporting on why silver ran at $70 while the bond market rejected the Treasury’s rescue set out the international case. None of it operates city by city inside India.
What the Southern Premium Costs Now
| Purchase | Delhi (₹) | Hyderabad (₹) | Extra paid (₹) | Extra yesterday (₹) |
|---|---|---|---|---|
| 100 grams | 26,000 | 26,500 | 500 | 1,500 |
| 250 grams | 65,000 | 66,250 | 1,250 | 3,750 |
| 500 grams | 1,30,000 | 1,32,500 | 2,500 | 7,500 |
| 1 kilogram | 2,60,000 | 2,65,000 | 5,000 | 15,000 |
| 2 kilograms | 5,20,000 | 5,30,000 | 10,000 | 30,000 |
| Metal value only, calculated by Eastern Herald from the published Goodreturns city rates for August 25 and August 24. Excludes GST and any making charge. On the Business Today print the southern buyer is still paying the full ₹15,200 a kilogram more. | ||||
Silver Price Today Against Gold
The comparison that made yesterday’s gap look strange still holds, only smaller.
Our gold rate today coverage finds Indian city gold prices clustered within a fraction of a per cent of each other, with the widest single gap in the country running to a couple of hundred rupees on ten grams. Silver’s southern gap, even after today’s cut, is 1.9 per cent. On the second tracker it is 5.8 per cent.
Gold and silver are sold in the same shops, by the same jewellers, quoted on the same pages, in the same currency, on the same morning. One of them prices consistently across India and the other does not.
At the international level the two metals are behaving normally. Spot gold near $4,635 an ounce against silver at $68.76 puts the gold to silver ratio close to 67, which is roughly where it has sat all month. The dislocation is domestic, retail, and confined to one metal.
The Global Backdrop: A Sixth Year Short
The market underneath all of this remains tight. The Silver Institute forecast in February, on modelling by the London consultancy Metals Focus, that 2026 would run a sixth consecutive annual deficit of 67 million ounces even with total supply up 1.5 per cent to a decade high of 1.05 billion ounces. Industrial fabrication was expected to fall to about 650 million ounces as high prices pushed solar and jewellery manufacturers to design silver out.
Indian retail buying is a real part of that demand picture. It is not an explanation for why Chennai and Kolkata are quoted ₹5,000 apart, or ₹15,200 apart, depending on which page you open.
Why Friday Matters More Than Tuesday
The number that will move silver this week is not printed in India. The Federal Reserve’s annual symposium at Jackson Hole runs from August 27 to August 29, and Kevin Warsh delivers his first keynote as chairman on Friday morning.
Warsh has spent his three months in the job withdrawing the forward guidance markets had learned to lean on, and has said he does not consider the Fed constrained by market prices. Inflation is running at 3.4 per cent against a 2 per cent target. A metal that has added more than ten per cent in India this month, and which trades on real interest rates more than on any Indian retail print, has more riding on twenty minutes in Wyoming than on five flat days in Delhi.
What This Page Cannot Tell You
Which of the two southern numbers is the right one.
Neither tracker publishes its methodology, its sources, or a revision history, so there is no way from outside to tell whether Chennai genuinely repriced this morning, whether one publisher corrected a stale figure without saying so, or whether both are carrying quotes collected on different days and labelled with today’s date. We flagged the widening gap yesterday as unexplained. It is still unexplained, and it is now unexplained in two directions at once.
What can be stated precisely is this. The national silver rate has not moved for five days. The international price drifted slightly lower. And the difference between what two mainstream Indian trackers say a kilogram of silver costs in Hyderabad this morning is ₹10,100, which is more than the entire move either of them recorded all month.
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