MUMBAI — Indian silver buyers, traders and small jewellers who spent August watching the metal’s sharpest rally in years woke Friday to a reversal. Spot silver tumbled to $66.25 per troy ounce in early New York trading, down $2.88 or 4.17% from Thursday’s close of $69.13, as Federal Reserve Chair Kevin Warsh’s hawkish address at the Jackson Hole symposium overnight revived expectations of a September rate hike, driving the dollar higher and pushing silver to its steepest single-session loss in three months.
For India’s bullion markets, the international correction translated into a more muted move in rupee terms. Silver of 999 purity was trading at ₹2,54,900 per kilogram on August 29, 2026, across major cities including Mumbai, Delhi, Kolkata, Bengaluru, Pune, Ahmedabad, and Vadodara, essentially flat compared to the previous session’s national average, according to data compiled by Goodreturns. In southern markets, where local taxes and dealer premiums add to the base rate, silver in Hyderabad was quoted at around ₹2,61,000 per kilogram, down ₹5,000 on the day, with Chennai and Kerala tracking between ₹2,62,000 and ₹2,64,900 per kilogram.
At Friday’s national rate, 999 purity silver costs approximately ₹255 per gram, ₹2,549 per 10 grams, and ₹25,490 per 100 grams. City-wise rates across weight denominations are outlined in the table below.
| City | Per Gram (₹) | Per 10g (₹) | Per 100g (₹) | Per Kg (₹) |
|---|---|---|---|---|
| Mumbai | 255 | 2,549 | 25,490 | 2,54,900 |
| Delhi | 255 | 2,549 | 25,490 | 2,54,900 |
| Kolkata | 255 | 2,549 | 25,490 | 2,54,900 |
| Bengaluru | 255 | 2,549 | 25,490 | 2,54,900 |
| Ahmedabad | 255 | 2,549 | 25,490 | 2,54,900 |
| Hyderabad | 261 | 2,610 | 26,100 | 2,61,000 |
| Chennai | 263 | 2,630 | 26,300 | 2,63,000 |
The catalyst for Friday’s international sell-off is traceable to a single address. Warsh, who took the Federal Reserve chair earlier this year, told the Jackson Hole Economic Symposium in Wyoming on Thursday that services inflation remained “uncomfortably elevated” and that the central bank had not closed the door on raising rates at its September meeting. Markets, which had entered the conference pricing in a cut, repriced sharply: CME FedWatch data put the probability of a September hike at 48% by Friday morning, up from 31% the previous day. A stronger dollar was the immediate mechanism. Commodity prices quoted in dollars, including gold and silver, fall when the greenback strengthens, because each dollar buys more of the metal.
The structural case for silver, however, remains intact. The Silver Institute, the industry’s principal research body, reported that solar-panel manufacturing alone consumed a record 232 million troy ounces of silver in 2025. Electric vehicle battery systems and consumer electronics absorb additional supply. That industrial draw is what powered silver’s 79.2% gain in the twelve months through August 2026, according to Kitco. A single Fed meeting repricing does not rewrite that equation. What it does is reset the entry price for buyers who have been watching from the sidelines.
Friday’s decline does not erase August’s run. Silver entered this month at ₹2,35,000 per kilogram and had climbed to ₹2,60,000 at its August 21 peak, a 10.6% advance. Even after Friday’s correction, the metal sits 8.51% above its August 1 level. Traders watching the silver rate for August 28 will find today’s national average essentially unchanged from the prior session, suggesting domestic demand absorbed much of the international pressure at the daily level. MCX silver futures tracked the international move, though the official September contract closing price for August 29 was not yet available at the time of writing, according to MCX India.
What is the silver rate today in India?
The silver rate today in India on August 29, 2026 is ₹2,54,900 per kilogram for 999 purity silver across major cities including Mumbai, Delhi, Bengaluru, and Kolkata. Southern markets including Hyderabad and Chennai carry higher rates, between ₹2,61,000 and ₹2,64,900 per kilogram, due to local state taxes and dealer premiums that vary by region.
What is the silver price per gram today?
The silver price per gram today on August 29, 2026 for 999 purity is approximately ₹255 in Mumbai, Delhi, Bengaluru, Kolkata, and Ahmedabad. Hyderabad is around ₹261 per gram and Chennai approximately ₹263 per gram. These are indicative dealer rates and may vary slightly by market and time of day.
What is 999 purity silver?
999 purity silver, also written as .999 fine silver, is silver that is 99.9% pure, with trace elements making up the remaining 0.1%. It is the standard for investment-grade silver bars and official bullion coins. Jewellery in India is typically made from 925 sterling silver (92.5% purity), which is more durable for ornamental use. The silver rate in India is quoted using 999 purity as the benchmark investment grade.
How does the Federal Reserve’s rate decision affect silver prices in India?
When the Federal Reserve raises US interest rates, or when markets begin pricing in a rate hike, the US dollar typically strengthens. Silver is priced globally in dollars, so a stronger dollar means each dollar buys more silver, pushing the dollar spot price of silver lower. This fall in the international price then flows through to India’s rupee-denominated silver rate, adjusted for the prevailing dollar-rupee exchange rate, import duties, and local dealer margins. The Jackson Hole address by Federal Reserve Chair Warsh on August 28 triggered exactly this sequence on August 29, sending spot silver 4.17% lower.
What is the silver rate today per kg?
The silver rate today per kilogram on August 29, 2026 for 999 purity silver is ₹2,54,900 in Mumbai, Delhi, Kolkata, Bengaluru, and Ahmedabad. Hyderabad carries approximately ₹2,61,000 per kilogram. Chennai and Kerala range between ₹2,62,000 and ₹2,64,900 per kilogram. MCX silver futures reflect international spot pricing with adjustments for lot size, currency, and exchange-specific factors.
Is today a good time to buy silver in India?
This article does not provide investment advice. Silver prices on August 29, 2026 reflect a 4.17% decline in international spot prices triggered by Federal Reserve rate-hike expectations from the Jackson Hole symposium. The longer-term trend, driven by solar panel manufacturing and EV battery demand, has supported silver’s 79.2% gain over the past year. Whether that trend justifies buying at today’s price depends on individual financial circumstances and risk tolerance. Consult a SEBI-registered investment adviser before any purchase decision.
The MCX’s official September silver futures closing price for August 29 was not available at the time of writing and will provide a clearer read on how domestic institutional participants absorbed Friday’s global correction. The next major data event for precious metals is the US Personal Consumption Expenditures index, due later this week. A reading above expectations would likely cement rate-hike odds and extend pressure on silver; a softer number would relieve it.
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