Silver Rate Today, September 2, 2026: Price Falls on Oil Surge and Fed Rate Hike Fears

NEW DELHI — Silver dealers across India opened their shutters on Tuesday to a price they had not seen since late July. The Indian Bullion and Jewellers Association benchmark settled at ₹249.90 per gram — the sixth consecutive session of losses on the Multi Commodity Exchange, and the lowest IBJA rate since the metal traded at ₹248 a gram in the final week of July.

The immediate trigger was 8,000 kilometres away. US military strikes on Iranian targets near the Strait of Hormuz overnight Tuesday sent Brent crude to $94.86, its sharpest single-session gain since the conflict began in March. Oil at those levels does not merely lift fuel costs — it feeds into inflation expectations, and inflation expectations feed directly into the probability of a Federal Reserve rate hike at the September 17 FOMC meeting. CME FedWatch placed that probability at approximately 70 percent on Tuesday morning, up from roughly 57 percent at the start of the week. Silver, which pays no dividend and carries a storage cost, loses relative to yield-bearing assets every time the Fed’s next move looks more hawkish.

As of 09:00 IST on September 2, 2026, the IBJA physical retail benchmark stands at ₹249.90 per gram. MCX December silver futures opened at ₹2,32,536 per kg, down 1.25% from Monday’s closing price of ₹2,35,441. On international markets, spot silver (XAG/USD) last traded near $64.37 per troy ounce, off roughly 1% on the day.

Silver Rate Today in India – September 2, 2026

Silver Rate Today by City – September 2, 2026 (per kg and per gram)

The IBJA publishes a uniform national benchmark twice daily — once in the morning and once in the evening — that jewellers and bullion dealers across India use as a reference. City-to-city variation on the IBJA rate, when it exists, typically reflects state-level tax differences or local supply conditions. On Tuesday, the rate is uniform across all major markets at ₹249.90 per gram — the same figure in Delhi, Mumbai, Chennai, and every other major city in the table above.

Silver Price: Today vs Previous Sessions – September 2, 2026 (per kg)

The IBJA physical retail rate has fallen from ₹2,60,000 per kg on August 27 to ₹2,49,900 on Tuesday, a loss of ₹10,100 per kg — or approximately 3.9% — over six sessions, extending a slide tracked in the August 31 silver price in India report. The September 1 session alone saw a decline of ₹5,000 per kg, the steepest single-day physical-retail drop of that stretch. Tuesday’s ₹100 per kg loss is comparatively modest, but it represents a sixth consecutive negative session on MCX.

MCX Silver Futures – September 2, 2026

Multi Commodity Exchange (MCX) December silver futures opened at ₹2,32,536 per kg on Tuesday, against a previous close of ₹2,35,441. The contract touched an intraday low of ₹2,31,811 per kg before recovering to trade near ₹2,33,686 per kg at mid-session.

MCX Silver December Futures – September 2, 2026

MCX futures prices are structurally lower than IBJA physical retail prices. The IBJA benchmark reflects what a retail buyer pays for physical silver in India — it includes the 15% import duty, 3% GST, and a dealer margin. MCX futures trade at the landed commodity cost without those charges, which is why the MCX December contract at ₹2,32,536 per kg sits well below the IBJA physical retail price of ₹2,49,900 per kg. Both are valid reference points, but they measure different things.

International Silver Price – September 2, 2026

Spot silver (XAG/USD) last traded near $64.37 per troy ounce on Tuesday, down approximately 1% from Monday’s settlement. The metal slipped below $64.00 per ounce during the Asian trading session before recovering. COMEX December silver futures opened at $64.69 per ounce and fell to approximately $64.24 before stabilising. The rupee traded near ₹83.8 against the dollar on Tuesday, a modestly weaker level that amplified the MCX decline in rupee terms relative to the XAG/USD spot move. On Monday, September 1, the international spot price had settled near $64.07 per ounce.

Silver’s international decline is tighter in percentage terms than the MCX futures move. MCX fell 1.25% from close while XAG/USD declined roughly 1.0%, a difference that reflects partial currency effects — the rupee weakened modestly against the dollar on Tuesday as risk appetite contracted following the Hormuz strikes, amplifying the MCX decline slightly.

The chain of causation on Tuesday runs from the Strait of Hormuz to the Federal Reserve to the silver market. US military strikes on Iranian positions near the waterway overnight triggered the largest single-session gain in Brent crude since March, pushing the contract to $94.86. A crude price at those levels reactivates concerns about persistent inflation — precisely the scenario that makes the Fed’s next rate decision more likely to be a hike than a pause.

That rate-hike expectation is the direct pressure on silver. With the 10-year US Treasury yield at approximately 4.79% on Tuesday — money that carries no commodity storage cost and carries a reliable coupon — non-yielding metals face a simple relative-value calculation that does not favour them when rates are rising. CME FedWatch tracked the probability of a September 17 rate hike at roughly 70% as of Tuesday morning, a figure that represents a significant shift from earlier in the month.

The dollar, firming against major currencies as oil-driven inflation anxiety prompted flight to greenback safety, added a second layer of pressure. A stronger dollar makes dollar-denominated commodities like silver more expensive for foreign buyers, which suppresses demand and tends to push spot prices lower.

Silver also carries an industrial dimension that gold does not. Approximately 60% of global silver demand is industrial — solar panel manufacturing, electric vehicle components, and consumer electronics are the three largest end-uses. Rate-hike expectations depress industrial production forecasts, which affects silver’s industrial demand outlook alongside its monetary-metal repricing.

Tuesday’s MCX session was the sixth consecutive session of losses extending from the August 31 Federal Reserve Chair speech at Jackson Hole, in which Warsh signalled that the Fed retained both the willingness and the mandate to raise rates if inflation did not follow a sufficiently downward path. That speech reset market expectations across precious metals; gold has fallen for six consecutive sessions as well, with the IBJA gold rate at ₹1,50,930 per 10 grams on Tuesday.

Silver Price Outlook – September 2, 2026

The near-term direction for silver hinges on two variables that remain unresolved: whether the Hormuz disruption extends into a sustained blockade or subsides into a negotiated pause, and whether the September 17 FOMC meeting delivers the rate hike the market is now pricing at 70%.

On the international chart, the key support level is approximately $63.50 per troy ounce. A sustained break below that level would bring $62.00 into view. Resistance stands near $66.00 per ounce, the level from which the metal declined after the Jackson Hole speech. On MCX, the December contract has found short-term support in the ₹2,31,000–₹2,32,000 per kg range; resistance is near ₹2,40,000 per kg.

The IBJA physical retail rate, which tracks import parity including duty and taxes, is likely to remain in the ₹2,48,000–₹2,52,000 per kg range near term, assuming the rupee-dollar rate holds broadly stable and international spot prices do not fall sharply below current levels. What remains genuinely uncertain is whether the Hormuz-driven oil price spike sustains long enough to materially shift the Fed’s September calculus — a one-session oil spike has historically not been sufficient, but a multi-session disruption of a major shipping corridor is a different order of event.

Frequently Asked Questions – Silver Rate Today, September 2, 2026

What is the silver rate today?

The silver rate today in India is ₹249.90 per gram, as per the Indian Bullion and Jewellers Association (IBJA) national benchmark published on the morning of September 2, 2026.

What is the silver price per kg today in India?

The silver price per kg today in India is ₹2,49,900, based on the IBJA physical retail benchmark. This is the rate applicable across all major Indian cities as of the morning of September 2, 2026.

What is the silver price per 10 grams today?

The silver price per 10 grams today is ₹2,499, per the IBJA national benchmark as of September 2, 2026 morning.

Why is silver falling today?

Silver is falling today primarily because US military strikes near the Strait of Hormuz sent crude oil sharply higher, raising inflation expectations and reinforcing bets on a Federal Reserve rate hike at the September 17 FOMC meeting. A stronger US dollar and rising Treasury yields — the 10-year yield is near 4.79% — add further pressure on non-yielding metals like silver.

What is the MCX silver price today?

MCX December silver futures opened at ₹2,32,536 per kg on September 2, 2026, against a previous close of ₹2,35,441 (down 1.25%). The intraday low was ₹2,31,811 per kg. By mid-session, the contract was trading near ₹2,33,686 per kg. MCX futures prices are structurally lower than IBJA physical retail prices due to import duty and GST.

What is the silver price in Delhi today?

The silver price in Delhi today is ₹249.90 per gram (₹2,49,900 per kg), based on the IBJA national benchmark as of September 2, 2026 morning.

What is the silver price in Mumbai today?

The silver price in Mumbai today is ₹249.90 per gram (₹2,49,900 per kg), based on the IBJA national benchmark as of September 2, 2026 morning.

What is the international silver price today?

The international spot silver price (XAG/USD) is approximately $64.37 per troy ounce on September 2, 2026, down roughly 1% on the day. COMEX December silver futures opened at $64.69 per ounce and fell to approximately $64.24 during the session.

Sources and Methodology – Silver Rate Today, September 2, 2026

Silver rate data for India sourced from the Indian Bullion and Jewellers Association (IBJA) twice-daily national benchmark via Goodreturns.in. MCX futures data from Multi Commodity Exchange official trading data. International spot price (XAG/USD) from FXStreet and Trading Economics as of 09:00 IST, September 2, 2026; closing prices from Trading Economics. COMEX futures data from CME Group via Yahoo Finance. Fed rate hike probability from CME FedWatch. This article was first published at 09:00 IST on September 2, 2026 and updated at 14:00 EDT with final settlement prices. Physical retail rates include 15% import duty and 3% GST; MCX futures prices exclude these levies. Readers should verify current rates with their local bullion dealer before transacting.

Closing Update – 14:00 EDT, September 2, 2026

MCX December silver futures settled at ₹2,33,197 per kilogram at the close of Tuesday’s Indian commodity session, down ₹2,244 or 0.95% from Monday’s settlement price of ₹2,35,441 per kilogram. The contract ended above its intraday low of ₹2,31,811 per kilogram, touched during the morning session, as buyers absorbed a portion of the early decline through the afternoon. Spot silver (XAG/USD) finished the New York session near $63.87 per troy ounce, a decline of approximately $0.22 or 0.35% from the prior day’s close.

Closing Prices – September 2, 2026

Related Posts

Warsh Warned on Inflation at Jackson Hole and the Nasdaq Paid 33 Times More Than the Dow

Bitcoin ETFs Pulled In $3.52 Billion in August, the Most Since October 2025

Bonds Sold Off and Stocks Slipped as Hormuz Tanker Strikes Sent Oil to $92 and Pushed Fed Rate Hike Odds to 68%

Economy Desk

Covering markets, economic policy, inflation, and business news that shapes financial decisions.