Precious metal markets have witnessed a notable downward correction, offering relief to retail buyers and investors looking to purchase white metal ornaments or bullion. Silver prices registered a noticeable decline across major metropolitan centers and states, including Delhi, Uttar Pradesh, Bihar, Rajasthan, and Maharashtra. The drop follows a broader global commodity sell-off, bringing down spot rates significantly as macroeconomic pressures weigh heavily on precious metals.
City-Wise Silver Rates on September 2, 2026
Bullion markets across the country recorded consistent drops in silver valuations. Retail buyers looking to purchase physical silver or jewelry will find varying regional rates due to local taxes and transportation costs:
Delhi: Spot silver in the national capital’s bullion market is trading at ₹2,28,000 per kilogram, following a sharp drop of ₹1,418. For smaller buyers, 10 grams of silver is priced at ₹2,280, while 100 grams costs ₹22,800.
Uttar Pradesh (Lucknow): In the state capital of Lucknow, silver prices dipped by ₹1,270, hovering around ₹2,30,000 per kilogram.
Bihar (Patna): Retail silver rates in Patna fell by ₹1,240, bringing the price of one kilogram to ₹2,28,000.
Rajasthan (Jaipur): The bullion market in Jaipur recorded a drop of ₹1,490, placing the per-kilogram rate of silver at ₹2,28,000.
Mumbai: Financial hub Mumbai mirrored national trends, with silver prices retreating by roughly ₹1,480 to trade at ₹2,28,000 per kilogram.
Key Triggers Behind the Drop in Silver Prices
The sudden correction in silver valuations is primarily driven by shifting international economic dynamics and currency fluctuations:
Strengthening US Dollar and Bond Yields: A surging US dollar index and rising global bond yields have made dollar-denominated silver more expensive for international investors, curbing physical demand. Furthermore, high yields on bonds attract capital away from non-yielding assets like silver and gold.
US Interest Rate Concerns: Persistent inflationary pressures and climbing crude oil markets have heightened market expectations that central banks may maintain or raise interest rates, further supporting the greenback.
Geopolitical Uncertainties: Renewed conflict involving the US and Iran in West Asia, combined with volatile oil prices, has injected caution into global markets, temporarily dampening industrial and speculative demand for industrial precious metals.