Precious metal markets offered a festive breather to buyers on Friday, September 4, 2026, as the auspicious occasion of Janmashtami coincided with a noticeable correction in silver prices. After witnessing a sharp upward trajectory over the preceding three days—where rates climbed by nearly ₹9,000—silver prices saw a mild technical pullback across key bullion hubs nationwide, providing a timely opportunity for consumers looking to purchase festive coins, artifacts, or traditional jewelry.
State-Wise Silver Rates and Price Movements on September 4
Domestic bullion markets recorded minor downward corrections across major cities, bringing some relief after a sustained rally. In the national capital, silver prices dipped slightly by ₹52, settling around ₹2.36 lakh per kilogram, with 10 grams quoted at ₹2,360 and 100 grams at ₹23,000. In Uttar Pradesh’s capital, Lucknow, silver traded at ₹2.37 lakh per kg following a ₹200 drop. Meanwhile, Patna in Bihar recorded a decrease of ₹273, bringing rates to ₹2.35 lakh per kg, matching Jaipur in Rajasthan where prices slipped by ₹225. Financial capital Mumbai also witnessed a downward trend, with silver trading around ₹2.36 lakh per kg after shedding roughly ₹222.
Global Factors and Profit-Booking Behind the Silver Price Fall
The sudden dip in domestic silver rates was largely triggered by a mix of profit-booking and external macroeconomic cues. Following a sharp nearly 2% rally in gold earlier in the week, investors engaged in profit-booking on Friday, which naturally spilled over and weighed on silver futures. Additionally, weakness in domestic gold trends, cautious investor sentiment ahead of crucial US employment data, and shifting market expectations regarding the US Federal Reserve’s upcoming interest rate decisions contributed to the correction. Because silver functions as both a precious investment asset and an essential industrial metal, global economic indicators and fluctuating industrial demand continue to play a pivotal role in shaping daily domestic valuations.