Silver Price Today: Rates Drop ₹10,000 This Week; Check October 3 Prices in Delhi, Mumbai and Other Cities

Silver Price Today, October 3, 2026: Silver prices remain in focus after a volatile week in domestic and international precious metal markets. The white metal has reportedly become around ₹10,000 cheaper this week in the Indian market, even as overseas silver continues to trade above the $61 level.

For consumers planning to purchase silver for jewellery, investment or festive requirements, checking the latest local price is important. Rates can differ depending on the city, taxes, dealer charges and other market-related factors.

In major Indian cities, silver is currently quoted at around ₹2.35 lakh per kilogram, although prices are higher in some markets, including Chennai.

Silver Prices Remain Volatile After Recent Correction

Silver has experienced significant fluctuations in recent sessions. Movements in US Treasury yields, currency markets, global demand and investor positioning have influenced precious metal prices.

Higher bond yields can reduce the relative appeal of non-yielding assets such as gold and silver. At the same time, buying interest following recent declines has provided some support to silver in the international market.

According to the market outlook cited in the source material, technical indicators are currently giving mixed signals. Some market observers expect international silver to move between $60.65 and $62.61 over the next two to three days.

A cited technical estimate assigns a 68% probability to an upward move. However, this is a market projection rather than a guaranteed price direction, and precious metal prices can change rapidly in response to global developments.

MCX Silver Futures Above ₹2.25 Lakh Per Kg

Domestic bullion trading has also witnessed sharp movements.

The bullion market remained closed on October 2 due to Gandhi Jayanti, while the weekend has also limited regular trading activity. Before the holiday period, silver futures on the Multi Commodity Exchange (MCX) were reported at around ₹2,25,545 per kilogram.

In the preceding trading session, silver had closed at approximately ₹2,23,706 per kilogram.

Separate bullion market data placed silver at around ₹2,26,590 per kilogram, while the Delhi market rate was reported at approximately ₹2.27 lakh per kilogram, including taxes.

Despite these movements, silver prices have declined by around ₹10,000 over the week, according to the figures cited in the report.

Silver Rate Today in Delhi, Mumbai, Jaipur and Other Cities

Retail silver prices vary between locations. Based on the city-wise rates provided, most major markets are quoting silver at ₹2,34,900 per kilogram on October 3.

Here are the latest reported prices:

Among the cities listed, Chennai has the highest quoted price at ₹2,45,100 per kilogram. Most of the other cities, including Delhi, Mumbai, Jaipur, Bengaluru, Hyderabad and Kolkata, are showing a rate of ₹2,34,900 per kilogram.

Buyers should remember that the final amount charged by a dealer can differ from indicative market rates because of taxes, purity, making charges and other applicable costs.

Silver Has Seen a Major Long-Term Price Increase

Despite this week's correction, silver remains substantially more expensive than it was a few years ago.

The report notes that silver was trading at around ₹78,600 per kilogram during the 2023-24 period, compared with levels exceeding ₹2 lakh per kilogram in 2026.

This sharp long-term rise has been accompanied by considerable volatility. Silver prices can be influenced by both investment demand and industrial consumption, making the metal sensitive to changes in global economic conditions, currency movements and demand expectations.

Gold Prices Also Remain in Focus

Gold is also attracting attention in the precious metals market. On the morning of October 3, domestic rates for both 24-carat and 22-carat gold were reported higher.

In Delhi, 24-carat gold was quoted at ₹1,50,460 per 10 grams. International spot gold was reported at around $4,140.06 per ounce.

Despite the domestic increase reported for October 3, the cited data indicated that international gold prices were down roughly 3.4% for the week so far.

What Silver Buyers Should Check Before Making a Purchase

Consumers planning to buy silver should not rely only on a headline market rate. The actual purchase price can vary depending on the form of silver being purchased, its purity, applicable taxes and additional charges imposed by the seller.

It is therefore advisable to confirm the current local rate, purity, taxes and any additional charges before completing a transaction.

Silver prices can also change quickly when international markets reopen. The latest figures should therefore be treated as indicative rates for October 3, 2026, rather than a guarantee of the price available at every jewellery store or bullion dealer.

Disclaimer: Precious metal prices are volatile and can move in either direction. Market forecasts and technical projections are estimates, not guaranteed outcomes. Readers should consider their financial circumstances and, where appropriate, consult a qualified financial professional before making investment decisions.

Clarify the ₹10,000 weekly dropRemove repeated silver price figures