Silver Prices Fall for Third Straight Day Before Diwali: Check Latest Rates in Delhi, Mumbai and Chennai

Silver Price Today, October 24, 2026: Consumers planning to purchase silver ahead of the festive season have received some relief as the precious metal continues to experience downward pressure in domestic markets. Silver prices reportedly declined for the third consecutive trading session, creating renewed interest among jewellery buyers, investors and households preparing for Diwali celebrations.

According to the latest bullion market update, silver prices in Delhi's wholesale market dropped by ₹5,500 per kilogram to ₹2,02,000, compared with ₹2,07,500 in the previous trading session.

Meanwhile, city-wise indicative retail rates compiled from Goodreturns show silver priced at ₹2,19,900 per kilogram in several major Indian cities, including Delhi, Mumbai, Kolkata and Hyderabad. Chennai and Thiruvananthapuram have comparatively higher quoted rates of ₹2,24,900 per kilogram.

With precious metal prices fluctuating in both domestic and international markets, buyers should compare the latest rates before making purchases.

Silver Prices Decline for Third Consecutive Session

The domestic bullion market has witnessed a notable correction in silver prices ahead of Diwali.

According to figures attributed to the All India Sarafa Association, silver in Delhi's bullion market declined by ₹5,500 per kilogram, bringing the reported wholesale rate to ₹2,02,000.

The previous trading session had recorded a price of ₹2,07,500 per kilogram.

This represents a decline of approximately 2.65% in a single reported session.

Gold also experienced selling pressure during the same period. The reported price of gold with 99.9% purity decreased by ₹1,900 to ₹1,46,100 per 10 grams in Delhi's bullion market.

The simultaneous decline in both precious metals indicates weakness in the reported bullion market quotations, although the factors influencing gold and silver prices can differ.

Silver is widely purchased during the festive season for jewellery, coins, utensils, decorative items and investment purposes. Consequently, price corrections often attract attention from consumers waiting for more affordable buying opportunities.

Silver Rate Today, October 24, 2026: City-Wise Price List

The following table presents the indicative retail silver rates reported for major Indian cities on October 24, 2026.

Note: The 10-gram and 100-gram prices are calculated proportionally from the reported 1 kg retail quotations. Actual jewellery, coin and bar prices may differ due to GST, dealer premiums, making charges and product specifications. These figures have not been independently verified against live dealer quotes.

Why Are Delhi's Wholesale and Retail Silver Prices Different?

The October 24 update contains two different silver price references: a Delhi wholesale bullion quotation of ₹2,02,000 per kilogram and an indicative retail price of ₹2,19,900 per kilogram.

These figures should not be treated as interchangeable.

Wholesale bullion market prices and consumer-facing retail quotations can differ because of the source, timing, market conditions, product specifications, dealer margins and applicable charges.

The reported difference between these two quotations is ₹17,900 per kilogram.

Consumers should therefore confirm whether a quoted rate applies to wholesale bullion, retail silver bars, coins or finished jewellery.

The final purchase amount may also depend on purity, taxes and additional charges imposed by the seller.

International Silver Prices Also Move Lower

Weakness in silver was not limited to Indian markets.

According to the international market figures cited in the report, spot silver declined by 1.41% to $53.83 per troy ounce.

Movements in global precious metal markets can influence domestic silver prices because India participates in international bullion trade and relies on imported supplies.

The exchange rate between the Indian rupee and the US dollar also affects the domestic cost of imported silver.

If the rupee weakens against the dollar, imported silver can become more expensive even when international prices remain stable.

Similarly, a decline in global silver prices may support lower domestic quotations, although currency movements and local market conditions can influence the extent of the reduction.

Are MCX and COMEX Open on October 24?

October 24, 2026, falls on a Saturday, when regular trading on the Multi Commodity Exchange (MCX) and the COMEX precious metals futures market is generally closed.

However, physical bullion dealers and jewellery shops may continue selling silver, depending on their individual operating schedules.

This distinction is important because weekend retail quotations may reflect earlier market movements, dealer pricing decisions and local demand rather than fresh futures trading activity.

Buyers should check directly with their preferred bullion dealer or jeweller for the applicable weekend price.

Why Do Silver Prices Fluctuate So Frequently?

Silver prices are influenced by several domestic and international factors.

Unlike gold, silver has substantial industrial applications in addition to its role as a precious metal and investment asset.

It is used in electronics, solar panels, electrical components and various manufacturing processes.

As a result, changes in industrial demand can influence silver prices alongside investment-related developments.

Other important factors include interest rate expectations, US dollar movements, global economic conditions, inflation concerns and investor demand for precious metals.

Domestic festive demand can also affect retail market activity, particularly during Diwali and other occasions when purchasing silver is considered traditional or auspicious.

However, seasonal demand does not guarantee that prices will rise, as international market developments may exert stronger pressure.

Is This a Good Time to Buy Silver Before Diwali?

The recent reported decline may interest consumers who have been waiting to purchase silver jewellery, coins or bars.

However, three consecutive sessions of falling prices do not necessarily mean silver has reached its lowest level.

Prices can move in either direction depending on global economic developments, currency fluctuations and market demand.

Consumers purchasing silver for personal use should compare prices across authorised sellers and verify the metal's purity.

Those considering silver primarily as an investment should evaluate their financial objectives, investment horizon and ability to tolerate price volatility.

It is also important to distinguish between physical silver purchases and market-linked products, as their costs, liquidity and risks can differ.

What Should Buyers Check Before Purchasing Silver?

Before buying silver during the festive season, consumers should pay attention to purity, weight and the complete purchase invoice.

Silver articles may be sold in different purity grades, including 999 fine silver and 925 sterling silver. The appropriate grade depends on the type of product being purchased.

Customers should ask the seller to explain the applicable purity certification or hallmarking details.

They should also check whether GST, making charges or other fees are included in the quoted price.

Comparing the final payable amount, rather than only the advertised per-gram rate, can help consumers make better purchasing decisions.

Silver Price Outlook: Will Rates Fall Further?

The latest reported correction has brought renewed attention to silver prices ahead of Diwali, but the short-term direction remains uncertain.

Global economic developments, industrial demand, currency movements and investor sentiment are likely to remain important influences.

A continued decline in international silver prices could put additional pressure on domestic quotations. Conversely, stronger demand or adverse currency movements could support a recovery.

As of the supplied October 24, 2026 update, silver has reportedly fallen for three consecutive trading sessions, with indicative retail rates ranging from ₹2,19,900 to ₹2,24,900 per kilogram across the listed cities.

Consumers planning festive purchases should verify current prices with local jewellers, compare additional charges and avoid making decisions based solely on short-term market fluctuations.

Disclaimer: Precious metal prices are subject to market changes. This article is intended for general information and does not constitute investment advice. Consult a qualified financial adviser before making significant investment decisions.