Silver Prices Drop 0.44% in India Amid Strong Dollar and Rate Hike Expectations

On 29 September 2026, the price of 1 gm of silver was ₹226, and the price of 1 kg of silver was ₹226,070, reflecting a loss of 0.44% compared to its previous close. Meanwhile, the 10 gm silver rate is at ₹2,261. Silver prices in India are largely influenced by international spot silver rates, US dollar fluctuations, and import duties on silver among other things. Silver prices are trending sideways as markets continue to assess the negotiations between US and Iran, and eye key US economic data. The white metal continues to face pressure from a firm US dollar, as a strong greenback makes precious metals more expensive for other currency holders, thereby denting demand. Increased expectations of a rate hike by the US Federal Reserve also limited the gains for white metal. High crude oil prices continue to stoke inflationary pressures, capping the gains for non-interest-yielding silver. ALSO READ Gold under pressure, silver drops 1% as US Yield hits 18-year high Pressure from elevated domestic and international bond yields also added to the downside for precious metals. Analysts expect silver prices to remain range-bound in the near future, driven by a firm dollar and high crude oil prices. Fed’s hawkish stance is expected to move the white metal within a specific range. For now, markets remain focused on geopolitical developments and key US economic data. Retail investors are advised to track not just domestic rates but also international trends before making buying decisions. ALSO READ Gold under pressure, silver drops 1% as US Yield hits 18-year high