Silver Price Today, 2 October 2026: Silver prices in India declined on Friday, October 2, 2026, with the standard rate falling to ₹2,35,000 per kg, compared with ₹2,40,000 per kg on the previous day. The latest rate works out to ₹235 per gram and ₹2,350 for 10 grams.
Gold prices also remained volatile following the sharp correction seen in September. The latest indicative national rates stand at ₹14,924 per gram for 24K gold, ₹13,680 for 22K gold and ₹11,193 for 18K gold. In Delhi, gold is slightly more expensive, with 24K at ₹14,939 per gram, 22K at ₹13,695 and 18K at ₹11,208.
Precious metals have entered October with investors closely watching interest-rate expectations, US Treasury yields, currency movements and continued demand for bullion. International gold prices recovered modestly at the beginning of October after experiencing a steep decline in September.
For Indian silver buyers, the latest correction is significant because the metal has climbed sharply over the longer term. Silver, which traded at considerably lower levels during 2023-24, had reached around ₹2.40 lakh per kg in September before the latest decline.
Silver Price Today in India: October 2 Rates
The domestic silver rate on October 2 stands at ₹2.35 lakh per kg, marking a fall of ₹5,000 from the previous day’s ₹2.40 lakh rate. This represents a decline of approximately 2.08%.
| Quantity | Silver Rate Today | Previous Rate | Change |
|---|---|---|---|
| 1 gram | ₹235 | ₹240 | -₹5 |
| 10 grams | ₹2,350 | ₹2,400 | -₹50 |
| 100 grams | ₹23,500 | ₹24,000 | -₹500 |
| 1 kg | ₹2,35,000 | ₹2,40,000 | -₹5,000 |
International Silver Price
International silver prices remain sensitive to movements in the US dollar, interest-rate expectations and industrial demand. Based on the September 29 reference data, spot silver was around $60.59 per troy ounce, while Reuters indicated trading near $60.72 per ounce around that period.
The international market entered October after a volatile September. Investors are closely following expectations surrounding interest rates because changes in borrowing costs and Treasury yields can influence the US dollar and precious-metals demand.
Silver also differs from gold because it has a substantial industrial-use component. As a result, its price can respond not only to investment sentiment but also to changes in the global industrial outlook.
Silver Price Chart
| Metric | Rate |
|---|---|
| Spot reference | $60.59/oz |
| Day’s high | $61.15/oz |
| Day’s low | $60.18/oz |
| Approx. price per gram | $1.95 |
| Approx. price per kg | $1,948.04 |
Silver Price Trend: September and August 2026
Silver started September at ₹2,50,000 per kg and reached a monthly high of ₹2,55,000. It ended the month at ₹2,40,000 per kg, representing a decline of ₹10,000, or approximately 4%, from the opening level.
| September 2026 | Silver Rate |
|---|---|
| Opening rate | ₹2,50,000/kg |
| Highest rate | ₹2,55,000/kg |
| Lowest rate | ₹2,40,000/kg |
| Closing rate | ₹2,40,000/kg |
| Change from opening | -₹10,000/kg |
| Approx. monthly change | -4.00% |
In August, silver moved in the opposite direction. The rate was ₹2,35,000 per kg on August 1 and ₹2,55,000 on August 31. The highest rate during the month was ₹2,60,000 on August 21, while ₹2,35,000 was the lowest recorded level on August 1. The monthly trend was rising, with an overall increase of 8.51%.
Silver Price Movement in the Last Few Sessions
| Date | Silver Price/kg | Daily Change |
|---|---|---|
| 2 Oct 2026 | ₹2,35,000 | -₹5,000 |
| 1 Oct 2026 | ₹2,40,000 | No change |
| 30 Sep 2026 | ₹2,40,000 | No change |
| 29 Sep 2026 | ₹2,40,000 | No change |
| 28 Sep 2026 | ₹2,40,000 | -₹5,000 |
| 27 Sep 2026 | ₹2,45,000 | No change |
Silver Price in Major Indian Cities
Silver prices vary across cities depending on local market conditions and other applicable costs.
| City | 10g | 100g | 1kg |
|---|---|---|---|
| Chennai | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Mumbai | ₹2,350 | ₹23,500 | ₹2,35,000 |
| Delhi | ₹2,350 | ₹23,500 | ₹2,35,000 |
| Kolkata | ₹2,350 | ₹23,500 | ₹2,35,000 |
| Bengaluru | ₹2,350 | ₹23,500 | ₹2,35,000 |
| Hyderabad | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Kerala | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Pune | ₹2,350 | ₹23,500 | ₹2,35,000 |
| Vadodara | ₹2,350 | ₹23,500 | ₹2,35,000 |
| Ahmedabad | ₹2,350 | ₹23,500 | ₹2,35,000 |
Gold and Silver Rates in Major Cities on October 2
| City | 24K Gold/10g | 22K Gold/10g | 18K Gold/10g | Silver/kg |
|---|---|---|---|---|
| New Delhi | ₹1,49,390 | ₹1,36,950 | ₹1,12,080 | ₹2,35,000 |
| Mumbai | ₹1,49,240 | ₹1,36,800 | ₹1,11,930 | ₹2,35,000 |
| Bengaluru | ₹1,49,240 | ₹1,36,800 | ₹1,11,930 | ₹2,35,000 |
| Kolkata | ₹1,49,240 | ₹1,36,800 | ₹1,11,930 | ₹2,35,000 |
| Hyderabad | ₹1,49,240 | ₹1,36,800 | ₹1,11,930 | ₹2,35,000 |
| Chennai | ₹1,49,240 | ₹1,36,800 | ₹1,12,400 | ₹2,40,000 |
| Ahmedabad | ₹1,49,290 | ₹1,36,850 | ₹1,11,980 | ₹2,35,000 |
| Vadodara | ₹1,49,290 | ₹1,36,850 | ₹1,11,980 | ₹2,35,000 |
| Pune | ₹1,49,240 | ₹1,36,800 | ₹1,11,930 | ₹2,35,000 |
| Kerala | ₹1,49,240 | ₹1,36,800 | ₹1,11,930 | ₹2,40,000 |
| Jaipur | ₹1,49,240 | ₹1,36,800 | ₹1,11,930 | ₹2,35,000 |
| Lucknow | ₹1,49,240 | ₹1,36,800 | ₹1,11,930 | ₹2,35,000 |
| Chandigarh | ₹1,49,240 | ₹1,36,800 | ₹1,11,930 | ₹2,35,000 |
| Patna | ₹1,49,240 | ₹1,36,800 | ₹1,11,930 | ₹2,35,000 |
| Kochi | ₹1,49,240 | ₹1,36,800 | ₹1,11,930 | ₹2,40,000 |
| Coimbatore | ₹1,49,240 | ₹1,36,800 | ₹1,11,930 | ₹2,35,000 |
| Nagpur | ₹1,49,240 | ₹1,36,800 | ₹1,11,930 | ₹2,35,000 |
| Surat | ₹1,49,290 | ₹1,36,850 | ₹1,11,980 | ₹2,35,000 |
| Visakhapatnam | ₹1,49,240 | ₹1,36,800 | ₹1,11,930 | ₹2,35,000 |
| Bhubaneswar | ₹1,49,240 | ₹1,36,800 | ₹1,11,930 | ₹2,35,000 |
What Is Driving Gold and Silver Prices?
Precious-metal prices are being influenced by several factors as October begins. Gold experienced a sharp correction after its earlier rally. Reuters reported that spot gold declined by more than 6% during September, although it remained substantially above its level at the beginning of the year.
Interest-rate expectations remain an important factor. Expectations of higher US rates for longer can support Treasury yields and the dollar, potentially reducing the appeal of gold and silver.
Currency movements are also important for Indian buyers. A weaker rupee can increase the domestic cost of imported bullion even when international prices remain relatively stable.
Silver has another important price driver: industrial consumption. Because the metal is widely used in industry, its outlook is affected by both investment demand and expectations for global industrial activity.
MCX Gold and Silver Update
MCX gold remained close to the ₹1.50 lakh-per-10-gram level during the latest trading sessions. Market information provided for October 1 showed the December gold futures contract at ₹1,49,952 per 10 grams.
MCX silver was quoted at ₹2,25,956 per kg in the supplied market data.
MCX futures prices can differ from physical bullion and jewellery-shop rates because futures contracts have their own terms and conditions. Buyers should therefore avoid directly comparing an MCX futures quote with the final price offered by a jeweller.
What Buyers Should Check Before Purchasing Silver or Gold
Consumers planning to buy precious metals should compare rates from at least two or three jewellers. It is also important to confirm whether the displayed price includes GST and to ask for making charges separately.
The invoice should clearly mention the purity and weight. For silver products, buyers should check whether the item is made from 999 fine silver or another purity.
International spot prices should not be confused with the final retail price in India. Those purchasing jewellery should also understand the jeweller’s buyback terms, particularly when the purchase is being considered as an investment.
For larger purchases, buyers should also consider the effect of short-term price fluctuations because bullion prices can move significantly over a short period.
Should You Buy Silver Today or Wait?
The decision depends on the reason for buying and the intended holding period. Someone purchasing silver for a wedding, festival or another immediate requirement may have different considerations from a buyer looking at the metal from an investment perspective.
At ₹2.35 lakh per kg, silver is below the September high of ₹2.55 lakh per kg. However, prices have remained volatile during 2026, making it important to consider the broader price trend rather than basing a purchase decision solely on one day’s movement.
Gold and silver also have different market characteristics. Gold is influenced heavily by investment demand, central-bank purchases, interest rates, currencies and geopolitical developments. Silver is affected by many of the same monetary factors but also has substantial industrial demand, which can contribute to sharper price movements in either direction.
The movement from around ₹2.60 lakh per kg in August to ₹2.35 lakh per kg on October 2 highlights the extent of this volatility.
Silver Price Today: FAQs
What is the silver price today in India?
On October 2, 2026, the supplied domestic rate is ₹235 per gram, ₹2,350 per 10 grams and ₹2,35,000 per kilogram.
Why did silver fall by ₹5,000 per kg today?
The supplied domestic rate declined from ₹2.40 lakh to ₹2.35 lakh per kg. International silver prices, currency movements and overall market sentiment can influence domestic bullion rates.
What was silver’s highest price in September 2026?
According to the supplied data, silver reached ₹2,55,000 per kg during September 2026.
Is silver priced the same in every Indian city?
No. Benchmark rates can be similar, but retail quotations may differ because of local premiums, taxes, transportation costs, dealer margins and the time at which the rate is checked.
What is today’s gold price in India?
The supplied indicative national rates are ₹14,924 per gram for 24K gold, ₹13,680 for 22K gold and ₹11,193 for 18K gold. The corresponding Delhi rates are ₹14,939, ₹13,695 and ₹11,208 per gram.
Disclaimer:
The gold and silver prices mentioned in this article are indicative rates based on the supplied market data for October 2, 2026. Actual prices may vary between cities, jewellers and products due to taxes, premiums, making charges, purity, dealer margins and other applicable costs. International and futures prices may also differ from retail bullion rates. Buyers should confirm the latest price, purity, applicable charges and final payable amount with the jeweller before making a purchase.