Silver Holds Steady In Key Metros As Markets Wait For Cues

India’s silver market opened on a steady note, with major cities showing little change ahead of a crucial US Fed decision. The broader bullion market is now balancing domestic price stability against global uncertainty over rates, inflation, and the direction of the US dollar. 

City-Wise Silver Rates

As of April 28, silver stood at ₹2,59,900 per kg in Delhi and Mumbai, while Chennai traded at ₹2,69,900 per kg. Kolkata and Bengaluru matched Delhi-Mumbai levels, while Hyderabad and Kerala aligned with Chennai’s premium pricing. The latest 10-day trend suggests that prices have been mostly range-bound after the sharp swings seen earlier this month. 

Why The Market Is Calm

The key reason behind the stable tone is the market’s focus on the Fed’s next rate signal. Financial Express reported that the probability of the Fed holding rates in the April 28–29 meeting remained extremely high, reinforcing a cautious global mood across metals. Higher-for-longer rates, sticky inflation, and oil-driven uncertainty are keeping bullion traders on edge. 

Key Highlights

• Delhi silver rate held at ₹2,59,900 per kg
• Mumbai silver rate also remained at ₹2,59,900 per kg
• Chennai traded higher at ₹2,69,900 per kg

Retail silver prices stayed broadly stable before the Fed meeting

Global rate expectations and dollar movement remain the biggest triggers

Sources: Goodreturns, Financial Express,