Silver Prices in India Rise by 2.50%, But Remain on Track for Third Straight Weekly Loss

On 20 March 2026, the price of 1 gm of silver was ₹237, and the price of 1 kg of silver was ₹237,430, reflecting a gain of 2.50% compared to its previous close. Meanwhile, the 10 gm silver rate is at ₹2,374. Silver prices in India are largely influenced by international spot silver rates, US dollar fluctuations, and import duties on silver among other things. Silver traded above $73 per troy ounce on COMEX, but remained on track for a third straight weekly loss as rising energy prices linked to West Asia tensions intensified inflation fears. Investors shifted toward the dollar and Treasuries, pressuring precious metals. The Federal Reserve held rates steady and indicated cuts may be delayed until inflation clearly declines, with expectations now pushed to 2027. ALSO READ Gold, Silver rate today LIVE: Precious Metals rebound: MCX Gold and Silver Futures up 2% as Trump calls for de-escalatio Meanwhile, the ECB, BOE, and BOJ also maintained rates but adopted hawkish tones. Markets are currently pricing in two additional rate hikes, each from the ECB and BOE, this year, reducing the appeal of non-yielding assets like silver. Markets have now pushed back Fed easing expectations to 2027 and are pricing in two rate hikes each from the ECB and BOE this year, further dampening precious metals’ appeal. “MCX Silver May futures are likely to rebound to Rs 2.34 lakh per kilogram as it may rebound after yesterday’s 7% fall,” said Jigar Trivedi, Senior Research Analyst at Indusind Securities. ALSO READ Gold plunges to 1-month low: Why gold, silver ETFs plunge as much as 7% today