Silver Rate on August 4: Prices steady; check rate in Delhi, Mumbai, Chennai and other cities

Silver prices were steady for the seventh consecutive day on Tuesday (August 4, 2026). According to GoodReturns.in, silver today was priced at ₹2.35 lakh per kg.

Factors influencing silver rate in India

Mirroring strong gains in the precious white metal overseas, silver prices on the MCX traded sharply higher. At around 6:15 pm (IST), silver September futures traded 2.2%, or ₹4,802, higher at ₹2,21,548 per kg.

Outperforming gold, spot silver was up 2.77% at $59.8 per ounce. US silver futures (September delivery) rose 3.62% to $59.95 per ounce.

The robust gains in the metal were seen after US Treasury Secretary Bessent said a deal with Iran to reopen the Strait of Hormuz could be reached as soon as tomorrow. "There is a chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict," Bessent said in an interview with CNBC.

The statement sent oil prices lower. At around 6:40 pm (IST), Brent crude was down nearly 3% at $81.38 per barrel, after falling as much as 4% earlier in the session.

Meanwhile, market participants are keeping a close watch on a slew of US labour market data due this week, including the ADP employment report, job openings data, and nonfarm payrolls. The data could shape expectations around the Federal Reserve's next interest-rate decision, influencing the direction of bullion prices.