Silver Rate on July 2: Price rises for second straight day; check prices in different cities today

Silver prices continued to rise for the second straight day on Thursday (July 2, 2026). According to GoodReturns.in, the precious white-metal increased in price by ₹5,000 to ₹2,45,000 per kg.

Over the last 10 days, silver price has hovered in the range of ₹2,35,000-₹2,45,000 per kg.

Factors influencing silver rate today

Silver prices traded in the green with silver September futures on the MCX trading higher by 0.33% or ₹760 at ₹2,31,144 per kg at around 3:30 pm. The price increased as a weaker-than-expected US employment print as well as easing crude oil prices boosted the demand for safe-haven assets.

Federal Reserve Chair Kevin Warsh on Wednesday reiterated the US central bank's commitment of bringing inflation back to its 2% target. Alongside, he also said that both the expectations around inflation as well as inflationary risks had eased a bit in recent weeks.

Market participants are now looking forward to the US nonfarm payrolls report due later today for further cues on the central bank's interest rate path.

According to the CME FedWatch Tool, traders are anticipating a 64% probability of a Federal Reserve rate hike in September. The hike in interest rate weighs on the non-interest yielding assets, including silver.