Silver Rate on July 28: Prices tumble; check rate in Delhi, Mumbai, Chennai, Kolkata and other cities

Mirroring movement in gold, silver prices also fell on Tuesday (July 28, 2026). According to GoodReturns.in, silver prices tumbled by ₹5,000 to ₹2.35 lakh per kg.

Factors influencing silver rate in India

Silver prices in line with the international trend plummeted sharply on the MCX today. At around 11 am, silver September futures traded with a steep cut of 1.82% or ₹4,034 at ₹2,17,139 per kg.

Internationally spot silver again retreated below the crucial $60 per ounce mark, following a nearly 2.5% drag.

Silver prices softened on strong US dollar and growing expectations of a rate hike by the Federal Reserve in its meeting scheduled to start later today.

On Monday, US President Donald Trump urged the Federal Reserve to slash interest rates, stating that US interest rates should come down to the lowest in the world.

On the US-Iran front, Trump expressed optimism about the prospects of a deal, but warned that the US would resume strikes if the talks failed.