Silver Rate Today, July 8: Price unchanged after last week’s rebound; check what you need to pay for 999 silver

Silver prices stood steady for the second straight day on Wednesday (July 8, 2026). According to GoodReturns.in, the precious white metal was priced at ₹2.45 lakh per kg. After last week's rebound, silver prices took a hit on Monday and since then are trading on a muted note.

Silver price in the domestic market are determined based on international pricing, rupee-dollar exchange rate and import duty.

Based on the yesterday's rate at Senco Gold and Diamonds, for 999 purity silver, you would need to pay ₹2,84,383 per kg. The rate includes 10% making charge and 3% GST.

Factors influencing silver rates in India

Silver prices on the MCX traded marginally lower in line with the trend in the international bullion market. At around 11:30 am, silver September futures traded lower by 0.19% at ₹2,30,410 per kg. The contract in the previous session closed at ₹2,30,857 per kg.

The weakness in the precious white metal is attributed to the increase in crude oil price, following renewed tensions between the US and Iran. Alongside, fresh inflationary concerns amid the latest geopolitical developments lifted both the dollar index and US Treasury yields.

The latest geo-political developments stoking inflationary fear once again lifted both the dollar index and US Treasury yields.

Higher dollar index renders dollar-priced silver expensive for other currency holders, creating pressure on its demand.

Meanwhile, market participants are awaiting a slew of major economic data from the US, including the Fed's June meeting minutes, jobless claims and inflation print among others for cues on the silver price trajectory going ahead.