Silver prices in Mumbai declined on May 19, 2026, with silver trading at ₹285 per gram and ₹2,85,000 per kilogram, down ₹5 per gram and ₹5,000 per kilogram from the previous session.
For retail buyers, 10 grams of silver is priced at ₹2,850, compared with ₹2,900 yesterday. Meanwhile, 100 grams of silver costs ₹28,500, down ₹500 from the previous day.
The decline in domestic silver prices comes as international silver prices moved lower toward $76 per ounce on Tuesday. Global precious metals markets remained under pressure amid continued uncertainty surrounding the Middle East conflict and persistent inflation concerns.
Markets reacted cautiously after US President Donald Trump hinted at possible progress toward a peace agreement with Iran. However, investors remain skeptical about a near-term resolution, keeping overall market sentiment volatile.
Silver and other precious metals have remained under pressure since the escalation of the West Asia conflict earlier this year. Rising crude oil prices have strengthened inflation fears globally and increased expectations that central banks may keep interest rates elevated for longer.
Higher US inflation readings have also reduced expectations of Federal Reserve rate cuts this year. Market participants are now increasingly speculating that the US Federal Reserve could still deliver another rate hike before the end of 2026.
Investors are closely tracking upcoming US Federal Open Market Committee (FOMC) minutes and flash PMI data for further signals on interest rates and economic conditions.
Across major Indian cities, silver prices largely remained stable at similar levels. Chennai, Hyderabad and Kerala traded at a premium of ₹3,00,000 per kilogram, while Mumbai, Delhi, Kolkata, Bengaluru, Pune, Vadodara and Ahmedabad traded near ₹2,85,000 per kilogram.
Despite the short-term correction, silver prices continue to remain highly sensitive to geopolitical developments, US monetary policy expectations, crude oil movement and dollar strength.
Disclaimer: Precious metal prices are subject to market fluctuations and may vary across cities and jewellers. The information provided is for informational purposes only and should not be considered investment advice.