IBJA silver rose ₹4,003 per kilogram in the October 9, 2026 PM benchmark compared with the previous day’s PM rate. Yet the same afternoon reading was slightly below the morning figure. Both statements can be true: they compare different starting points.
Two comparisons, not one direction
The India Bullion and Jewellers Association’s dated rate sheet lists silver 999 at ₹221,170/kg in the AM session and ₹221,109/kg in the PM session on October 9. October 8’s PM benchmark was ₹217,106/kg.
The PM-to-PM change is therefore ₹4,003/kg, or approximately 1.84%. Within October 9, the AM-to-PM change is a ₹61/kg decline. These are calculations from the same published series, not an exchange-traded futures return.
What a buyer should compare
This is a national association benchmark for the stated purity and weight. It is not a city-specific shop quote, an MCX futures settlement or the final cost of a finished silver item. IBJA says its displayed rates exclude 3% GST and making charges.
When comparing a seller’s bill with the benchmark, first match the unit and purity. A kilogram reference cannot be compared directly with a ten-gram product total. Ask for the metal amount, tax and any fabrication charge separately; the benchmark alone does not establish the seller’s final price or terms.
Evidence, limits and the next observation
CapKet checked IBJA’s rate page and its October 9 daily AM/PM sheet at 7:03 PM IST on October 9, 2026. These are two presentations from one source, not independent price confirmations. No cause for the move or forecast has been established.
Use the next dated entry for a like-for-like comparison rather than treating this historical observation as a live quote. CapKet’s October 6 silver report illustrates the same session-versus-day distinction using that earlier date’s figures.