Silver gave back its morning improvement by IBJA’s September 30 PM observation. The silver 999 benchmark was ₹2,20,435 per kilogram, down from ₹2,21,600 the previous evening and ₹2,22,273 that morning.
CapKet calculates a PM-to-PM decline of ₹1,165, or 0.53%, and an AM-to-PM fall of ₹1,838, or 0.83%. These are two comparisons of the same benchmark series, not a rolling exchange quote.
A kilogram rate is not a small-bar offer
The PM figure corresponds arithmetically to ₹22,043.50 for 100 grams before additional charges. That conversion is not a price observed at a retailer. IBJA’s published rates exclude GST and making charges.
CapKet analysis: When comparing a small bar with a kilogram benchmark, separate the arithmetic from the commercial offer. Ask which purity and weight the quotation covers, what premium or fabrication charge is added, and whether taxes are included. Otherwise, different quote formats can look like changes in the underlying metal price.
The selling price also does not establish what the same seller would pay to buy the item back. A reader considering a purchase can ask for those terms separately rather than assuming a benchmark conversion applies to both directions of a transaction. CapKet has not checked any retailer’s spread or buyback commitment.
Keep the morning observation in context
The earlier AM report captured an increase relative to Tuesday PM. The new evening value is a later observation, not a reason to rewrite the old number. A headline should identify which observation it describes.
No supply, demand, currency or interest-rate explanation has been verified for this move. Source record: dated IBJA sheet and unit and charge notes, checked September 30, 2026 at approximately 20:42 IST. This is a historical PM benchmark, not a forecast.