NEW DELHI, Oct. 4 -- Silver in India rarely behaves quite this paradoxically. On Thursday, the IBJA benchmark rate surged Rs.12 per gram overnight to Rs.245 - its largest single-day gain since the September 8 Iran strikes - even as international silver remained pinned below $64 per troy ounce, capped by the sharpest US Treasury yield surge since 2007. The gap between those two facts defines September 25, 2026: IBJA's recovery is less a vote of confidence in silver and more a consequence of the rupee's continued slide against a post-hike dollar, happening on the same day Washington and Tehran started talking.

India's silver benchmark reached Rs.245 per gram (ex-GST) on Thursday, according to IBJA pricing data. Retail buyers in most cities...