Ad-H Ad-H

Indian Silver Prices Fall Significantly Same As Gold, As US Job Market Improves: Check Rates

Ad P

oi-Kuntala Sarkar


Gold and silver prices in India are fixed based on global trends. Today, both the metals have fallen sharply in the futures and spot markets, after the publication of US employment data which has improved than expected. Silver rate, on August 6, is quoted at Rs. 5740/100 grams, falling by Rs. 80/100 grams. Silver rates in India have experienced a plunge of 1.02% in the month of July, and the trend is expected to be continued in August.

Indian Silver Prices Fall Significantly Same As Gold, As US Job Market Improves

Yesterday, the US Bureau of Labor Statistics stated that a total of 528,000 jobs have been created in the country in July, sharply beating analysts’ expectations of a job addition of around 250,000. An improved job market indicated that the economic conditions are gaining momentum. Although the country is dealing with a 40-years high-level inflation rate and some economists are expecting that a recession can be experienced later this year, but the optimistic employment figure is a hope for the economy. The US Federal Reserve is also focused to control the inflation rate, the central bank is hiking the interest rate aiming that. This is another reason that the gold and silver markets have mostly been bearish in the past few months. As the silver market is down in India now, investors can look out at it for investment to buy silver at lower prices, for good long-term returns.

Today, in the Comex futures market, silver was quoted at $19.86 falling by 1.30%, and yesterday the metal closed at $20.122. In the past 1 year, in Comex silver prices have fallen sharply by 22.42%. In the spot market, silver prices stood at $20.01, falling by 1.22%. Significantly, the US dollar index in the spot market stood at 106.55. In the Mumbai Commodity Exchange (MCX), silver September futures are quoted at Rs. 57390/kg, gaining by 1.02%.

Today’s silver rates in major Indian cities:

CitySilver rate (100 grams)
MumbaiRs. 5740
DelhiRs. 5740
AhmedabadRs. 5740
KolkataRs. 5740
ChennaiRs. 6300
BangaloreRs. 6300
HyderabadRs. 6300
  • goldjewellery2 1557143765
    Gold Price Delhi, August 2, 2022: Marginal Dip In Gold, Big Fall In Silver Prices
  • palladium 1637485376
    Silver Market Sharply Bullish, Surges Rs. 4000 In 4 Days, Globally 2.3% Up Intraday: Buy?
  • palladium 1637485376
    Silver Rates Drop Rs. 800 In The Past 3 Days, Want To Buy: Check Rates
  • palladium 1637485376
    Silver Rates Marginally Gain In India, Up To Rs. 5590: Check Prices In Major Cities
  • palladium 1637485376
    Silver Rates Are Flat This Week In India, Check Silver Rates In Major Cities Here
  • palladium 1637485376
    Silver Prices Bullish In India, Amid Reduction In Base Import Prices: Check Rates
  • palladium 1637485376
    Silver Prices Surge By Rs. 300 In Last 3 Days In India, See Silver Performances To Invest
  • palladium 1637485376
    Silver Rates Quoted At Rs. 5700, US Dollar Index Sharply Bullish
  • palladium 1637485376
    Silver Rate In India Gains Marginally, Follows Global Trend: Check Rates Here
  • gold5 1552290841
    Gold Prices Today: Yellow Metal Prices Dip By Rs 436, Silver Gains Rs 233
  • palladium 1637485376
    Silver Rate Drops Sharply By Rs. 200, Check Rates In Major Cities Here
  • palladium 1637485376
    Silver Prices Show Big Leap In India, Jump By Rs. 110: Check Silver Rates Here

Story first published: Saturday, August 6, 2022, 17:46 [IST]

fbq('track', 'PageView');

Source link

Leave a Comment