Indian silver rates were mostly bearish since April this year. Although in July, the trend remained the same, but the range of price drop has improved a bit. In April silver fell by 6.07%, In May silver fell by 2.99%, and in June the metal fell by 3.30% domestically. However, showing an improvement, in July, silver prices fell only by 1.02%. Both Indian gold rates and silver rates revived in July, following the international trend. Since the first week of August, the US dollar index has fallen marginally, as a result, the metals’ prices surged a bit. Analysts are expecting a better performance from metals like gold and silver in the domestic markets.
However, Indian silver prices are marginally bearish today like the global trend. The metal’s rate, on August 12, in India, is quoted at Rs. 5850/100 grams, falling sharply by Rs. 40/ 10 grams. So, the silver rate fell by Rs. 400 per 1 kg investment today.
Today, in the Comex futures market, silver was quoted at $20.34 falling by 0.04%, and yesterday the metal closed at $20.349. In the past 1 year, in Comex silver prices have fallen sharply by 13.21%. In the spot market, silver prices stood at $20.46, gained by 0.37%. Significantly, the US dollar index in the spot market stood at 105.36, amplified marginally by 0.23%. In the Mumbai Commodity Exchange (MCX), silver September futures are quoted at Rs. 58543/kg, surging by 0.28%.
Today’s silver rates in major Indian cities:
|City||Silver rate (100 grams)|
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Story first published: Friday, August 12, 2022, 13:26 [IST]