Silver Price Today: By how much has the price of silver risen today? Find out the latest rates in your city..
Silver Price Today: A decline in silver prices is being observed. In the Delhi bullion market, the price of silver has remained steady at ₹2.27 lakh per kilogram (inclusive of all taxes) for two consecutive days, whereas, according to GoodReturns, the price stands at ₹2,35,000 per kilogram. Meanwhile, the rate in Mumbai is ₹2,35,000 per kilogram.
On the Multi Commodity Exchange (MCX), silver futures fell by 0.65%—a drop of ₹1,484—during early trading today, reaching ₹2,25,758 per kilogram. In the previous trading session, silver had closed at ₹2,27,242 per kilogram. According to bullion market data, the price of silver stood at ₹2,26,190 per kilogram.
Prices Drop in the International Market?
A decline in the prices of both gold and silver has been observed in the international market (Comex) today. According to Comex data, at the time of writing, gold had fallen by 0.41%, with the price reaching $4,169.90 per ounce. Meanwhile, silver prices dropped by 0.78%, trading at $61.110 per ounce.
Customers should note that jewelers may add making charges, taxes, and GST to the bill, which can increase the final price of the item. Let’s take a look at the latest silver prices in major Indian cities on October 7:
City Price of 1 kg Silver
Delhi ₹2,35,000
Mumbai ₹2,35,000
Kolkata ₹2,35,000
Chennai ₹2,45,000
Lucknow ₹2,35,000
Patna ₹2,35,000
Jaipur ₹2,35,000
Ahmedabad ₹2,35,000
Pune ₹2,35,000
Bengaluru ₹2,35,000
Hyderabad ₹2,35,000
Bhopal ₹2,35,000
Chandigarh ₹2,35,000
Noida ₹2,35,000
Gurugram ₹2,35,000
What to watch for regarding gold and silver
Market experts state that traders will be keeping a close watch on the minutes of the Federal Reserve meeting for indications regarding future interest rate hikes. A strengthening US dollar could exert pressure on these metals, while rising oil prices may sustain concerns about inflation. The key support level for gold remains at $4,100. If this level is breached, the price could drop to $4,000; however, a recovery above $4,300 could improve the outlook.
A similar situation exists for silver at the $60 level. If this level breaks, the price could fall to $55. To see a rebound towards $72, buyers would need to push the price of silver above $64. Until both metals surpass these resistance levels, the risk of further decline remains.
