Silver Price Today: Silver becomes even cheaper ahead of Dhanteras-Diwali; here are the prices in 10 major cities..

The price of silver in the country continues to slide. On Monday, the first day of the new week, silver is witnessing a further decline. As of the morning of November 2, the price of silver stands at ₹199,900 per kilogram. Over the past week, the price of silver dropped by ₹20,000. In the international market, the price of spot silver is $49 per ounce. Experts believe that the breach of the psychological level of $50 per ounce signals a negative sentiment for silver in the near term.

Nirpendra Yadav, a senior research analyst at Bonanza Portfolio, states that if silver remains below this level, further declines could be seen. In January of this year, the price of silver in the country had reached a record high of ₹400,000 per kilogram.

Silver prices on November 2

City    Price of one kilogram of silver (₹)
Delhi    199,900
Mumbai    199,900
Ahmedabad    199,900
Chennai    199,900
Kolkata    199,900
Hyderabad    199,900
Jaipur    199,900
Bhopal    199,900
Lucknow    199,900
Thiruvananthapuram    199,900

Advice for investors

Market experts advise caution regarding the purchase of silver during the Diwali and Dhanteras period. Analysts suggest that investors should avoid deploying their entire capital immediately just because prices have fallen. Before making any purchasing decisions, it is advisable to wait for prices to stabilize and for signs of renewed buying interest to emerge. Moving forward, the movement of silver will be influenced by uncertainties surrounding the US elections, US-Iran tensions, the dollar index, and US unemployment and non-farm payroll data.

Gold price trends

On Monday, the first day of the new week, the price of gold is also witnessing a decline. On the morning of November 2, the price of 24-carat gold in the national capital, Delhi, stood at ₹139,020 per 10 grams. Gold prices have also declined in other cities. Over the past week, the price of 24-carat gold fell by up to ₹3,700, while 22-carat gold saw a decrease of up to ₹3,400. Global prices dropped by 2.9 percent. Experts advise investors to exercise caution at this time.

Silver prices in the country continue to decline, with a downward trend observed again on Monday, the first day of the new week. As of the morning of November 2, silver is priced at ₹199,900 per kilogram. Over the past week, the price of silver dropped by ₹20,000. In the international market, the price of spot silver stands at $49 per ounce. Experts believe that the breach of the psychological level of $50 per ounce signals a negative outlook for silver in the near term.

Nirpendra Yadav, a senior research analyst at Bonanza Portfolio, states that if silver remains below this level, further declines could follow. In January of this year, the price of silver in the country had reached a record high of ₹4 lakh per kilogram.

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