Silver Price Today: Silver continues to get cheaper; check today’s latest rates in 10 major cities, including Delhi and Mumbai..

Silver Price Today: A decline has been observed in silver prices. A day earlier, the price of silver in the Delhi bullion market dropped by Rs 5,000. According to the All India Bullion Association, the price of silver in Delhi fell to Rs 2.21 lakh per kilogram (inclusive of all taxes). Meanwhile, according to Goodreturns, the price of silver declined to Rs 2,35,000 per kilogram.

Over the past week, silver has fallen by 5.93%. On Wednesday, the prices of other precious metals also saw a decline. Spot silver dropped by 4.1% to $56.99 per ounce. Platinum fell by 2% to $1,629.79 per ounce, while palladium declined by 0.7% to $1,118.46 per ounce. In the meantime, inflation data for the United States—which investors had been awaiting—has been released.

High interest rates generally exert pressure on precious metals (bullion) that do not generate regular income (such as interest or dividends). However, Carsten Menke, an analyst at Julius Baer, ​​suggests that gold could find long-term support driven by heavy buying from central banks, fresh concerns regarding US debt, and rising interest costs. Let’s take a look at the latest silver prices in major Indian cities as of October 15, according to data from Goodreturns:

City    Price of 1 kg of Silver
Delhi    ₹ 2,34,900
Mumbai    ₹ 2,34,900
Kolkata    ₹ 2,34,900
Chennai    ₹ 2,44,900
Lucknow    ₹ 2,34,900
Patna    ₹ 2,34,900
Jaipur    ₹ 2,34,900
Ahmedabad    ₹ 2,34,900
Pune    ₹ 2,34,900
Bengaluru    ₹ 2,34,900
Hyderabad    ₹ 2,34,900
Bhopal    ₹ 2,34,900
Chandigarh    ₹ 2,34,900
Noida    ₹ 2,34,900
Gurugram    ₹ 2,34,900

US Inflation Data Released

Inflation in the US rose more than expected in September. According to data from the Bureau of Labor Statistics, the annual inflation rate in the US increased from 3.4% to 3.7% in September. This has fueled concerns in the market that the US central bank, the Federal Reserve, might keep interest rates high for a longer period or even consider further interest rate hikes.

Generally, the prospect of rising interest rates puts pressure on metals like gold and silver, as they do not generate interest for investors. In the coming days, investors will be closely watching other US inflation-related data, retail sales figures, and statements from Federal Reserve officials. These could provide clues regarding the decisions the US central bank might take concerning interest rates moving forward.

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