Silver Price Today: Slight rise in silver prices; check the latest rates in your city...
Silver Price Today: Fluctuations in silver prices continue. The market opened on a sluggish note today, though a slight rise in prices was observed. On the MCX, silver prices climbed and traded around ₹2.19 lakh per kilogram. According to the All India Bullion Association, the price of silver in Delhi eased to ₹2,26,000 per kilogram (inclusive of all taxes). Meanwhile, data from GoodReturns indicated a drop in the silver price to ₹2,35,000 per kilogram.
Did silver prices fall in the international market?
In the international market (Comex), while gold prices saw an uptick on October 14, silver prices declined. At the time of writing, gold on Comex had risen by 0.26%, reaching $4,188.10 per ounce. Conversely, silver prices on Comex fell by 0.13%, trading at $59.445 per ounce.
Factors such as industrial demand, volatility in international markets, and fluctuations in the rupee's value against the US dollar can all influence domestic silver prices. Prices may vary across different cities depending on local market conditions. Let’s take a look at the latest silver prices in major Indian cities on October 13.
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 do the experts say?
Vikram Subburaj, CEO of Giottus, said, "Currency fluctuations will also be a crucial factor for Indian investors. A weakening rupee could provide support to domestic gold and silver prices despite a drop in international market rates, whereas a strengthening rupee could amplify the impact of a decline in global prices."
Investors should also keep an eye on the dollar, US yields, and fresh inflation data before interpreting any price surge as a trend reversal.
What was the silver futures price yesterday?
Amid weak spot demand and traders reducing their positions, the price of silver in futures trading fell by ₹296 on Tuesday, settling at ₹2,22,581 per kg. On the Multi Commodity Exchange, the price of the silver contract for December delivery fell by ₹296, or 0.13 percent, to ₹2,22,581 per kilogram. Globally, the price of silver in New York rose by 0.55 percent to $60.59 per ounce. Analysts attributed the decline in silver futures prices primarily to selling by traders.
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