Silver Price Chennai, July 31: Sharp Rally In Chennai Silver Prices After Falling By Rs 7,500

Silver prices in Chennai today surged sharply by Rs 2000 to Rs 91,000/kg ahead of key US Federal Reserve's interest rate decision today and soaring geopolitical tensions in the Middle East. Silver prices Chennai witnessed sharp decline of Rs 7,500 in last 10 days. Meanwhile, investors are anticipating that Federal Reserve could provide clues about reducing interest rates in September at the end of the policy meeting today. Earlier, silver prices in Chennai recorded sharp decline when Finance Minister Nirmala Sitharaman announced a cut in customs duty on gold and silver to 6% on July 23 during budget 2024. The decision to cut customs duty on gold and silver to 6% was cheered by industry experts.

Spot Silver Prices Today: Spot silver rallied 1.6% to $28.31 per ounce, platinum rose 1.7% to $965.00 and palladium slipped 1.4% to $890.93.

It is worth mentioning here that Silver prices Chennai are higher than Silver prices India. Silver prices in India today stood at Rs 86,500/kg after gain of Rs 2000 and 100 grams of silver prices today are retailing at Rs 8,650 after rally of Rs 200. Silver prices in Chennai recorded sharpest decline in last 10 days when FM Sitharaman slashed customs duty on silver to 6% on July 23, 2024. Silver prices slipped by Rs 3500 on July 23.

On the Multi Commodity Exchange (MCX) today, silver prices registered a surge. Silver futures for September 5, 2024, registered a jump of Rs 599 or 0.72%, trading at Rs 83,258 per kg, as against the earlier close of Rs 82,659.

1kg Silver price Chennai movement in last 10-days

Silver price in Chennai today rallied by Rs 2000, fell by Rs 500 on July 30, rose by Rs 500 on July 29, remained unchanged on July 28, July 27, and July 26, recorded steep decline of Rs 3000 on July 25, slipped by Rs 500 on July 24, fell by Rs 3,500 on July 23, remained steady on July 22, and stayed unchanged on July 21 also.