Silver Rates In India Crash First Time In 6 Days; Check Silver Prices City-Wise & Silver Prediction Ahead

Silver rates in India crashed for the first time in six days on February 24. 1Kg silver crashed by Rs 15,000 to hit Rs 2.85 lakh mark. But silver price is still at Rs 2.90 lakh levels in cities like Chennai, Hyderabad and Kerala. The latest performance can be attributed to decline global silver rates. Also, silver has halted its previous five consecutive days gaining spree. The tone in silver rates ahead is volatile.

Silver Rates In India:

1Kg silver price plunged by Rs 15,000 on February 24 to Rs 2.85 lakh, while 100 grams and 10 grams silver price slipped by Rs 1,500 and Rs 150 to Rs 28,500 and Rs 2,850 respectively. The price of silver dipped by Rs 120 in 8 grams to Rs 2,280 and 1 gram silver is down by Rs 15 to Rs 285.

The performance comes after silver gained by Rs 25,000 in 1Kg on February 23rd, followed by Rs 5,000 and Rs 15,000 upside on February 21st and February 19th. Silver rates were flat on February 20th and February 22nd.

What Is Impacting Silver Prices?

Spot silver dropped by 0.5% to 1.5% on February 24. At the time of writing, silver traded around $87.7 per ounce, after dipping below $85 per ounce during the session. One of the reasons is that trading activity picked up as mainland Chinese participants made a comeback to the market after a week-long Lunar New Year holiday.

As per Trading Economics, the metal, along with other commodities, surged in January before undergoing a sharp correction driven largely by speculative flows in China. Investors also evaluated the implications of potentially lower US levies after the US Supreme Court struck down President Donald Trump's reciprocal tariffs. Despite Trump's subsequent threat to raise global tariffs from 10% to 15% in response to the ruling, China is still expected to face lower average duties on its metal-intensive exports.

On the geopolitical front, Trading Economics data added that attention remains on US-Iran talks set to resume on Thursday, with Trump reiterating his preference for a negotiated outcome while warning of serious consequences if a nuclear agreement is not reached.

Silver Rates In Chennai + Silver Rates In Hyderabad + Silver Rates In Kerala:

Silver rates in these cities are expensive than others. The prices are same. That being said, on February 24, 1Kg silver dropped by Rs 10,000 in Chennai, Hyderabad and Kerala to Rs 2.90 lakh each. Meanwhile, 100 grams and 10 grams silver tumbled by Rs 1,000 and Rs 100 to Rs 29,000 and Rs 2,900. The price of 8 grams silver stood at Rs 2,320, which was down by Rs 80. Also, the cheapest silver is of 1 gram and it stood at Rs 290 which was lower by Rs 10 on Tuesday.

Check Silver Rates In Top Cities:

City	10 Grams	100 Grams	1 Kilogram
Chennai	₹2,900	₹29,000	₹2,90,000
Mumbai	₹2,850	₹28,500	₹2,85,000
Delhi	₹2,850	₹28,500	₹2,85,000
Kolkata	₹2,850	₹28,500	₹2,85,000
Bangalore	₹2,850	₹28,500	₹2,85,000
Hyderabad	₹2,900	₹29,000	₹2,90,000
Kerala	₹2,900	₹29,000	₹2,90,000
Pune	₹2,850	₹28,500	₹2,85,000
Vadodara	₹2,850	₹28,500	₹2,85,000
Ahmedabad	₹2,850	₹28,500	₹2,85,000

Silver Rates Prediction:

According to Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA), Silver is advancing along with gold as it registers a sharp recovery from its previous levels. The sharp recovery in silver suggests that risk appetite has improved, and industrial demand is also expected to pick up. Although the volatility in silver prices is expected to remain wide, the current trend suggests that buyers are also making a comeback.

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