Silver Rate In India Rebounds Big On Feb 20 After Massive Rs.42000 Fall This Week; Check Full City-Wise Rates

The white metal saw strong buying interest this morning, with prices rising by Rs. 5,000 per kg. The silver rate in India today jumped for the second consecutive session after witnessing a sharp correction of nearly Rs. 40,000 per kg last week.

The recent surge in silver prices is largely driven by renewed demand following the steep fall. After declining nearly 25% last week, buyers appear to be returning to the market to take advantage of lower levels. In India, demand for gold and silver remains steady throughout the year, but current buying interest has picked up significantly after the correction.

In the international market, silver prices also showed strong momentum, rising nearly 5% during the week before closing. Spot silver ended the session near $82 per ounce.

According to Trading Economics, "The rebound came as traders reacted to mixed US economic data. While fourth-quarter GDP came in softer at 1.4%, core PCE inflation remained sticky at 3%, complicating expectations around the Federal Reserve's interest rate path. Meanwhile, the latest FOMC meeting minutes showed policymakers divided on future rate decisions, adding to market volatility."

Silver Rate In India today, 21st January

On Saturday, Feb 21, silver rates in India today are retailing at Rs. 2,75,000 per kg, and they rose by Rs. 5000 today. The 100 g of silver is now costing Rs. 27,500, which jumped by Rs. 500

According to a report by Nirmal Bang Securities, "Silver prices are expected to rise. Traders can buy at 237000 with a stop loss of 230000 for the target at Rs. 245000- Rs. 252000. One can sell from Rs. 260000 with a stop loss of Rs. 268000."

On the multi commodity Exchange Silver Futures Prices surged 4.4% today to trade at Rs. 2,52,040 per kg.
"MCX Silver March is expected to move in the range of Rs. 238,000 and Rs. 248,500. Only a move above Rs. 248,500 would rise towards Rs. 252,000." as per ICICI Commodity Report.

Silver Prices in Other Major Indian Cities

Chennai
Silver prices in Chennai today also rallied sharply, as 1 kg of silver in Chennai costs Rs. 2,90,000 after rising by Rs. 20,000.

Bangalore
Bangalore silver prices today, on February 21, are Rs. 2,75,000 per 1 kg, which rose by Rs. 5000

Hyderabad
On a similar note, silver prices in Hyderabad today are standing at Rs. 2,90,000 after jumping by Rs. 20000 per kg.

Mumbai
Just like in Chennai, Bangalore & Hyderabad, the silver rate in Mumbai rose by Rs. 5000, bringing the prices to Rs. 2,75,000 per kg.

Gold Rates in India Today

On 21st February, the 24-carat gold rates in India jumped by Rs. 1,910 to cost Rs. 1,59,280 per 10 grams, while the 22-carat gold rate today spiked by Rs. 1750 to retail at Rs. 1,46,000. Meanwhile, the 18-carat gold rates in India also surged by Rs. 1430, currently at Rs.1,19,460.

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