Silver Prices Bullish In India, Amid Reduction In Base Import Prices: Check Rates

Indian silver rates are marginally up today, following the global trend. On July 16, the silver price is quoted at Rs. 5560/100 grams, gaining by Rs. 60/100 grams. Silver is a precious metal that is bullish in the international futures markets in the past two days. However, July is not a good month for silver, as the rates are mostly falling. Silver rates in India depend on global prices.

In the Indian markets, the government has also initiated some changes regarding the import prices. The union government, on July 15 declared a cut in base import prices of gold and silver, when the rates are falling. The base import price of silver has been reduced by $3 per kg, according to the Ministry of Finance. The ministry informs, that the base import price per kilogram import of silver has been reduced to $611, from $614 earlier. This new guideline will be applied to silver, in any form, apart from medallions and silver coins having silver content, not below 99.9%.

Today, in the Comex futures market, silver was quoted at $18.66 gaining by 2.39%, and yesterday the metal closed at $18.225. In the past 1 year, in Comex silver prices have fallen sharply by 29.73%. In the spot market, silver prices stood at $18.83, gaining by 1.57%. Significantly, the US dollar index in the spot market surged to 108. In the Mumbai Commodity Exchange (MCX), silver September futures are quoted at Rs. 55608/kg, surging by 1.04%.

Today's silver rates in important Indian cities:

City	Silver rate (100 grams)
Mumbai	Rs. 5560
Delhi	Rs. 5560
Ahmedabad	Rs. 5560
Kolkata	Rs. 5560
Chennai	Rs. 6070
Bangalore	Rs. 6070
Hyderabad	Rs. 6070