Silver Prices Fall 1.49% Globally, Indian Markets Following Same Trend: Check Rates

Indian silver markets are marginally down, following the global trend, as the US Dollar is bullish today. Silver price, on August 17, in India, is quoted at Rs. 5760/100 grams, falling by Rs. 20/100 grams. So, the silver price plunged by Rs. 200 per 1 kg investment. In July, silver prices dropped by 1.02% on a monthly basis. Investors are looking forward to this month's price trend further. The first two trading weeks of the present month are over, and silver rates are mostly bullish till now.

Today, in the Comex futures market, silver was quoted at $19.785 falling by 1.49%, and yesterday the metal closed at $20.085. In the past 1 year, in Comex silver prices have fallen sharply by 17.42%. In the spot market, silver prices stood at $20.06, and fell by 0.19%. Significantly, the US dollar index in the spot market stood at 106.75, up by 0.26%.

Commenting on the silver market trend, Jim Wyckoff told Kitco News, "September silver futures bears have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $21.00. The next downside price objective for the bears is closing prices below solid support at $19.00. First resistance is seen at $20.00 and then at $20.25. Next support is seen at $19.47 and then at $19.25."

Today's silver rates in major Indian cities:

City	Silver rate (100 grams)
Mumbai	Rs. 5760
Delhi	Rs. 5760
Ahmedabad	Rs. 5760
Kolkata	Rs. 5760
Chennai	Rs. 6330
Bangalore	Rs. 6330
Hyderabad	Rs. 6330