Silver Prices India, Ram Navami: Next Big Target Of 1 Kg Silver Is Rs 6,500 Away From Rs 1,00,000: Technicals

Silver prices have tumbled by Rs 500 in 1kg during the occasion of Ram Navami on April 17. The prices tracked its MCX silver futures and international prices which were in the red zone in the previous session. Silver breached the 86,000 mark to hit an all-time high of 86,500 per 1 kg earlier this week with geopolitical tensions heightening in the Middle East.

The latest red drop indicates that investors cashed in some of their gains. But there is fresh buying seen in silver prices going forward. In its technical view, Prabhudas Lilladher has set its next target for silver to a couple of rupees away from Rs 1 lakh. Silver breached the brokerage's 85,000 target earlier this year.

Silver Prices, Ram Navami On April 17:

At the retail stores of India, the price of 1kg silver is down by Rs 500 to Rs 86,500 on April 17 compared to the price of Rs 87,000 on April 16. 100-gram of silver has plunged by Rs 50 to Rs 8,650, while there is a drop of Rs 4 and Rs 5 in 8-gram and 10-gram silver prices to Rs 692 and Rs 865, as per GoodReturns.In tracker. Lastly, the price of 1 gram of silver is down by 50 paise to Rs 86.50 from Rs 87.

Silver is at Rs 90,000 in 1 kg in major cities of India. These are:

Chennai, Hyderabad, Kerala, Coimbatore, Madurai, Vijayawada, Visakhapatnam, Cuttack, Salem, Vellore, Amaravati, Guntur, Nellore, Kakinada, Tirupati, Kadapa, Anantput, Warangal, Nizambad, Khammam, Berhampur, Rourkela, Tirupur, Tirunelveli, Trichy, Sambalpur, Erode, Kochi, Nagercoil, Trivandrum, Thanjavur, Karur, Ooty, Thrissur, and Pondicherry among others.

Silver prices stood at Rs 86,500 in cities like:

Mumbai, Delhi, Kolkata, Bangalore, Pune, Vadodara, Ahmedabad, Jaipur, Lucknow, Patna, Nagpur, Chandigarh, Surat, Mangalore, Nashik, Mysore, Noida, Rajkot, Agra, Mohali, and Raipur among others.

Even in the birthplace of Rama, Ayodhya, the price of silver was at Rs 86,500.

MCX Silver Prices:

Trading on MCX, the exchange for commodities is closed on April 17 due to the Ram Navami holiday.

However, in the previous session, MCX silver prices with expiry on May 3, 2024, stood at Rs 83,480, marginally down.

In the international market, the price of silver is at $28.547, up 0.60%. On April 17, the day's range was at $28.148 - 28.668. Silver is close to its 52-week high of $29.905. There are expectations that as the geopolitical tensions intensify, chances are that silver could breach above 30 dollar mark.

Silver Prices In India, Next Big Target!

Vaishali Parekh, Vice President - Technical Research, at Prabhudas Lilladher said, "We had shared our view on silver around the 75630 level, and after giving a breakout above 78200, silver has reached 85000, which is 128.8% retracement."

Parekh added, "After a short correction towards 81000, silver is again ready for our next target of 161.8% retracement level of 93500."

Not just MCX silver futures, there are many investment options in silver as well such as coins, bars, and jewellery. Additionally, it becomes much easier to liquefy silver, than gold. Apart from this, there is more use of silver than gold for industrial purposes.

The Middle East is a war zone with Israel-Hamas in a battle for over six months now, while the Jewish-majority country also faces cross-border fires from Iran and its proxies. The matter escalated when Iran launched over 300 air-missiles and drones on Israel for the first time ever. The tensions in the oil-region are not expected to cool down anytime soon, which is a supporting factor for pristine metals like silver.

Silver is also used against hedging returns when inflation is high. However, the drawback is that silver is more volatile, and further, yellow metal has a mighty ability when it comes to preserving value.