Silver Rates Quoted At Rs. 5700, US Dollar Index Sharply Bullish

Today silver prices in India remained the same as yesterday. On July 8, the silver price is quoted at Rs. 5700/100 grams. In the global markets, the metal has revived marginally. As the US has published upbeat employment data, and the US Dollar index is surging sharply in the international markets, the precious metals are not being able to stay sharply bullish this month.

Today, in the Comex futures market, silver was quoted at $19.25 gaining by 0.35%, and yesterday the metal closed at $19.188. In the past 1 year, in Comex silver prices have fallen sharply by 27.10%. In the spot market, silver prices stood at $19.42, gaining by 0.63%. Significantly, the US dollar index in the spot market surged to 107.04, gaining by 0.05%. In the Mumbai Commodity Exchange (MCX), silver September futures are quoted at Rs. 57148.00/kg, surging by 0.37%.

"After the early selling this week, gold and silver attempted a rally on Thursday. They have failed to hold any bounce and they should be headed lower. Support for gold at $1,700 and silver at 18 are now in play; there appears to be no buyers. The metals have a chance to get ugly which will create an eventual buying opportunity. The good news for the gold and silver bulls, we could be seeing a cycle low very soon. The best action the bulls could see is a washout with some panic selling to create a bottom," according to analyst Todd Horwitz, who commented to Kitco News.

Today's silver rates in important Indian cities:

City	Silver rate (100 grams)
Mumbai	Rs. 5700
Delhi	Rs. 5700
Ahmedabad	Rs. 5700
Kolkata	Rs. 5700
Chennai	Rs. 6250
Bangalore	Rs. 6250
Hyderabad	Rs. 6250