Silver Rate In India Today: White Metal Drops Rs.5000 Overnight, Slumps 32% From Peak Amid Global Tensions

Silver prices in India today underwent yet another correction on Monday. Till yesterday the silver rate in India was stable for four consecutive days after slipping by more than 30000 per kg last week. Gold & silver this year recorded some extraordinary gains, where both precious metals jumped to record high levels. However, the rally was short-lived, and silver rate in India came tumbling down more than 32% from the record levels

One of the major impacts on the silver price in India is from the international market, where the spot silver stood above $84 per ounce, falling more than 5% in the previous session.

Silver Rate in India Today

On March 9th, the retail silver rate in India fell sharply by Rs 5000 per kg to cost Rs 280,000. Similarly, 100 grams of silver cost Rs. 28,000 after declining by Rs. 500.

Silver prices in other major metropolitan cities had different sentiments. Silver prices in Chennai & silver prices in Hyderabad stood stable as 1 kg of silver in Chennai & Hyderabad cost Rs. 290,000 per kg. Meanwhile, Bangalore silver prices today, on March 9th, are Rs 280,000 per 1 kg, which fell by Rs 5,000.

Silver Futures Prices on the MCX

On the Multi Commodity Exchange (MCX), silver futures for the May 5 expiry fell modestly this morning. At the time of writing, MCX silver futures were trading at around Rs. 2,65,500 per kg, down about 1.30%.
According to ICICI Direct, "MCX Silver May is expected to move in the band of Rs. 257,000 to Rs. 272,000. Only a move below Rs. 257,000, it would correct towards Rs. 254,000."

Silver Price Analysis

"Gold and silver prices are trading lower today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to lower for the day; as gold and silver prices fell, pressured by a stronger US dollar and concerns over higher interest rates, as the war in the Middle East extended into a second week and oil surged toward $120 a barrel" as per IBJA

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