Indian Silver Rate Revives Sharply By Rs. 800, At Highest Level In August Today

Indian silver rates are significantly up today, following the international price trend. Silver prices, on August 13, in India, are quoted at Rs. 5930/100 grams, gaining sharply by Rs. 80/100 grams. So, the silver rate surged by Rs. 800 per 1 kg investment today. In the international markets, the metal has surged impressively today.

Today, in the Comex futures market, silver was quoted at $20.835 gaining by 2.39%, and yesterday the metal closed at $20.349. In the past 1 year, in Comex silver prices have fallen sharply by 11.08%. In the spot market, silver prices stood at $20.97, gained by 2.88%. Significantly, the US dollar index in the spot market stood at 105.67.

Commenting on the silver market trend, Jim Wyckoff told Kitco News, "September silver futures bears have the overall near-term technical advantage. However, bulls are working on a price uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $22.00. The next downside price objective for the bears is closing prices below solid support at $19.00. First resistance is seen at Thursday's high of $20.605 and then at this week's high of $20.83. Next support is seen at $20.19 and then at $20.00."

Today's silver rates in major Indian cities: