Silver rates in India are on the verge of falling now, making it a lucrative investment option for commodity investors. Today, on June 23, the silver rate is quoted at Rs. 602/10 grams in the domestic markets, by falling marginally from yesterday. The months of March and April had witnessed sharp growth in the metal's prices, similar to the gold rates. However, since the second half of April, silver rates started to plunge in India, and in May-June, it has fallen sharply. In May, the silver rate dropped by 2.99% in the Indian domestic markets, than the previous month. But, considering its long-term gain, investors can think about investing in silver, along with gold.
In the international market, both gold and silver prices are influenced by inflation rates, interest rates, and global political and economic uncertainties. Today, in the Mumbai Commodity Exchange (MCX), silver July futures are quoted at Rs. 60080, falling by 0.94%. In the Comex futures market, silver was quoted at $21.16, falling by 1.20%, and yesterday the metal closed at $21.76. In the past 1 year, silver prices in the futures markets have fallen by -19.63% globally.
Today's silver rates in different Indian cities: