Indian Silver Rates Gain Rs. 500 In Past 3 Days, Check Rates In Major Cities

Indian silver rates have surged by Rs. 500/kg, before US Fed Chair Jerome Powell's statement at the Jackson Hole, Wyoming, symposium. Today, on August 26, in India, silver is quoted at Rs. 55,400/kg. Investors are expecting that Fed Chair will give some indication if the central bank will raise the interest rate at its next monetary policy meeting on September 21. However, Fed officials are solely depending on incoming economic data now.

However, international silver prices are marginally down today, as the US Dollar index is gaining. Today, in the Comex futures market, silver was quoted at $19.105 falling by 0.08%, and yesterday the metal closed at $19.12. In the past 1 year, in Comex silver prices have fallen sharply by 19.86%. In the spot market, silver prices stood at $19.31, and fell by 0.26%. Significantly, the US dollar index in the spot market stood at 108.56, was up by 0.07%. In the Mumbai Commodity Exchange (MCX), silver September futures are quoted at Rs. 55425/kg, surging only by 0.06%.

Commenting on the silver market trend, Jim Wyckoff told Kitco News, "September silver futures bears have the firm overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the August high of $20.87. The next downside price objective for the bears is closing prices below solid support at the July low of $18.01. First resistance is seen at today's high of $19.26 and then at $19.50. Next support is seen at this week's low of $18.605 and then at $18.35."
Today's silver rates in major Indian cities:

City	Silver rate (100 grams)
Mumbai	Rs. 5540
Delhi	Rs. 5540
Ahmedabad	Rs. 5540
Kolkata	Rs. 5540
Chennai	Rs. 6130
Bangalore	Rs. 6130
Hyderabad	Rs. 6130