Silver Prices Fall In India, July 25: Silver Prices Drop By Rs 7000, Check Latest Silver Price

Silver prices in India have been witnessing sharp decline for the last 3 days ever since Finance Minister Nirmala Sitharaman announced a cut in customs duty on gold and silver to 6%. The latest move to slash customs duty on gold and silver to 6% was cheered by industry experts. Silver prices recorded sharp decline of Rs 3000 in trade today to Rs 84,500/kg in India. Meanwhile, 100 grams of silver prices in India today slipped by Rs 300 to Rs 8,450. Silver prices recorded steep decline of Rs 7000 in last 3 days only beginning from July 23 to July 25, 2024.
Currently, Kerala and Chennai silver prices are highest with 1 kg silver prices in Chennai and Kerala are retailing at Rs 89,000. Silver prices in Delhi are recorded at Rs 84,500/kg while silver prices Mumbai are also trading at Rs 84,500.

According to a Reuters report, "Growth estimates in photovoltaic panel usage have been markedly revised higher, resulting in silver demand draws far exceeding supply. A price squeeze within a few years is becoming more likely," Sprott Asset Management said in a report.

Analysts expect silver, both precious and industrial metal, to benefit from periods when gold gains momentum later in 2024, with support from a robust outlook for silver demand from the solar power sector, added the Reuters report.

Appreciating the latest step of reducing the customs duty on yellow metal and silver prices, Saiyam Mehra, Chairman, All India Gem & Jewellery Domestic Council said, "The reduction in the basic customs duty on gold and silver to 6% and on platinum to 6.4% is a commendable move by the government. This was a long-standing demand from the All India Gems & Jewellery Domestic Council, which represents the entire gems and jewellery industry. The customs duty reduction will benefit domestic jewellery manufacturers, especially small and medium enterprises, encouraging them to transition gradually to the formal channel. Additionally, the Finance Minister has also increased the scope of working capital loans to SMEs and MSMEs, which will help these units expand their businesses in the future. The extension of the direct benefit transfer scheme to the manufacturing sector, with separate salary and Employees' Provident Fund transfers directly to the accounts of employers and employees, is a wonderful move. This will accelerate employment generation in India. Overall, this budget has focused on 9 key priorities of Viksit Bharat and we are proud to witness it."

Spot Silver Prices Today: Spot silver is currently at $29 an ounce, up 23% so far this year.

1kg Silver price India movement in last 10-days

Silver price in India today recorded steep decline of Rs 3000, declined by Rs 500 on July 24, fell by Rs 3,500 on July 23, remained steady on July 22, stayed unchanged on July 21, declined by Rs 1750 on July 20, witnessed sharp decline of Rs 1450 on July 19, slipped again by Rs 1300 on July 18, jumped by Rs 1000 on July 17, declined by Rs 200 on July 16, and slipped by Rs 300 on July 15.

Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited (RSBL) said, "The finance minister has made a big announcement regarding the reduction in Gold and Silver customs duty from 15% to 6%. BCD (Basic Customs Duty) is reduced from 10% to 5% and AIDC (Agriculture Infrastructure and Development Cess) is reduced from 5% to 1%. This announcement is a welcome step for the bullion industry, as bullion market participants have been waiting for this duty cut for a long time. Bullion market participants were expecting a 5% cut in duties, but FM has announced a 9% cut, which is a commendable step from the government. Indian consumers would be able to buy now at a 9% cheaper rate from today, so it will boost physical demand."