Silver Prices Gain Sharply Today, Quoted At Rs. 6030: See Support Price

The silver market has been sharply bullish today, after falling for 4 consecutive days in the Indian domestic markets. Today, on June 27, the silver rate is quoted at Rs. 6030/100 grams in India, gaining by Rs. 50/100 grams. Indian silver prices depend on the international markets for quotations. So, today's bullish trend in the global markets has impacted the domestic markets largely.

Amit Khare, AVP- Research Commodities, Ganganagar Commodity Limited told the media, "Gold and silver prices were weaker in early US trading Friday, with silver scoring a six-week low. The safe-haven metals are seeing some selling pressure as risk appetite has up-ticked modestly late this week. The U.S. stock indexes are poised to close at their weekly high closes today if they keep their overnight gains. As per the technical chart, Gold and Silver are trading in an oversold zone, we can see a good short-covering rally in the coming future, momentum indicator RSI also indicates the same in hourly as well as a daily chart, So traders are advised to create fresh buy positions near given support levels, Traders should focus important technical levels given below for the day." According to Khare, July Silver Support price 1 will be Rs. 59400, Support price 2 will be Rs. 58800. July Silver Resistance price 1 will be Rs. 60000, and Resistance price 2 will be Rs. 60500.

Today, in the Mumbai Commodity Exchange (MCX), silver July futures are quoted at Rs. 60017/kg, gaining by 0.45%. In the Comex futures market, silver was quoted at $21.16, gaining by 0.19%, and yesterday the metal closed at $21.12. In the past 1 year, in Comex silver prices have fallen sharply by 20.29%. So, at the lower prices to buy, silver can be a profitable investment opportunity now.

Today's silver rates in important Indian cities:

City	Silver rate
Mumbai	Rs. 603
Delhi	Rs. 603
Ahmedabad	Rs. 603
Kolkata	Rs. 603
Chennai	Rs. 660
Bangalore	Rs. 660
Hyderabad	Rs. 660