Indian silver prices have taken a big leap, today, on July 5, and jumped by Rs. 110/100 grams. The global silver markets have also surged today, amid a sharp rise in the US Dollar index. The metal is quoted at Rs. 5890/100 grams in India. However, silver is now being traded at a quite lower price range compared to the last 3-4 months' graph. Internationally, both gold and silver prices in July are a bit suppressed in this year's range. As the interest rates are being hiked to control the inflation rate and Russia-Ukraine war has been eased now, the precious metals are also going bearish now. However, if the inflation rate in the US and the UK does not move down this month, the precious metals can surge again.
Additionally, the gold and silver ratio is also showing some interesting traction in the recent period. According to a Kitco News report, "The gold/silver ratio has hit a 2 year high. Silver has been moving lower in recent sessions and has recently taken out significant support at $20.46/oz. Gold has also been looking subdued but the consolidation low is still holding. Silver often moves in a more volatile style vs the yellow metal but looking at the more economically tangible metals like aluminum, zinc, and copper have all taken moves lower recently. The gold vs copper ratio has also just moved higher and taken out 500.00 up 23% in the last 4 weeks."
Today, in the Comex futures market, silver was quoted at $19.865 falling by 1.10%, and yesterday the metal closed at $19.667. In the past 1 year, in Comex silver prices have fallen significantly by 25.48%. In the spot market, silver prices stood at $19.99, falling by 0.45%. Significantly, the US dollar index in the spot market surged to 106.03, gaining by 0.87%. In the Mumbai Commodity Exchange (MCX), silver September futures are quoted at Rs. 58530.00/kg, gaining by 0.07%.
Today's silver rates in important Indian cities: